Baltimore, Maryland-based Transamerica Corporation, the holding company for various insurance and investment companies, has decided to end operations at the company’s Employee Benefits Group located in Little Rock, Arkansas. The closure will result in 110 employee layoffs.
According to a company spokesperson, “Transamerica continually assesses its location strategy to ensure alignment with our business requirements and financial objectives. We have determined that Little Rock is no longer a long-term strategic location for our operations and we will close our office there at the end of 2019. We are keenly aware of the impact these actions will have on our employees and their families. For this reason, we will be offering separation benefits to eligible employees, including outplacement services. The Employee Benefits business line will continue to be “an integral part of our strategy, and we are continuing to grow this market with talent in other U.S. locations.”
Transamerica is in the process of further digitization of its various businesses and product line using the expertise of Mumbai, India-based Tata Consultancy Services. By increasing self-service operations for its policyholders and those seeking to purchase insurance, one can expect further employee layoffs as “modernization” proceeds.
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 ... are you now wondering, Am I Next?