S-W

Severance Package.

A package offered to an employee when he or she is laid off. This can include a set amount of money, outplacement services, accrued vacation, and benefit continuation.

Short-Term Cost Savings.

The immediate savings a company reaps when an employee is laid off, including salary, benefits, perquisites, incentives and bonuses, net of severance costs.

Shorter Work Week.

Reduction of staff from a 40-hour to a shorter work week and reduce their salaries proportionately.

Stock Options In Lieu of Pay.

Granting employees stock options instead of some part of their current pay or in place of a pay increase.

Strategic Competencies.

Competencies (skills) that define how a company will achieve and sustain its competitive advantage in its market or niche. (See Mission-Critical Skills.)

Survivor Syndrome/Guilt.

The effect of peers being laid off on an employee retained by the same company. The guilt is often accompanied by fear of future layoffs, excessive work to compensate for the fired employees, a loss of salary, and a need to avoid all risks.

Temporary Assignments.

Special assignments for reduced compensation, a specific period (e.g., 3 months) and at a reduced time commitment.

Voluntary Severance.

An incentive for employees to voluntarily leave their employment.

Worker Adjustment and Retraining Act (WARN).

A federal law that protects employees from plant closings and mass layoffs without notice.