#Manulife, did you really just do that?
From Waterloo Region’s local paper, TheRecord, came this article at the end of March: “Manulife’s ‘global review’ of operations leads to layoffs, Waterloo-based company says”.
To sum up, “Manulife Financial has confirmed it is in the midst of layoffs as part of a “global review” of its operations to make the company more efficient. The company didn’t say how many people are being laid off, but ….. less than one per cent of the company’s global workforce will be affected.”
Alright. I understand layoffs happen. Waterloo region is no stranger to layoffs, for example, last year Economical Insurance and Blackberry let a large piece of their workforce go. Raytheon, also located in Kitchener/Waterloo, has been slowly laying off employees since 2011. When companies need to cut headcount, they can be ruthless. No one is safe (well, maybe just the actuaries).
That said, I am still in shock over one situation I caught wind of. This story is about someone we will call ‘Bob’. Bob is not close to retirement. Bob has a young family. Bob is a dedicated and loyal employee who has slowly earned his way up the ranks. Most nights, people who work with Bob will get emails from Bob at 2am because Bob is passionate about what he does (I don’t promote working at 2am). Bob, in essence, is Mr. Manulife. He bleeds green.
Bob was told that his role was made redundant and that there is no place for him in the organization. It’s a harsh message to receive, but he, like so many of his colleagues and friends, had to swallow that pill.
What is most disturbing, however, is that Bob and his family are expecting their 2nd baby……in less than a month. That’s right. Manulife let Bob go, knowing that in just a few weeks, his wife would be without an income (I’m being real about Employment Insurance). So in addition to caring for his first, young child, tending to his wife and new baby, Bob has the added pressure of finding a new job before his family runs out of money. This goes well beyond saving for a rainy day.
Manulife, did you really just lay off an expectant father? Was that done on purpose to set an example so ‘the street’ would take you seriously? If that’s the case, I hope ‘the street’ finds out just how poorly you are conducting these employee exits; because if they do find out, equity researchers and the like would see that you have an incredible amount of operational risk on your hands. You’ve missed a few core pieces to letting a significant number of employees go. With that said, I would recommend any company thinking of going through the same initiative, avoid #BostonConsulting. Full due diligence is missing here and Boston Consulting should be held accountable as well.
Good luck to all the people that are leaving Manulife. It’s not going to be a pleasant place to work for quite some time so you’re probably better off.
To Bob, aka Mr. Manulife, the company is losing a bright and dedicated individual. They don’t deserve you.