What Is Layoff? Know the Definition and Meaning of the Term That Is Making Major Headlines in 2023
Layoffs can be a traumatic event for any employee as he/she would start questioning his/her efforts and performance and think she/he is not good enough. Risks of being laid off vary depending on the workplace and country a person is working.
We have heard the word "layoff" quite often over the past few months as companies have been reducing their workforce as part of their cost-cutting strategies amid the global economic downturn. If you are looking for the exact definition and meaning of layoff, we’ve got you covered. In brief, a layoff is the suspension or termination of employment of their employees by their employer (company). Amazon Layoffs: E-Commerce Giant Continues Firing, Hands Over Pink Slips to Employees From Advertising Department.
A layoff does not necessarily occur due to the performance of the employee but can happen due to several other factors. People are laid off because of several reasons, like- the decline in the company’s sales, due to financial trouble, seasonal closure, economic downturn, bankruptcy, or when the company is unable to retain employees due to mass hiring.
Layoff Definition and Meaning
A layoff is the temporary or permanent termination of employment by an employer for reasons unrelated to the employee's performance. This is an action initiated by the employer, and the employee may no longer perform work-related services or collect wages. A layoff is an involuntary separation from work through no fault of the employees. It is often initiated by the employer for economic reasons to cut costs. Meta Layoffs: Facebook Parent Begins Fresh Round of Sackings Globally, Technical Employees Most Hit.
Layoffs can be a traumatic event for any employee as he/she would start questioning his/her efforts and performance and think she/he is not good enough. Risks of being laid off vary depending on the workplace and country a person is working. However, the only trick to moving on from such an unforeseen event is to keep looking for better opportunities. The first step is to accept, the second to recover, and the third to engage in something new.
(The above story first appeared on LatestLY on Apr 20, 2023 11:04 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).