DAILY NEWS Nov 30, 2012 4:12 PM - 0 comments

Correction: ICBC cuts 203 jobs, continues restructuring

TEXT SIZE bigger text smaller text
2012-11-30

Editor's Note: An article that originally ran on Nov. 29 "ICBC cuts 203 more jobs, continues restructuing," incorrectly stated that the 203 positions being eliminated were in addition to a previously announced 250 eliminated positions. The 203 are actually part of the 250 eliminated positions, not in addition to them. The revised article is below. Canadian Underwriter regrets the error. 

The Insurance Corporation of British Columbia (ICBC) is continuing downsizing and restructuring, following job cuts in its management ranks earlier this month.

BC

As of Nov. 26, the Crown corporation that provides auto insurance in the province has eliminated 203 positions, now at the manager and staff level. The cuts are part of a previously announced elimination of 250 positions, including a reduced executive team. 

Read more: ICBC cuts 250 jobs, mainly management

As a result of the position and cost reductions, ICBC has:

  • Cancelled or scaled back advertising and marketing programs;
  • Cancelled lower priority projects, re-scoped existing projects, and reduced related project support;
  • Significantly scaled back employee programs and services and made cuts to discretionary spending to reduce operating costs;
  • Centralized and combined support functions to eliminate duplication;
  • Reduced the number of management positions and management layers, resulting in larger staff groups for each manager.

"In these economic times, ICBC continues to focus on controlling costs and being financially stable, while keeping rates as low as possible and providing excellent customer service," the company noted in statement on the downsizing.

ICBC's restructuring and downsizing comes after a government review earlier this year of the corporation's compensation policy and organizational structure. 

Monitor These Topics


Horizontal ruler

Disclaimer
Note: By submitting your comments you acknowledge that Canadian Underwriter has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever. Please note that due to the volume of e-mails we receive, not all comments will be published and those that are published will not be edited. However, all will be carefully read, considered and appreciated.

comments powered by Disqus