- Features of early retirement policies
- Package of financial incentives that make it attractive for senior employees to retire earlier than they had planed
- ‘Open window’ that restricts eligibility to a fairly short period of time
- Avoiding problems with early retirements
- A longtime employee who has performed satisfactorily over many years suddenly receives an unsatisfactory performance evaluation
- A manager indicates that senior employees who do not take early retirement may lose their jobs anyway because a layoff is likely in the near future
- Senior employees notice that their most recent pay raises are quite a bit lower than those of other, younger workers who are not eligible for early retirement
- Attrition
- An employment policy designed to reduce the company’s workforce by not refilling job vacancies that are created by turnover.
- Hiring freeze
- An employment policy designed to reduce the company’s workforce by not hiring any new employees into the company.
Alternatives to Layoffs - Changes in Job Design
- Pay and Benefit Policies
- Retraining
Implementing a layoff - Layoff
- The elimination of jobs, often without regard to employee performance, usually when a company is experiencing financial difficulties. Also may occur if a company is changing its corporate strategies.
- Notifying employees
- Worker Adjustment and Retraining Notification Act of 1988 (WARN)
Worker Adjustment and Retraining Notification Act of 1988 (WARN) - Worker Adjustment and Retraining Notification Act (1988)
- Employment losses covered by the law:
- Terminations other than discharges for cause, voluntary departures, or retirement
- Layoffs exceeding six months
- Reductions of more than 50% in employee’s work hours during each month of any six-month period.
- Penalty for failing to give notice
- One day’s pay and benefits to each employee for each day’s notice that should have been given, up to 60 days.
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