Attrition stands for the rate of labor turnover or the ratio of employees leaving the establishment as a percentage of employees on the roll on a particular date. It is a concept to show how frequently employees leave the organization, and a high rate of attrition is certainly a bad signal.
Layoff is a legal term used for temporarily closing down an establishment due to the absence of materials, power, etc. Layoff is an initiative of the employer who finds it difficult to run a factory or a division of the factory without power or materials.
Regards,
Madhu.T.K