It is a business situation in which employers ask employees to leave or take a layoff due to reasons like poor economic performance or financial needs. Lack of funds, winding up a business, or relocation are some of the significant reasons a company opts for Redundancy. One of the great examples such type of such business practices is the lay off of the employees at the time of COVID-19 pandemic. It this pandemic, various companies were unable to generate enough funds to pay salary and wages therefore, they told employees to leave or opt for a payoff option. Redundancy can be both forced and retailed. Several employees decide to leave the company and comparatively get more valuable compensation and incentives.
