Layoff
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The document discusses layoffs, which refer to the temporary or permanent termination of employment for business reasons like positions being eliminated or a slowdown. Layoffs focus on positions, not individuals. They are used to cut costs due to lack of funds, lack of work, organizational changes, or economic slowdowns. Employers should inform staff why layoffs are necessary to avoid panic, consider seniority, exceptions for special skills, and provide severance packages. Alternatives to layoffs mentioned include leave without pay, employee shuffling between departments, enhanced severance packages, moving to a four-day workweek, and seeking voluntary resignations.
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The document discusses layoffs, attrition, and mutual agreements between employees and companies. It provides examples of some large layoffs including Hewlett-Packard laying off 24,600 employees in 2008. Attrition is described as a gradual reduction in personnel due to reasons like resignation or retirement. Mutual agreements involve dealing find a new career for an employee being laid off, such as shifting them to another department or company.
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The document is the Payment of Gratuity Act of 1972. It provides a scheme for payment of gratuity to employees in factories, mines, ports and other establishments with 10 or more employees. Some key points:
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The document is the Payment of Gratuity Act of 1972. It provides a scheme for payment of gratuity to employees in factories, mines, ports and other establishments with 10 or more employees. Some key points:
- Gratuity is payable to employees with 5+ years of continuous service on superannuation, retirement, resignation, death or disablement.
- The maximum gratuity payable is Rs. 10 lakhs as per the latest amendment.
- Employers must obtain insurance from LIC or other insurers to cover their gratuity liability.
- Controlling authorities are appointed to administer the Act.
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A bonus is an extra amount of money that is added to someone's pay, usually because they have worked very hard.
The practice of paying bonus in India appears to have originated during First World War when certain textile mills granted 10% of wages as war bonus to their workers in 1917.
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The Equal Remuneration Act of 1976 aims to provide equal pay for equal work for men and women. It seeks to prevent discrimination against women in employment and provide increased job opportunities. The key features are that it applies across India, restricts discriminatory contracts, applies to all workers regardless of hours, and establishes enforcement authorities. Non-compliance can result in fines, imprisonment, or both. Implementation is done at the central level by the central government and at the state level by state governments. Exceptions are made for special treatment related to pregnancy, retirement, marriage or death.
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- The fund consists of the Employees' Provident Fund (EPF), Employees' Pension Scheme (EPS), and Employees' Deposit-Linked Insurance (EDLI) scheme.
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PPT on "Provident Fund & MP Act 1952" of India.
Dear Seniors & Friends,
Sharing the updated PPT on "Provident Fund & MP Act 1952" of India. Kindly have a look on the Same & Share your valuable feedback & suggestion. If you found any mistake kindly update me for the modification the same.
Regards,
Anshu Shekhar Singh
Mob: 9999 844 355
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PPT on "Provident Fund & MP Act 1952" of India.
Dear Seniors & Friends,
Sharing the updated PPT on "Provident Fund & MP Act 1952" of India. Kindly have a look on the Same & Share your valuable feedback & suggestion. If you found any mistake kindly update me for the modification the same.
Regards,
Anshu Shekhar Singh
Mob: 9999 844 355
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Understanding Layoffs and its Impact on Employees
The document summarizes understanding layoffs and its impact. It defines layoffs as dismissing employees for cost-saving reasons during difficult economic times. Layoffs impact employees through financial stress, loss of identity, and emotional distress. They also decrease morale and productivity for remaining employees, and hurt the company's reputation. The HR manager's role includes planning layoffs legally and ethically, communicating reasons and support, and addressing concerns of laid-off and remaining employees. A hypothetical scenario outlines peers being let go for vague reasons and the employee being called in for a chat, leaving them uncertain.
Downsizing
Downsizing refers to permanently reducing a company's workforce through layoffs and restructuring. There are several reasons for downsizing, primarily to increase efficiency and profits by cutting costs. Common methods include replacing human workers with machines, outsourcing jobs, or shutting down entire divisions. While downsizing aims to make companies "leaner and meaner", it also has disadvantages like losing skilled workers and hurting employee morale. Managing layoffs well through support services can help minimize the negative impact.
