Having to reduce your workforce, whether temporarily or permanently, is never easy. But for small businesses, it’s important to understand all options, such as when to do a layoff vs furlough.
Furlough vs Layoff: Key Differences to Know
Overview of Differences Between Furloughs vs Layoffs Compensation: Some employees who are laid off may be eligible to receive severance pay. This is at the discretion of the company and usually depends on the tenure of the employees. However, with furloughed employees, since they will eventually return to their jobs, there is no compensation package…
