Newark, New Jersey-based Prudential Financial, an iconic company whose subsidiaries provide insurance, retirement planning, investment management, and other financial products and services to both retail and institutional clients, has announced a reduction in force.
The personnel realignment will impact 145 employees in 2024, following a November 2023 layoff of 243 senior positions. The layoffs will be phased, commencing on April 15, 2024, and reaching completion on September 30, 2024.
According to a company spokesperson, “We’re taking new steps to simplify our organizational structure by reducing management layers, complexity, and costs while making investments in technology and data platform. Our goal is to empower faster decision-making and bring our integrated business teams closer to our customers and clients.”
“The recently filed WARN notices are part of the previously discussed organization structure changes and cost reduction efforts. Prudential continually reviews its organizational structure on behalf of its customers to drive growth and maintain its competitive position in the marketplace. This includes periodically eliminating certain roles that no longer align with our strategy. We have approximately 40,000 employees in 40 countries. Headcount is just one of a number of factors we consider when looking at costs and business efficiencies.”
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. We see good people being laid off through no fault of their own. 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?