Q: We are more generous to our employees than our business can now afford. Can I change their terms and conditions?
A: Yes, you can make any changes you need to, as long as there are good business reasons for doing so. Keep in mind that you will need to get your employees’ agreement to make any changes to their terms and conditions.
If they don’t agree, then you do have the option of enforcing the changes using a process commonly known as fire and rehire. This involves terminating the employee’s contract and rehiring them under new terms. Be aware that there is risk in doing this, both in terms of reputation and your financial position should you get it wrong.
It should be done
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