Outsourcing core computency- downsizing
The document discusses various topics related to outsourcing and downsizing, including:
- Definitions and examples of outsourcing, as well as advantages like increasing expertise and disadvantages like loss of control.
- The importance of identifying core competencies to develop competitive products and services. Flexibility and innovation are discussed.
- Downsizing is defined as reducing company size by eliminating workers/divisions to cut costs and increase efficiency. Advantages include labor cost savings but disadvantages include skill/knowledge loss and employee stress.
- Examples of companies that have significantly downsized include HSBC, GM, and Toyota which avoided layoffs during an economic crisis through strategies like reduced hiring and intermittent production schedules.
Separation & retention
The document discusses various employee separation and retention processes. It describes procedures for separation such as discharge, retirement, layoff, and retrenchment. It provides details on the reasons and steps for discharge of an employee. Retirement can be compulsory, forced, or premature. Layoff is a temporary period of unemployment due to lack of work. Retrenchment involves downsizing through factors like reducing headcount or costs. The document also discusses promotion, transfer, voluntary retirement schemes, and exit interviews.
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Employee retention and separation are important aspects of managing human resources. Retention involves keeping valuable employees through engagement, compensation and benefits. Separation can occur voluntarily through resignation or involuntarily through termination or layoffs due to poor performance or lack of work. Organizations aim to retain productive workers through training, career development, and ensuring compensation is competitive. Proper procedures and support such as exit interviews and outplacement assistance help make separations efficient and fair for both parties.
Why So Many Tech Companies Are Laying Off Employees in 2023.pdf
The global pandemic of 2020 has caused significant disruption to businesses and economies around the
world. As companies struggle to navigate through the crisis, many have been forced to make difficult
decisions in order to survive. One of the most common actions of tech companies is laying off
employees. In this article, we will examine the reasons why tech companies are laying off employees
and the implications of this trend.
Layoffs, also known as redundancies, refer to the practice of an employer terminating the employment
of one or more employees due to a variety of reasons, such as financial difficulties, restructuring,
downsizing, or changes in business needs. Layoffs are often seen as a last resort for companies, as they
can significantly impact the employees who are let go and the organization’s overall health. When a
company lays off employees, it may offer them severance pay or other benefits as a form of
compensation.
Layoffs became popular when Elon Musk Acquired Twitter for $44 billion and laid off half of the
workforce to become a lean and efficient company. Layoffs can occur in any industry but are particularly
common in sectors that are vulnerable to economic fluctuations, such as manufacturing, retail, and
technology—why do you think layoffs occur?
Why So Many Tech Companies Are Laying Off Employees in 2023.pdf
The global pandemic of 2020 has caused significant disruption to businesses and economies around the world. As companies struggle to navigate through the crisis, many have been forced to make difficult decisions in order to survive. One of the most common actions of tech companies is laying off employees. In this article, we will examine the reasons why tech companies are laying off employees and the implications of this trend.
Retirement and other separations
The presentation is about the various processes by which an employee is separated from his/her organization
Redundancy
Redundancy occurs when an employer terminates an employee's position because it is no longer required or the work can be done differently. To be considered a redundancy, the employer must have a genuine work-related reason for eliminating the position. Redundancies can happen when a business ceases operations, work requirements decrease, or the work can be done in a new way requiring different skills. When multiple employees are let go within a 30-day period, it is considered a collective redundancy. Redundancy pay is given based on an employee's salary and length of service to help offset the loss of employment. Employees can challenge redundancies if they believe the reasons were not genuine or the process was unfair.
The Impact of Effective Human Capital Management Presentation
The document discusses challenges facing businesses today including rising costs, doing more with less, and regulatory complexity. It outlines how outsourcing HR and payroll administration to ADP can help companies reduce costs, mitigate risks, and free up resources to focus on strategic goals. ADP helped one client, JHP Pharmaceuticals, save over $350,000 in the first year by handling their HR administration and avoiding the need to double their in-house HR staff. The presentation concludes by inviting feedback and further discussion on how ADP can serve as a strategic partner.
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Merits and demerits of downsizing. Reasons of downsizing.Example of Kingfisher Airlines and HSBC downsizing. worklife balance definition and time management . VRS merits and complications.
