More than a dozen workers have officially parted company with the Bermuda-based Insurance Corporation of Barbados Limited (ICBL), after receiving voluntary separation packages last week.
However, Barbados TODAY understands that more staff cuts could be in the offing this month, as the company proceeds with its internal restructuring that has already resulted in major payouts.
Although those who accepted the packages went home last Thursday ahead of the long holiday weekend, the separation officially took effect on Sunday, April 30, with former managers receiving bonus payments of up to $50,000 in addition to their regular severance and vacation pay, while non-managers were offered as much as $25,000 in addition to severance and vacation pay.
When contacted today, Acting Chief Executive Officer Goulbourne Alleyne said he had absolutely no comment to make on the matter.
However, shortly after a report was published by Barbados TODAY last month about the then pending staff cuts, ICBL officials had confirmed in a statement that changes in the staff composition would be seen soon, as the insurance giant moves to streamline its operations and improve its overall efficiency.
At the time Alleyne had confirmed that the changes were being facilitated by way of an “attractive compensation package”.
“Over the last few years we have invested heavily in various systems and technologies, all of which are critical to ensuring that ICBL remains ahead of the competition. This investment has led to the automation of several processes, which are key to us providing a faster, more efficient service to our customers,” the Acting CEO had stated then.
Alleyne had also described the package as an “enhanced one”, while noting that it was developed by management with a view to ensuring that the 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,” Alleyne had added.
The latest changes follow closely the sudden departure of Managing Director and Chief Executive Officer Ingrid Innes, who resigned from the top post in January.
No up-to-date financial figures are available, but in its 2015 report the well-capitalized company had 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.