Redundancy

Redundancy is the situation in an organization where employees are asked to leave or are laid off due to various business reasons, mainly poor economic conditions. Lack of work, funds, relocation of the business, winding up of business, etc are the other reasons. The latest example of redundancy is when during the Covid-19 pandemic several companies were unable to generate an adequate amount of revenue and funds, they had to ask employees to leave and terminate them. Redundancies can be voluntary and forced. When employees voluntarily decide to leave, they are generally retained by more valuable compensation and incentive offers.