Definition: Termination is the process of ending of an employee's duration with an employer. One can distinguish 2 main types:
1. Voluntairy Termination. This can be by mutual agreement or the employee ending his own contract. One special form is attrition (voluntairy redundancy).
2. Involuntary Termination. This type has two subtypes:
2a. Being fired. Due to the employee's fault. Considered in most cases as dishonorable and a sign of failure. Also called dismissal or getting sacked.
2b. Being laid off. Not related to personal performance, but due to economic cycles, corporate restructuring or downsizing, bankruptcy, a change in the products or services the company is providing (redundancy).
© 2018 MBA Brief - Last updated: 14-12-2018 - Privacy | Terms