Layoffs are the global business practice that has the greatest potential for creating economic challenges.
A layoff is when an employer permanently or temporarily terminates an employee's employment for factors unrelated to that employee's performance.
Layoffs are a common cost-cutting measure used by businesses, frequently in response to a fall in demand for their goods and services during a recession.
A layoff originally meant a temporary loss of a job in seasonal industries, but over time, the word has changed to include a permanent break from a previous employment for financial reasons.
A layoff could occur if a company closes or moves. Or it might be brought on by a downturn in the employer's business during a recession.
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