How Do I Keep Paying Employees as a Retailer through the Coronavirus Shutdown? | Retail Today With Bob Phibbs, The Retail Doctor - Flash Briefing

One of the things retailers are asking me now in this time of stress is “How can I pay my employees?” And one thi I would encourage to consider is the share-the-burden idea, which is maybe staggering employee shifts and hours. So, instead of someone working 25 hours a week they work 15 hours a week, but you’re able to maintain them on the schedule. Another way is to maybe have someone be on one week or another person be on the following week or giving someone two weeks of unpaid vacation. There’s an awful lot of movement on the federal level right now about how they can get resources to small businesses. Make sure that you are following sba.gov and look at all of the options that are coming out in the next few days before you make a big change. One of the things about getting rid of a bunch of employees is that it changes your culture quite a bit and it’s very hard to bring that culture back when your employees may feel like they weren’t part of the decision. i hope that helps and I hope you are thinking positively as we go through this that there are people out there like me who are looking to help retailers like you who are going through this. If you love what you heard on Retail Today, connect with Bob by visiting retaildoc.com or send a message to [email protected]. Thanks for listening!