1500 employees, 13% of the workforce to be cut nationally

Great-West Life announced Tuesday that they would be reducing their workforce over the next two years by 1500 employees across Canada. 450 of those jobs will be at the Winnipeg headquarters for the company.

“Late last year we began the journey to evolve our Canadian business into a more agile and innovative organization, better equipped to respond to and anticipate the changing needs of our customers,” said Paul Mahon, President and Chief Executive Officer of Great-West Lifeco.

Reductions will come from reducing the temporary workforce, a voluntary retirement program and eliminating positions through a severance program according to a media release issued by the company.

“These are difficult but necessary decisions that we are not taking lightly,” said Mr. Mahon. “We are committed to treating all those affected fairly and respectfully, consistent with our values.”

Great-West also plans on making changes to it’s IT technology as well as consolidating some of its real estate holdings.

It is expect to cost the company $215 million to restructure but they anticipate an annual saving in excess of $200 annually once complete.

-News4 Staff-

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