BDO Stoy Hayward Investment Management (BDO) has launched a financial redundancy counselling service for companies making redundancies.
The service, which integrates independent financial advice into the overall redundancy consultation process, can be structured according to employers’ needs as well as and the employees that are affected. Employers can choose one or a combination of methods. These are a general advice session where general information on financial matters will be presented to employees in the form of workshops on topics that frequently arise, or a more targeted approach where specific advice is given to individual employees at a meeting with a financial professional. This often takes the form of a consultation following the general workshop, from where employees are free to pursue further individual advice outside of the company.
BDO Stoy Hayward Investment Management said the need has arisen from businesses which wish to support their employees while easing pressure on their human resources departments.
Mark Howlett, director at BDO Stoy Hayward Investment Management, said: “Redundancy is a difficult process for employers and employees alike. Many companies that have always taken a paternalistic approach will be finding the current market conditions particularly tough as they are forced to make decisions they thought they would never need to make.
“This will also be the first experience of redundancy for many employees and they will be uncertain where they stand financially. Through our counselling service, companies can provide practical financial advice and demonstrate they are doing all they can to help at a stressful time.”