I'm a 50% owner/partner (COO) of a relatively early tech startup that's been hit by COVID 19. Thankfully, my small team of 30 people and I have been working from home since about a month ago. Today I found out that a lot of our "almost there" sales have been canceled due to the current economic climate and my co-owner/CEO now projects that the company will shut its doors about 6 months from now if we don't get additional customers or funding.
We can prolong our company's life if we lay off about 1/3 of our company's workforce. I've already taken a 50% pay cut and CEO does not take home any pay. We don't have any non-essential expenses so it really comes down to cutting down our workforce.
We're going through a very difficult time and my hope is that we don't lay anyone off but if we don't make a decision soon, we'll need to shut the doors very soon and everyone will lose their jobs. What is the best way to handle this? I've heard of temporary layoffs but if that's the case are employees able to collect unemployment benefits? I want to do what's best for my employees, we're like a family. What would you like to see or hear from your employer during this difficult time?
Submitted March 20, 2020 at 08:08PM by Simple-Mechanic https://ift.tt/2WyTu8b