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Why So Many Tech Companies Are Laying Off Employees in 2023.pdf
Why So Many Tech Companies Are Laying Off Employees in 2023.pdf
Why So Many Tech Companies Are Laying Off Employees in 2023.pdf
Why So Many Tech Companies Are Laying Off Employees in 2023.pdf
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Layoff
- 1. Presented by- Sharad Srivastav Charu Sharma Manish Shubham SeraKazmi
- 2. Layoff also called redundancy in the UK, is the temporary suspension or permanent termination of employment of an employee or a group of employees for business reasons, such as when certain positions are no longer necessary or when a business slow-down occurs. Layoffs focus on positions, not individuals Layoffs are not to be used for resolving employee performance problems These are not technically classified as firings
- 3. Layoff Regular Complex Redundancy Laying off one /few individuals Laying Off an entire department / unit Permanent layoff
- 4. Lack of Funds: The U.S. Postal Service recently announced it was on the brink of insolvency. The Postmaster General wants to save $2.1 billion a year, which means 28,000 jobs will be cut LackOfWork: under tremendous pressure from shareholders to cut large losses, new Bank of America laid off 30,000 people by cutting redundant jobs and exiting some of its unprofitable businesses
- 5. Organizational change: H.P’s largest cut came after he bought IT consulting firm EDS. HP spent $13.9 billion to diversify. Once he closed the transaction, he fired 24,600 employees whom he felt would be redundant once the two companies were combined. Economical: Boeing (NYSE: BA) was another victim of the 2001 economic slowdown. The recession, and later the 9/11 attacks, hurt air travel. The commercial aircraft division of Boeing, therefore, suffered all the cuts, with the defense segment untouched.
- 6. Do not delay in informing Make sure you are not breaking any laws Ask for bss plan before and after layoff Severance pay package, reco mmendation etc Inform staff why the lay off was necessary to avoid panic
- 7. Seniority order Bumping Exception : special skills Knowledge Or Abilities A department may retain an employee irrespective of seniority if the employee possesses special skills, knowledge or abilities (“SKAs”) that are not possessed by other employees in the same classification and which are necessary to perform the ongoing functions of the department.
- 8. Severance Recall Preferential Rehire OutplacementTransition Services
- 9. Transfer or reassignment to open vacant positions Pay cuts (FEDEX) Shut down retirement funds( G.M) Cut back on costs: ▪ Energy saving ▪ Training cost ▪ Free lunches ▪ Office supplies (sprint)
- 10. Ernst &Young China Alternative: "Leave Without Pay"
- 11. Luxury Retreats Montreal Alternative: Employee Shuffling The villa rental agency has shuffled eight of its 75 employees from departments like product development to revenue-generating positions like sales
- 12. Best Buy Minneapolis Alternative: Enhanced Severance Best Buy (BBY) in December offered nearly all 4,000 employees at its corporate headquarters a sweetened severance package if they agreed to leave voluntarily. Five hundred employees took the company up on the offer, which for the average employee included 7.5 months of pay, one year of employer-paid health and life insurance, and outplacement services
- 13. Twisted Limb Paperworks Alternative: Four-Day Workweek The company took a day off the workweek back in August as a temporary move, but is still on the same schedule seven months later.
- 14. Nokia Alternative: Mass voluntary resignations On Feb. 24 the cell-phone maker said it will seek up to 1,000 voluntary resignations and also appealed to employees to accept holiday time as payments, instead of cash, for overtime work
Editor's Notes
- laid-off employees' positions are terminated and not refilled, because either the company wishes to reduce its size or operations or otherwise lacks the economic stability to retain the position.
- http://www.washington.edu/admin/hr/roles/mgr/endemplmnt/layoff/
- http://jobs.aol.com/articles/2011/12/07/the-biggest-corporate-layoffs-of-all-time/
- http://jobs.aol.com/articles/2011/12/07/the-biggest-corporate-layoffs-of-all-time/
- http://www.wikihow.com/Layoff-an-Employee
- http://ucsfhr.ucsf.edu/files/operationalexcellence/Layoff_Process_and_Procedures.pdf
- http://ucsfhr.ucsf.edu/files/operationalexcellence/Layoff_Process_and_Procedures.pdf
- http://images.businessweek.com/ss/09/02/0225_layoff_alternatives/9.htm