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The phrase "lays off" is correct and can be used in written English.
It is typically used in the context of employment or business to refer to a company terminating the employment of one or more employees. Here is an example sentence: "The company announced that it would be laying off 100 employees due to financial difficulties."
Dictionary
lays off
verb
Third person singular of lay off
Exact(40)
He lays off to Brahimi, who hesitates.
A bicycle manufacturer lays off five workers.
A coal company lays off workers and blames the president.
He lays off to Torres, who faffs about.
— Howell Murray More Cutbacks at Zynga AllThingsD | Zynga lays off another 30 employees.
The more people a company lays off, the more it pays in unemployment premiums.
Similar(20)
"They laid off journalists.
Workers were laid off.
Ultimately, she was laid off.
No one was laid off.
Getting laid off is awful.
More suggestions(7)
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com