Not a day goes by without another company or financial institution confirming large-scale job cuts. The current downturn is resulting in financial institutions both in the UK and across Europe making numerous redundancies. The main questions are how quickly and how much it will cost to make employees redundant? However, some organisations are looking at what other options exist in order to retain specialist employees. Making employees redundant in Europe is neither a quick nor cheap process. For example, with the exception of the UK, employers in Europe generally have to consult with a works council (usually where there are 50 or more employees) before employees can be made redundant. It is also mandatory in some European countries (such as France, Germany and Spain) to negotiate a 'social plan' covering financial and other measures with representatives before proceeding with a redundancy exercise.
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