International Journal For Multidisciplinary Research

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An Analysis of the Social and Economic Impact of Lay-Off in Industrial Sector with Reference to Current Scenario.

Author(s) Praveen Kumar Pandey
Country India
Abstract ABSTRACT
This study analyzes the social and economic impact of layoffs in the industrial sector, with a particular focus on the current scenario. It endeavours to ascertain the social-economic impacts of an unanticipated and involuntary layoff of employees, analyses the impact of the legislation in this context, and explores the measures implemented by those who have lost their jobs as a result of layoffs. The several social scientists and psychologists have studied the effects or implications of losing one's job. Their findings indicate that lay-offs traumatize both the lives of the individual and their loved ones. Every member of society is negatively impacted by retrenchment, including the organization, the company, and the fortunate individuals who survive. Lay-offs causes a rapid and permanent crisis. It maintains a focus on the socio-economic impacts but the narrower scope is to a specific industry, which could provide more targeted insights. Additionally, it can explore both short-term and long-term effects on workers, families, and communities, into strategies for mitigating the negative consequences of lay-offs. The industrial sector, often viewed as a pillar of economic stability and growth, has experienced significant disruptions, leading to workforce reductions. The research explores the causes behind these lay-off, such as automation, economic downturns, and global market competition, and investigates their repercussions on both the employees and the broader economy. Socially, layoffs result in increased unemployment, mental health challenges, and family instability, while economically, they contribute to reduced consumer spending, lower productivity, and slower economic growth. This study also assesses the role of government policies, corporate social responsibility (CSR) practices, and reskilling initiatives in mitigating the negative impacts of layoffs. By using qualitative and quantitative methods, including case studies and employee surveys. This research aims to provide a comprehensive understanding of how lay-offs affect both individuals and the industrial sector as a whole, offering recommendations for better workforce management and support systems in times of crisis.
Keywords : Retrenchment, Voluntary Retirement, Loss of Employment, Industrial Dispute.
Published In Volume 7, Issue 1, January-February 2025
Published On 2025-01-18
Cite This An Analysis of the Social and Economic Impact of Lay-Off in Industrial Sector with Reference to Current Scenario. - Praveen Kumar Pandey - IJFMR Volume 7, Issue 1, January-February 2025. DOI 10.36948/ijfmr.2025.v07i01.35435
DOI https://doi.org/10.36948/ijfmr.2025.v07i01.35435
Short DOI https://doi.org/g82gnd
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