layoff

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Related to Workforce reduction: downsizing, laying off

Lay Off

To terminate employees because the company is not making sufficient profits to pay them or to sustainably keep them on staff. While a lay off could affect one employee, the term usually refers to a group of employees that are let go because of budget cuts, restructuring, or other, similar situations. If and when the company returns to its previous profitability, it may hire back those employees who were laid off. Often, the company offers a severance or other final compensation to laid off employees.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

layoff

The allocation of unsold shares to syndicate members from a new issue rights offering by the managing underwriter.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
RIM went on to say that, "The workforce reduction is believed to be a prudent and necessary step for the long term success of the company and it follows an extended period of rapid growth within the company whereby the workforce had nearly quadrupled in the last five years alone."
Similarly, the current competency study describes what successful managers in a scenario specific to workforce reduction should do to deal with the survivors.
Top management and business owners across industry sectors in the UAE expressed their commitment to continue to retain their talent with only a quarter perceiving necessary workforce reductions.
CSA Czech Airlines, which plunged to a CZK496 million ($22.1 million) loss in 2005 from a CZK324 million profit the year before, yesterday unveiled a three-year plan to return to profitability dubbed "OK 06-08" that will include a 10%-20% workforce reduction. The airline's initiatives are a stricter focus on the core business, simplification of its ticket sales process, a cost-benefit analysis of existing services and the addition of long-haul flights to East Asia with renewal of the long-haul fleet beginning in 2008.
announced a corporate restructuring and the shutdown of the spandex stretch fibres personal care operations at its Maitland, ON, site as part of its parent company's worldwide workforce reduction. These steps are expected to result in a total workforce reduction of about 200 positions in Canada, which includes approximately 85 roles at the Maitland site.
The workforce reduction will affect ground staffers, the company said.
28 Parlex laid off 55 workers as part of a previously announced workforce reduction plan and now employs 335 in Methuen.
Approximately US$ 40 million of the cost savings will result from a workforce reduction of 500 employees.
The trust's purpose was to supplement state unemployment benefits for employees laid off in a workforce reduction. Payments were based on the size of the trust, the amount of state unemployment benefits, the duration of the layoff, the time worked before layoff and other conditions.
The company said its plans could be averted through a workforce reduction plan over three years, and major concessions that would eliminate the collective bargaining agreement from everything but wages and benefits.
This action will result in a workforce reduction of about 270.

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