San Jose, California-based VeriFone, a third-party manufacturer of electronic payment point-of-sale devices, has announced that it will be laying off 226 employees from its Lincoln, California office commencing on August 26, 2019. According to a company spokesperson, “While the Company’s elimination of the affected positions is expected to be permanent, the job functions associated with the eliminated positions are being outsourced to a third party. The Company anticipates that the third party may offer employment to many of the affected workers.”
It appears that the company is still undergoing a restructuring/cost cutting effort that was initiated by a new CEO when the company was taken private by an investment consortium dominated by private equity firms, including San Francisco, California-based Francisco Partners and Canada-based British Columbia Investment Management Corp.
Technological disruption appears to be impacting the company as mobile device payment schemes such as contactless transactions with internal wallets eliminate the need for point-of-sale card readers and pin-pads.
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?