Vocabulary
Study the following vocabulary.
The career ladder
the career ladder – used to describe the path of career advancement typical to a profession or industry
to retire – to withdraw from work or professional life, usually permanently
seniority – having precedence or advantage over others in a company due to length of service or position
demotion – the process of being reduced in position or title, the opposite of promotion
to resign – to voluntarily leave a position – commonly called "to quit" a job
to restructure – describes the process whereby a company changes its internal organizational structure to decrease costs,increase efficiency, etc.
to downsize – to reduce the number of employees in a company in order to reduce costs or increase efficiency
outplacement – advice and other help given to employees looking for new jobs after being laid off or being made redundant
to lay off – to dismiss from a job, usually because a company no longer requires an employee due to business reasons (for example, common at factories that are closing or that lose major contracts – compare with "to fire", which implies wrongdoing or poor performance on the part of the employee)
to be redundant – to lose your job because you are unnecessary to a firm or company (usually used when either another employee or a machine or other new technology becomes able to do one's job) – also exists as "to be made redundant"