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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 way layoffs affect the economy varies from the industry that is doing the layoffs and the size of the layoff. If an industry that employs a majority of a region (freight in the northeast for example) suffers and has to lay employees off, there will be mass unemployment in an economically rich area.
The Worker Adjustment and Retraining Notification Act of 1988 (the "WARN Act") is a U.S. labor law that protects employees, their families, and communities by requiring most employers with 100 or more employees to provide notification 60 calendar days in advance of planned closings and mass layoffs of employees. [1]
The largest layoffs came in February 2009, when the company let go of 50,000 people -- almost 20% of its workforce. Those cuts, however, weren't enough to keep the company solvent.
Practice self-care “Work insecurity is a major issue these days,” Dorian Mintzer, an executive coach, told Yahoo Finance.“Feeling powerless is a terrible feeling, often paralyzing people ...
A copywriter who was laid off nine months ago has given up their job search and moved home. They said the job market is gruelling.
While the main formal term for ending someone's employment is "dismissal", there are a number of colloquial or euphemistic expressions for the same action. "Firing" is a common colloquial term in the English language (particularly used in the U.S. and Canada), which may have originated in the 1910s at the National Cash Register Company. [2]
Firms announced 55,597 layoffs last month, down 23.7% from the 72,821 announced in September, outplacement firm Challenger, Gray and Christmas said. Layoffs would have been even lower last month ...