Lay-off

Refers to a temporary or permanent termination of employment initiated by an employer due to various reasons such as financial constraints, restructuring, or downsizing. It is a reduction in the workforce where employees are dismissed from their job positions, often without any fault of their own. Typically, employees who are laid off receive compensation packages that may include severance pay, extended health benefits, and other forms of assistance to help them transition to new employment opportunities.

A business coach may work with a company that is considering a layoff to ensure the process is handled as smoothly and compassionately as possible. They might help the company create a clear communication plan to inform affected employees, provide resources for career transition, and offer support for the remaining employees who may be feeling uncertain or anxious. The coach can also help the company assess and adjust its operations to prevent future layoffs.

Lay-off DEFINITION:

1.A temporary or permanent termination of employment due to reasons such as company restructuring, budget cuts, or downsizing. 2.A reduction in the workforce resulting in employees being released from their jobs due to a lack of work or funds.

Lay-off QUOTE:

1."Lay-offs are like breakups - awkward, painful, and sometimes necessary for both parties to move on." 2."Lay-offs: when HR becomes the Grim Reaper, and the company motto changes to 'out with the old, in with the new'."