A top official of the Insurance Corporation of Barbados Limited (ICBL) Monday warned that it would not be business as usual, as the Bermuda-based insurance giant prepares to make significant job cuts.
In a statement in which he formally announced that staff had been offered a voluntary separation package (VSP), acting Chief Executive Officer Goulbourne Alleyne stopped short of revealing the precise targets of the internal cost-cutting exercise. However, he cautioned that pending staff changes would occur soon.
“The result is that several roles within the organization would be affected, with the focus of several employees potentially being altered,” Alleyne said, while hailing the VSP as an opportunity for workers to exit the company with an attractive compensation package that they would otherwise not be afforded.
In the carefully worded statement, Alleyne also described the package as an “enhanced one”, saying it was developed by management with a view to ensuring that staff were treated fairly and appropriately recognized and compensated for the service they had provided to the company.
“Without our staff ICBL could not lay claim to being Barbados’ number one insurance company. However, as the market becomes increasingly competitive and the evolution of technology and its employment in business continues, the structure of our operations must adapt,” the acting CEO said.
The move comes on the heels of the sudden departure of Managing Director and Chief Executive Officer Ingrid Innes, who resigned from the top position back in January. That announcement came in a brief statement issued by ICBL, in which it was also revealed that Innes had given up her position on the board of directors.
However, to date no reason has been given for her sudden exit from the insurance company, which had promised in its 2015 report that its staff level “will remain stable with necessary changes to be made as required”.
In fact, the report had suggested that there would be further strengthening of the team by way of specialized and talented managers in critical areas.
The well-capitalized company had also boasted at the time of shareholders’ equity in the amount of $149.1 million and an investment portfolio in excess of $223 million. However, based on 2013 data, its total staff complement stood at 191 permanent employees, making total staff costs of just over $17 million, including a $14 million wage bill.