Thread regarding Manulife Financial Corp. layoffs

Confirmed 175 people cut from Manulife today

Including all in-house graphic design roles.
They've had budget cuts on projects for months. No appetite to hire temporary or freelance resources. People were told to just get the extra work done.
Typical approach. Hopefully they were generous with these folks. Being let go in the middle of a pandemic is ruthless.

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Post ID: @OP+1dYsBjwd

29 replies (most recent on top)

That’s why I call this company “ManureLife”

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Post ID: @2Utrt+1dYsBjwd

I was laidoff in the October 2021 round. Mentally lost interest in the daily job tasks many, many years ago due to the constant awareness of getting laidoff.
During the yearly employee survey, I would always add to it that I would never recommend anyone I know to get a job there.

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Post ID: @2auot+1dYsBjwd

Your sacrifice was not in vain. My stock options are worth more than all of your salaries put together! I'm the GOAT that why I get paid while you are enslaved.

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Post ID: @xphw+1dYsBjwd

To "Anonymous" re: Post ID: @ilis+1dYsBjwd

You stated: "the only ones who were laid off were white males." How could you possibly make such a claim?

It's ludicrous to ask for a list of the employees who were let go. There's the privacy of the terminated employees to consider. I wouldn't want my name listed for all to see! It's bad enough being let go. In your quest for validation, you trample all over the heart of the matter. People are now left without a livelihood. Do you even realize how terrifying this time is for the subjects of this discussion?

I see you only take your own privacy into consideration, otherwise you should have signed with your name, so that we could all see it and know who you are, rather than using "Anonymous" as your moniker.

Now back to the actual discussion.....

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Post ID: @jpfv+1dYsBjwd

https://manulife.wd3.myworkdayjobs.com/en-US/MFCJH_Jobs/job/Makati-City/Director-of-Engineering--CDT_JobReq0441211

Pretty obvious what is happening here...

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Post ID: @ivth+1dYsBjwd

To the person claiming that only white males were terminated in this round. You obviously have some sort of agenda that has nothing to do with the 175 people that were let go. From a 60ish white female that was unfortunately one of those let go.

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Post ID: @iumj+1dYsBjwd
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Of everyone I know in the company, the only ones who were laid off were white males. This is certainly not representative of the company's demographics. This is one of the reasons why no list of those laid off has been published internally (a first in my experience, but that could be wrong). In light of the discrimination practiced by Manulife against white males lately, this is no surprise. The leadership programs for self-proclaimed minorities only and the overwhelming number of presentations we had to attend where only the issues raised by non-minorities were discussed are two known (internal) examples.

A lesser-known example is that of a former colleague within the company who was told by his supervisor that no white male could be promoted at that time and therefore he would not get the promotion he was expecting.

At a company townhall, the question system had been accidentally set to anonymous. One employee stated that he felt strongly discriminated against as a European, especially because of his accent. Management's response was, "That's not a problem for us, we deal with sexism and minority discrimination." Another employee expressed concern and asked if he should fear for his job because he did not helped to meet the diversity quotas. This question was immediately removed.

After numerous discussions with colleagues, they expressed serious concerns about discrimination against them as men in the company. We were told over and over again that anyone who contributed to meeting the diversity quotas would be given growth opportunities.

The behaviour within Manulife has been toxic in this regard and in my view constitutes clear discrimination. I am asking Manulife to release the list of terminated employees to refute my claim.

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Post ID: @ilis+1dYsBjwd

Other companies are getting raked over the coals for large layoffs and doing over zoom. The February layoffs were not much different with layoffs immediate so couldn’t even try to find another position in the company.

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Post ID: @gfwe+1dYsBjwd

Let’s look at the current job openings, which total 842 positions:

Asia: Philippines (306) + the rest of Asia (258)
North America: Canada (178) + U.S. (100) + Bermuda (1)

Therefore, 33% of the current job offerings are in North America and 67% of the current job offerings in Asia. We can see that Asia has double the job opportunities of North America.

Also noted, the three job categories, which make up the highest number (62%) of the total number of job offerings:

227 (27%) of the total jobs are in IT and 80% of those IT jobs are in Asia
157 (19%) of the total jobs are in Operations and 68% of those Operations jobs are in Asia
131 (16%) of the total jobs are in Sales and 74% of those Sales jobs are in Asia

There’s also the Liberal government pledge to raise the corporate income tax rate for banks and insurance companies from 15% to 18% on all earnings above $1 billion.

There is at least a 10% savings of salaries in Manila, compared to North America.

Sadly, we’re all just a number and there will be a lot more pain to come. ☹

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Post ID: @dwic+1dYsBjwd

There was a comment above about the cuts being mainly people of of colour, LGBTQ and woman. I’d like to know where the proof of that is? I do know that in Retail Insurance, Saxon used it as an opportunity to get rid of the 55 and up staff members. Not an easy age to take advantage of all the tech jobs out there that someone else had mentioned above.

