Company wide 226 layoffs and 300+ furloughs heard today on a conference call. MD field and BI and administrative positions as well. 60 day notices go out June 8th for those laid off and those furloughed expected back October 2nd but don’t be surprised if that changes. It is Nationwide after all.
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Were they given any severance pay who are laid off today?
Nationwide did another lay off today. Probably more to come.
Things are about to get ugly in the insurance industry and the signs are all there. The big boys like Nationwide are slashing rates and expenses to position for new economy. Allstate is about to layoff thousands of employees and close 75% of all offfices. State Farm driving premium rate war. Be proactive, there are some niche carriers that will do well, be proactive and be ready. Employment is a two-way street.
My agent fired me on March 20 citing a downturn in sales as businesses were shutting down and people were losing their jobs. A real piece of work was he. Had a meeting on a Friday and assured everyone that their jobs were secure but the following Tuesday fired me, the only producer in the agency. Chased me for 6 months in order to get me to leave my previous agency (not Nationwide) but fired me after 10 weeks so no unemployment. Produced over 10K in less than 6 weeks but that was before I even knew how to work the systems. Out of the insurance business now and making more than 50% greater than NW salary
Nationwide s—s
It’s really disheartening to spend an hour listening to how great NW P and C progress is in all areas, so much ahead of our competitors, but oh, those operating expenses! Gotta get ‘em down by utilizing technology. Meaning, replace your job with machines. This, AFTER the 570 layoffs and furloughs. Talk about ratcheting up the fear factor for the rest of us! It also makes me wonder why I try so hard. They obviously don’t care.?
I was one of many affected by this. I hope the company didn't just shoot themselves in the foot by doing this. A lot of hard working, great employees were let go. On the brighter side everybody i have spoken with that lost their jobs in the prior back to back "realignments" said it was the best thing that happened to them. To those other people and family's affected, keep your head up.
Nationwide believes employees should work scared and their actions speak louder than their words in that regard. Employees are left to pay the price for inept leadership that lacks any ability to innovate or problem solve on their own. The only solution seems to be slashing costs leaving the real problems unsolved. But if you surround yourself with enough yes people, you look less inept to the people around you.
I bet there are no cuts or layoffs in their leadership and executive teams. I worked for them close to 28 years and let on my own terms. There is life after NWIE
This was calculated and likely has been in the works for months. With the switch to a centralized model for personal lines, it was only a matter of time. I definitely feel that they used the pandemic as a reason to pull the trigger sooner and on a larger scale. And I doubt it will be the last round of cuts.
They are asking the furloughed workers to use the 20 days of Pandemic Time the company previously allotted to every employee. That is pretty decent; it will cover a month of being without pay. And of course the furloughed workers will get to keep their company health insurance for some months as well. It could be worse for them. Furloughed and laid off workers collect unemployment as well. I have seen companies cut ties in uglier ways than this. Nobody likes to lose a job though.
Was shocked to hear this. I am not affected but biting my nails waiting to see who. We just had a major culture survey and my guess is that everyone rated the company very highly for their response to the SARS crisis. As soon as the surveys were in, they dropped the hatchet.
On Your Side! unless you wirk for them...
Was surprised to actually hear this on the news... but not what areas. You have to love the "employees can apply for an internal job" line.... ignoring the hiring freeze and that there only about 100 live job postings