Yes you do. You need to offer a redundancy payment as well as a period of notice if they have been there a certain period of time. If you don't do that, you will have 'come backs' and they will cost you a lot more.
This is a worry. I'm having to let this person go to save the business sliding into the red. I can't afford redundancy pay. I'll be giving a month's notice but I wasn't expecting to have to pay any more.
How long have they worked for you?
I run a small business and for the first time I face having to fire/let go an employee. I'm dreading having to do the deed and wondered if any bosses on here have any tips or insight into what documents I need to process? The employee has done nothing wrong it's just the case of the business no longer being able to sustain the position. Hard times.
They worked for the business (which I took over three years ago) for five years.
Having looked it up it looks like I will have to pay a week's wages for every year they have worked.
I have no doubt it will be a very amicable departure but I still want to make sure I'm doing the right thing without having to pay solicitors for advice.
Yes that is statutory 1 week for every year. You also have to be a little careful as you are supposed to announce potential redundancy and then enter into a 60 day consultation period before making any redundancy. Small business's may be different but I would suggest you research it. May cost you more in the long run if unfair dismissal is claimed and proven.
You still need to have a consultancy period, and then you have to give the person time to make suggestions which could negate a redundancy. Basically, they may suggest that their hours are cut or similar. You also cannot recruit anybody in that position again for a certain amount of time, even if business picks up. Redundancy needs to be a 'last resort'
I run a small business and for the first time I face having to fire/let go an employee. I'm dreading having to do the deed and wondered if any bosses on here have any tips or insight into what documents I need to process? The employee has done nothing wrong it's just the case of the business no longer being able to sustain the position. Hard times.