Attrition is the normal and uncontrollable reduction of a workforce due to retirement, death, sickness, and relocation. It provides a natural way for organizations to reduce their workforce without taking overt management actions, though it can lead to unpredictability and gaps.
Downsizing is a strategic measure taken by organizations to reduce their workforce and operational size with the primary goal of boosting profitability, cost-efficiency, and flexibility.
A hatchet man is a company employee responsible for reducing personnel, often tasked with delivering notices of dismissal and communicating terms of severance.
A lay off involves removing, temporarily or permanently, an employee from a payroll due to economic conditions or production cutbacks, rather than poor performance or rule violations.
The process of reducing staff by offering financial incentives to employees with seniority, known as a workforce buyout, can be expensive but it helps maintain morale and loyalty among remaining employees.
