So is a layoff different from these two? Here we have it broken down for you. Layoff vs Furlough vs Firing: Difference and MeaningsĪs already discussed above, layoff is a temporary (or in other cases, a permanent) halt of an employee’s professional engagement with a company which is initiated by the employer, mostly without any fault of the employee’s.īut two closely related (and much confused between) terms are furloughs and firing. This includes giving a voluntary resignation or taking a voluntary retirement from work. Voluntary Layoff: Unlike the other types of layoff, in a voluntary layoff, an employee decides to give up perks and benefits or their job position on a voluntary basis, usually upon the request of the employer or in exchange for a severance package.The reasons for a permanent layoff are related to the employer and the company’s needs. Permanent Layoff: A permanent layoff means that the tenure of the employee with the company has been indefinitely terminated by the employer, without any fault of the employee.An employee who has been temporarily laid off can be called back for work after a leave of absence, as per the company’s need. In a temporary layoff, the company provides the employee with some compensatory benefits-health insurance and cover, a compensatory pay (usually a certain percentage of the base salary), perks and benefits etc. Temporary Layoff: A layoff is said to be a temporary one when the tenure of an employee with the company is not terminated but halted for a period of time. Mass Layoff: This is one of the most common types of layoff in which a company lays off a large number of employees in a single go, such as over 500 employees being laid off in less than a 30-days period.Layoffs can be of many types, here we have mentioned some of the most commonly seen types of layoffs for you: Layoffs can be temporary (in which case the employee usually receives a compensatory amount until their tenure rebegins) or permanent (which means a termination of the service of the employee with the company).Ī latest example of layoffs can be the humongous layoffs in 2022 by tech giant Meta, in which over 11,000 employees, constituting about 13% of its workforce, faced the cut. Rather, a layoff is conducted mostly due to factors that pertain to the company or the employer themselves. While the reasons for a layoff can be many, almost none of them include any fault of the employees. So, in the simplest terms, a layoff is when the company or your employer puts either a temporary halt or a permanent termination on your employment with the organisation. Here is the meaning of a layoff.Īccording to the Cambridge dictionary, a layoff is when a company or employer “stops employing someone, sometimes temporarily, because the company does not have enough money or work”. While there are many interrelated terms to layoff, there are slight differences between all of them. To set off, the very first aspect is to understand what exactly a layoff means. What is a Layoff? Definition, Meaning, Types Here we have curated all crucial aspects of a layoff which you should know in order to smoothly navigate through it if the situation arises. Keep reading to find out the definition of a layoff, latest news from the industry about layoffs, reasons for layoff and alternatives to a layoff. If these are some of the questions that have you wondering, then you are at the right spot as we will answer all such questions of yours here in this detailed blog. But what exactly is the meaning of a layoff? And how is it different from getting fired? Most importantly, what can you do to avoid the cut? What to do next if a layoff seems inevitable at your current corporate job? A layoff is a word that can set off a trail of nervousness down the spines of employees in an organization.
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