The Impact of Layoffs on Workers
The shit is real!!
You cite the effects of pandemic or rise in inflation companies are on the go to announce layoffs. Tech giants — Oracle, Shopify, Lyft, DataRobot, Robinhood, and Wayfair have all already got through and some of them will be joining this train soon. When a company is facing challenging financial conditions, one of the measures it can take is to lay off workers. Layoffs are generally not something businesses want to do; however, if there is no other option, operational layoffs become a means of reducing expenses. Any company that decides to conduct layoffs will have to deal with related costs and consequences. There are financial costs associated with a reduction in personnel, as well as potential legal and human resource issues. This article explores some of the impact of layoffs on workers.
Layoff vs. Reduction in force (RIF)
In an ideal scenario, all employees who are laid off would be able to find other jobs quickly, without experiencing a significant reduction in income.
