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A layoff [1] or downsizing is the temporary suspension or permanent termination of employment of an employee or, more commonly, a group of employees (collective layoff) [2] for business reasons, such as personnel management or downsizing an organization.
A less severe form of involuntary termination is often referred to as a layoff (also redundancy or being made redundant in British English). A layoff is usually not strictly related to personal performance but instead due to economic cycles or the company's need to restructure itself, the firm itself going out of business, or a change in the function of the employer (for example, a certain ...
The employer is required to give notice of termination to the employee with a copy of the notice to appropriate government office seeking government's permission, explain valid reasons for termination, and wait for one month before the employment can be lawfully terminated. The employer may pay full compensation for one month in lieu of the notice.
To help accommodate aging workers, some companies are turning to “flextirement” options, in which an older employee works fewer hours but can still add to the company with their experience ...
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In the US for example, the majority of state laws allow for employment to be "at-will", meaning the employer can terminate an employee from a position for any reason so long as the reason is not explicitly prohibited, [a] and, conversely, an employee may quit at any time, for any reason (or for no reason), and is not required to give notice.
The Bureau of Labor Statistics projects that older Americans will account for 57% of the country’s labor-force growth in the coming decade. People are living longer, and thus working longer.
Employee offboarding describes the separation process when an employee leaves a company. The offboarding process might involve a phased transfer of knowledge from the departing employee to a new or existing employee; an exit interview; return of any company property; and various processes from the company's human resources, information technology, or legal functions.