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Post ID: @chry+1dYsBjwd

175 is just the latest round. They've already started moving 10% of the workforce to Manilla and let go entire teams. I would love to know how many people have actually been laid off, because it's been a LOT.

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Post ID: @cung+1dYsBjwd

Which segments and business units?

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Post ID: @8dzf+1dYsBjwd

Manulife needs to waste money on ESG investing programs. That money needs to come from somewhere. Blame Blackrock and Larry Fink

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Post ID: @7nob+1dYsBjwd

Today they announced ActofKindness, they could have saved the $50 they give to each person and save jobs. Unreal. What act of kindness is this when you put more than 175 out of a job.

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Post ID: @7rwr+1dYsBjwd

Please reach out to your MP, MPPs, members of Congress etc and tell them not to deal with Manulife or John Hancock while they are taking jobs out of North America. Roy Gory does not want anything more than sales support left in North America.

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Post ID: @6aac+1dYsBjwd

They let go 175 in November and that doesn’t include those let go in February 2021, another 200 ! All IT is moving to Manila and surrounding area.

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Post ID: @5rwh+1dYsBjwd

Why is this not in the paper…when Manulife can boast in the paper about forcing everyone back to the office in January. Very sorry for these people to lose their livelihoods. But they might be better off instead of being forced to return to overcrowded offices when Covid is very much still here. Dictatorship mentality.

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Post ID: @5lvn+1dYsBjwd

It is also unfortunate that Manulife is allowed to bid for group medical, dental etc to provincial and federal government employees when actively moving both their back office and skilled IT jobs to Manila. The same is happening with John Hancock (their US arm). Our governments should not spend our tax dollars to support companies who are actively taking jobs from Canadians.

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Post ID: @4fry+1dYsBjwd

This company has no morals. They preach diversity and inclusion and most people that were let go were women, LGBT, visible minorities and black. Why promote diversity when you just let go of a diverse workforce. I'll never do business with a company that doesn't hold onto their valuable diverse talent. Ill buy products and services with a company that has employees reflect the company i live in.

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Post ID: @3dlx+1dYsBjwd

It’s sad to know most people that were let go are hard working people who gave tireless hours in order to achieve the goals that was asked of them. “Sharing your humanity” is a value that only applies to the lower employees.

The VPs and upper management couldn’t care less as long as their yearly goals are met. And the people who are left and now the ones who are trying to figure out the projects and work that are rush.

They encouraged us to take vacations but we can never do so without feeling guilty because all our work will be dump on co-workers who are already over whelmed with their own workload. Meanwhile, VPs are talking about how they will be going to their chalet and boat or working on their collectable cars.

Manulife is a top heavy culture, where upper management has no clue what the little people does in order for these said VP to afford their lavish lifestyle.

But it is sharing your humanity to fire people one month before Christmas. For the people affected by this, more power to you. Your hard work and dedication will eventually pay off and you will find a job that appreciate you for your time and effort.

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Post ID: @3azi+1dYsBjwd

They preach the values yet don’t live or exhibit them themselves. Fire 175 all in the name of expense savings. Why not keep those 175 people and cut office expenses by letting people continue to work from home instead of demanding they return to the office.

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Post ID: @2fnx+1dYsBjwd

On the same day that they announced winning the Waterstone Most Admired Culture Award ... makes you wonder about the people who completed the application and who judged the submission.

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Post ID: @2rht+1dYsBjwd

Oh but wait! The ever touted ‘values’. No humanity in firing people who have given up time and talent for a company that disposes of them with not a care. Agreed, be free of this toxic culture!

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Post ID: @2yoi+1dYsBjwd

I'm not sure why people are shocked. It's well known they are cutting 10% of the staff and moving as much as they can, overseas. It's a huge cost savings for many companies, to pay someone $3 to $5 and hour, rather than pay 10 times that (plus benefits) here in Canada and the US. RG also needs to exceed his watermark for his big bonuses.

It's not about the employees or loyalty. Manulife is a business. It's about the numbers and the profits. You do a job and they pay you for it. That's it! It is that simple.

You are responsible for you. Update your skills and your resume. Know you did nothing wrong and that you are still the same wonderful person who deserves happiness and success. Think of this not only as an opportunity, but also liberation from the toxic vortex known as Manulife.

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Post ID: @2cle+1dYsBjwd

Manulife is always doing this because it's downsizing North America businesses - lower demand in a declining industry with weak antiquated business models.

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Post ID: @2vuw+1dYsBjwd

It's a red hot market right now for hiring, I doubt people will have trouble finding new work, especially in tech.

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Post ID: @1lrk+1dYsBjwd

These moves don’t seem to be helping stock prices in any way.

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Post ID: @1lsx+1dYsBjwd

Sucks to see so many being let go that helped build this business. They get rid of hard working smart people, but keep inept senior leadership

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Post ID: @1fwd+1dYsBjwd

They got rid of a lot of the staff trying to make it a better place. Kept the bare essentials

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Post ID: @ktq+1dYsBjwd

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