DOVER — Liberty Mutual is shedding 27 folks at its Dover campus as a part of two separate nationwide restructurings, based on an organization spokesperson.
Layoffs on the roughly 2,200-employee Dover campus and at different Liberty Mutual places of work aren’t pushed by the financial pressures of the COVID-19 pandemic, mentioned Glenn Greenberg, Liberty Mutual’s director of media relations.
“Every part being finished is to boost our enterprise and repair fashions, and to boost our efficiencies to satisfy the wants of our prospects,” mentioned Greenberg.
Liberty Mutual is likely one of the largest employers in Dover and employs roughly 35,000 folks companywide.
The Dover campus has seen varied modifications in recent times.
Liberty Mutual introduced it will get rid of a whole bunch of New Hampshire jobs in late 2017 as a part of an data know-how unit restructuring. In 2018, Lincoln Monetary Group purchased roughly 1,000 Dover positions from Liberty Mutual in 2018 when the corporate acquired Liberty Mutual’s Life Assurance Firm for $3.Three billion.
Greenberg mentioned the newest modifications are occurring in two unrelated batches of layoffs.
Twenty positions are being transitioned from the Dover campus’ company finance division to one among Liberty’s longstanding distributors in India, based on Greenberg.
These positions are in Liberty Mutual’s comptroller, treasury operations and company taxation teams, which embody accounts payable, budgeting and forecasting, and account reconciliation. Greenberg mentioned these positions aren’t buyer going through.
The affected company finance positions will probably be lower to “improve the general worth that we’re offering to our prospects, brokers and companions,” Greenberg mentioned. “It’s how we stay aggressive and the way we offer probably the most worth.”
Workers had been knowledgeable of those cuts in September. The Dover positions are amongst 75 positions Liberty Mutual is slicing nationwide, based on Greenberg.
Different places of work impacted embody company campuses in Boston and Seattle. Workers at Liberty Mutual’s Portsmouth places of work are unaffected.
Transitioning these positions to Liberty Mutual’s vendor will probably be accomplished by the second quarter of 2021, and affected workers may have not less than 30 days discover, based on Greenberg.
Liberty Mutual introduced the opposite batch of layoffs Wednesday. Seven Dover positions are among the many 390 positions it’s going to lower companywide to “maximize effectivity” within the firm’s enterprise unit, Greenberg mentioned.
“(This was) underway earlier than COVID began,” he mentioned. “It was paused as we shifted to a brand new means of working.”
The enterprise unit includes private, auto, house and small enterprise insurance coverage.
“It’s a redesign of the enterprise unit designed to actually simplify the best way we’re structured and the best way we work,” mentioned Greenberg. “Ultimately, it’s all designed to extend the worth (delivered to prospects and brokers).”
The positions included within the enterprise unit layoffs will probably be eradicated by yr’s finish.
Workers at Liberty Mutual’s Portsmouth places of work are unaffected by the enterprise unit layoffs.
In response to Greenberg, workers impacted by both of the layoffs are welcome and inspired to use for positions elsewhere within the firm.
“That might be an ideal end result for us,” he mentioned.
The 2 batches of layoffs come as Liberty Mutual gives an undisclosed variety of early retirement packages to qualifying workers, based on Greenberg.
Greenberg mentioned the retirement packages — the primary such packages Liberty Mutual has supplied in a number of years — aren’t related to the corporate’s layoffs and are getting used to “handle prices throughout the corporate.”
The packages can be found to any and all workers assembly sure age and longevity necessities are voluntary, he mentioned. The retirements will happen in 2021.
Just like the layoffs, Greenberg mentioned the early retirement packages aren’t related with the continuing coronavirus pandemic. Quite, he mentioned Liberty Mutual is utilizing them to profit the corporate’s effectivity and competitiveness whereas concurrently benefiting workers.
“The impression (of COVID-19) on the economic system goes to be felt for years to come back,” he mentioned. “In that mild as I’ve mentioned earlier than, effectivity and expense administration will proceed to be a part of our technique.”