Definition: Termination is the process of ending of an employee's duration with an employer. One can distinguish 2 main types:
1. Voluntairy Termination. This can be by mutual agreement or the employee ending his own contract. One special form is attrition (voluntairy redundancy).
2. Involuntary Termination. This type has two subtypes:
2a. Being fired. Due to the employee's fault. Considered in most cases as dishonorable and a sign of failure. Also called dismissal or getting sacked.
2b. Being laid off. Not related to personal performance, but due to economic cycles, corporate restructuring or downsizing, bankruptcy, a change in the products or services the company is providing (redundancy).
MBA Brief offers brief, yet very accurate definitions of MBA concepts, frameworks, methods and models. We keep it short and provide some links in case you'd like to learn more around a subject.
© 2020 MBA Brief - Last updated: 28-9-2020 - Privacy | Terms