Should You Agree to a Voluntary Layoff During COVID-19?

We Are Motley. A Message of Solidarity From The Motley Fool. Right now, many companies are desperate to lower their headcount. And they may be willing to throw serious money at you to leave. COVID-19 has been hammering the U.S. economy since domestic cases started multiplying in March, and struggling companies are facing some very…

Should You Agree to a Voluntary Layoff During COVID-19?

We Are Motley. A Message of Solidarity From The Motley Fool.

Right now, many companies are desperate to lower their headcount. And they may be willing to throw serious money at you to leave.

COVID-19 has been hammering the U.S. economy since domestic cases started multiplying in March, and struggling companies are facing some very hard choices as a result. One such decision is how to cut costs, and unfortunately, layoffs are often the answer.
But those layoffs don’t necessarily need to be painful from both an employer and employee perspective. That’s because some workers may be willing to voluntarily get laid off right now. But is that the right decision for you?
The upside of voluntary layoffs
There’s a reason companies tend to offer voluntary layoffs, or buyout offers, even if doing so costs them more money than regular chopping block-style layoffs: They’re better for morale. Workers who don’t have to live in fear of losing their jobs may be better able to focus and maintain productivity, all the while staying motivated to perform well.
Image source: Getty Images.

Furthermore, voluntary layoffs eliminate much of the unpleasantness
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