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The term Layoff Beard refers to any facial hair that is grown in celebration of unemployment. Qualifying events include getting: canned, fired, axed, pink-slipped, downsized, marginalized, shown the door, let go, dismissed, let go, or laid off.

Layoff Beards were popularized in fall 2008 by the website TheCanned.com, which runs an unemployment-themed blog titled "The Layoff Beard."
There are a lot of bankers out there who have grown ferocious layoff beards following the financial crisis of 2008.
by deaconblues February 11, 2009
Not quite the same as the playoff beard. The lay off beard is when you stop shaving every day because you got laid off, and there's really no point anymore, is there?
Guy 1: "Dude, did you forget to shave... for like a week?"

Guy 2: "Oh, it's my lay off beard. Go fuck your sister."
by Bri0n October 29, 2010
Not shaving after being given termination of work notice. Play off of Playoff Beard
Now that I don't have to worry about work, I'll focus on growing the layoff beard
by Autzens12thman December 28, 2008