Is “Layoffs” a Scrabble word?

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Yes
LAYOFFS
Valid in at least one Scrabble dictionary

Valid in these dictionaries

SOWPODS / CSW
Scrabble UK & International
Valid
TWL / NWL
Scrabble North America
Valid
Large English Dictionary
General English word list
Invalid

Meaning of Layoffs

noun
  1. 1.(chiefly US) A dismissal of employees from their jobs because of tightened budgetary constraints or work shortage (not due to poor performance or misconduct).

  2. 2.A period of time when someone is unavailable for work.

  3. 3.A short pass that has been rolled in front of another player for them to kick.

Synonyms: downsizing, reduction in force, redundancy