liberty mutual lays off 850 employees; who all are at risk
Liberty Mutual, a diversified global insurer and the sixth-largest property and casualty insurer company in the United States, is set to lay off 850 employees amid lingering recession fears.
The upcoming layoff will affect 2% of the company’s U.S. workforce. A Liberty Mutual spokesman has also confirmed the layoffs. The layoff is a part of a “multi-year transformation.”
Which workers will be affected by the upcoming layoff? How many workers are at risk? What is the reason behind the layoff? What did the company say?
Who all are at risk?
Around 850 employees are at risk. People working in retail markets and global risk solutions business units will be affected by the upcoming layoff. Employees at technology and other corporate groups will also be laid off.
The lay off will take place by year-end. In July, the company already laid off 370 employees. The company also recorded a net loss of $585 million for the second quarter.
What will laid-off employees get?
Laid-off workers will receive severance and outplacement assistance. They can also apply for other positions within the organization. A Liberty Mutual spokesperson said, “Impacted employees will be eligible for severance and outplacement assistance and are encouraged to apply for other positions within the organization.”
Layoff tsunami has already affected various sectors. In the layoff tsunami, tech companies will lay off hundreds of employees. Tech companies have already laid off hundreds of employees in major cost-cutting measures.
Qualtrics – an American experience management company based in Seattle, Washington, and Utah – is set to fire around 780 employees. Hopper, Inc. a travel booking app and online travel company, has already fired nearly 250 employees.
Last month, Big Four Accounting Firms also laid off workers. Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and Klynveld Peat Marwick Goerdeler (KPMG) fired many workers in the United Kingdom (UK). Large-scale layoffs affected a lot of workers in Deloitte, KPMG, EY and PwC.
The layoffs can be conducted because of the slowdown in the current financial year.