More cuts are coming.
It's not good, and it's going to be even worse.
Source: http://www.dailyherald.com/business/20170525/former-aon-unit-starts-layoffs
A former unit of Aon Hewitt that focused on benefits administration and HR outsourcing has started an untold number of layoffs, a spokeswoman confirmed Thursday.
The layoffs affected a "small percentage" of the overall workforce and took place among "a variety of positions." The unit has about 22,000 employees worldwide, including about 3,000 in Lincolnshire and Chicago, the spokeswoman said.
The termination date for the affected workers could vary, depending on the position. Affected workers will receive severance packages with outplacement services and job counseling, the spokeswoman said.
In February, British insurance broker Aon Plc sold the unit to a fund affiliated with private equity firm, Blackstone Group LP, for about $4.8 billion. The transaction closed on May 1.
Aon Hewitt itself was not sold, only its benefits administration and human resources portion. Aon Hewitt is still part of Aon and it still does consulting, actuarial and investment consulting.
Aon acquired Hewitt in 2010 as part of its $4.3 billion takeover of Hewitt Associates. Aon then moved its global headquarters from Chicago to London in 2012.
The Hewitt unit, which is expected to be renamed by Blackstone, is the largest benefits administration platform in the United States, and a provider of cloud-based human resources management systems. It serves about 15 percent of the U.S. working population across more than 1,400 companies.