A layoff is the termination of one or more employee by a company for business reasons. Unlike firing, a layoff occurs when a company needs to downsize its operations. Companies do this when economic conditions force them to cut their workforce. These conditions can include:
-A merger with another company
-A slump in profitability
-Outsourcing work to another country
-A seasonal lack of business
Some layoffs in seasonal businesses, like the ski business, are temporary. Others are permanent.
