Definition: a Layoff is the temporary suspension or permanent termination of employment of an employee or (more commonly) a group of employees for business reasons, such as when certain positions are no longer necessary or when a business slow-down occurs, or due to poor economic cycles, corporate restructuring, reduction in force or downsizing, bankruptcy, a change in the products or services the company is providing (redundancy).
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More on termination of employment: Attrition, Dismissal, Downsizing, Employee Exit Management, Employee Furlough, more...
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