OCTOBER 20, 2020 - 300 POSITIONS ELIMINATED IN REALIGNMENT COST-CUTTING
The company has announced that it will be eliminating 300 positions, including 32 employees in Lynchburg, Virginia, and while most of the layoffs have already occured, some will continue through first quarter 2021.
The decision was driven by business conditions that have seen severe business disruptions attributable to the global pandemic, falling interest rates, and consumer finance problems.
According to a company spokesperson, “As we work toward transformational goals designed to deliver sustained value to our organization and those we serve, the coronavirus pandemic, the current sustained low interest rate environment, and our strategy to improve operational efficiency have created a need to readjust internal resources.
“The majority of employees impacted reside in Orange County [California] but included others throughout the country. We are constantly evaluating our business to ensure Pacific Life has the right structure to accomplish its goals and best serve the long-term interests of our clients.”
Original post…
Newport Beach, California-based Pacific Life Insurance Company has announced that it will be outsourcing its IT operations at its Newport Beach headquarters and elsewhere to third-party business process outsourcers. The consequence of this action will be that 54 employees will be laid off in Lynchburg, Virginia; Omaha, Nebraska; Newport Beach, California; and Aliso Viejo, California.
A company spokesperson commented that the “terminations were part of an ongoing effort to find the right technology service for the company at the right cost. This includes partnering with quality service providers that can bring us external best practices, innovation and efficiency.”
It is rumored that two India-based outsourcing companies are involved: TCS (Tata Consultancy Services) and Cognizant.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?