Nationwide Insurance recently announced a job slash of about 1100 employees. According to the company, this was an effort made to ensure the long term growth of the firm. The Nationwide Insurance layoffs exercise will affect over 80 jobs in the downtown location of the company at Des Moines. About 350 jobs will also be terminated in Columbus.
Across the Line
In a statement, the company said the layoffs will affect employees who work hold various job positions in the company such as marketing, IT, property operations and the bank organizations.
There are 770 job positions which are posted by the company internally. The company announced that employees affected by Nationwide insurance layoffs 2018 can still apply for the positions. The layoffs will be completed by the March this year. Since the deadline is fast approaching, the company is doing its best to complete the exercise.
About Turn by the Company
In what appears to have got most of the employees’ off-guard, the efforts made by the company come a few months after it had announced bonuses to all the employees at the beginning of 2018. In January 2018, the company announced that it will be giving a $1000 to the employees and managers below the senior rank as the discretionary bonus.
In November the same year, the company announced the Nationwide layoffs.
Technology and Strengthening Growth
In an email released by the company, the spokesperson of the company Joe Case said the nationwide insurance layoffs would strengthen the company. He added that they will also position the company so that it will succeed in the future.
Technology is one of the factors which contributed to the Nationwide Insurance layoffs. The company pointed out that it had integrated technology in most of its operations. This meant that most of the employees will have to face the wrath of the Nationwide Insurance layoffs.
Other Moves by Nationwide Insurance
The company has announced a number of restructuring motives which are intended to cut the overhead costs incurred by the company. In November last year, the company announced it will be closing down the Canton office which would subsequently cut about 175 jobs.
The company also announced changes to their mode of selling insurance. They would move approximately 2OOO insurance agents to the insurance agent model. All the outlets of the company will be using this model by July 2020. There are approximately 10,000 Nationwide insurance agents who sell the insurance products made by the company.
The restructuring motives were initiated by the company in 2015 and most of the people have lost their jobs due to the Nationwide Insurance layoffs. Majority of the employees said the news caught them unprepared and most of them had shifted their job positions at the company. Due to the Nationwide Insurance layoffs, they would have to find new means of earning a livelihood.
In addition to the Nationwide Insurance layoffs 2018, the company also announced that it would be moving its employees from the leased space to a central place in Grandview Yard which is closer to the Nationwide Insurance Plaza.
They expressed hope that they would be given a chance to work with the company through the open positions announced after Nationwide Insurance layoff exercise.
In an interview, the Chief Administrative Officer revealed that the efforts made by the company would steer it toward growth in the future. They would only retain the talented employees after the intensive Nationwide Insurance layoffs.
Other Worst Layoffs in 2018
Apart from the Nationwide Insurance layoffs, a series of layoffs have also been carried out by other companies in different locations in the world. In June 2018, eBay announced that it will have a layoff as part of the efforts of moving the company to global reorganization.
In June 27 2018, General Mills Inc. announced the beginning of a layoff exercise which would affect 625 out of the 38,000 employees. The largest manufacturer in the United States, Mid Continent Corp announced a layoff exercise which would also affect 60 of the 500 employees.
Tesla Inc. also announced that it would have a 9% layoff of the employees at the company. According to Tesla CEO, Elon Musk, these layoffs would restructure the company so that it would achieve its goals.
When a layoff hits a company the employees are the ones affected mostly. In the case of Nationwide Insurance layoffs, the talented employees were the only ones retained at the company.