ENTREPRENEURIAL OPERATIONS
HUMAN RESOURCE MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Layoff
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Employee Turnover
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Discharge
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Exit Interview
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Detailed explanation-1: -A layoff is a temporary or permanent reduction in the number of employees because of a change in business conditions. Companies use exit interviews to gather feedback about the company’s policies and procedures, management, and operations.
Detailed explanation-2: -What Does Being Laid Off Mean? Being laid off refers to a temporary or permanent termination of work contract by an employee because of reasons relating to the business. A company may suspend just one worker or a group of workers at the same time.
Detailed explanation-3: -Downsizing is the permanent reduction of a company’s labor force by removing unproductive workers or divisions.
Detailed explanation-4: -Other types of layoffs include downsizing, right-sizing, and natural attrition.
Detailed explanation-5: -Key Takeaways. A layoff is an involuntary separation from work through no fault of employees, often initiated by the employer for economic reasons to cut costs.