Alternative to Lay Offs Available in Virginia
If your thinking about a layoff but don’t want to risk losing valuable employees, the shared work program, called Short-Time Compensation (STC) in Virginia, may be an option for your business. STC is a form of unemployment insurance whereby businesses experiencing tough times spread the reduction of work hours across a larger pool of employees in lieu of totally laying off a smaller number of employees. The program provides a portion of weekly unemployment benefits to employees whose work weeks have been reduced.
Supported by the Chamber, STC became available in Virginia this year, but it is not a widely known program. David Balducchi, a national expert who recently studied STC for the U.S. Department of Labor, said “big and small employers in other states have used the program extensively to preserve jobs, and it enabled them to be more competitive when the economy rebounded.” The program is voluntary, and enables businesses that temporarily reduce production levels during downturns to avoid cutting skilled employees. By retaining more employees, businesses can return to increased production quicker and more efficiently. Businesses enrolled in the program avoid recruiting and training costs. And, employees in jeopardy of being laid off avoid the economic and social ills associated with job loss. The STC program is administered by the Virginia Employment Commission. Employers can learn more about the voluntary STC program by contacting the Chief of Benefits at (804)786-3032 or sending an email to ChiefBenefits@VEC.Virginia.gov. Additional information is available at http://www.vec.virginia.gov/node/1803 <http://vahcc.us9.list-manage1.com/track/click?u=7e63e6f2faaa2dcc2b1413a23&id=50f7a53ba4&e=b24bcb9517> .
Join us for our Feliz Navidad Holiday Mixer! Enjoy entertainment, food & Networking!
When: Thursday, December 3, 2015
Where: 3214 Skipwith Road
Richmond, VA 23294
Multi-Cultural Chambers Alliance Holiday Mixer
When: Thursday, December 10, 2015
Where: 8300 Boone Blvd, Suite 450 Tysons Corner, VA 22182
Join us for a unique holiday reception to connect with members from diverse chambers! Hors d’oeuvres & drinks will be provided!