It started as a rumor, but now it's an official decision. As in just over 850 of them. It is still unclear how many will be cut from the company's support staff and top executives, but 100 sales workers are sure to be affected.
This comes after last week's announcement that the company would be laying off 4,400 employees from its subsidiary Esurance by the end of 2015. The insurance company has made $7 billion over the past year and ranked.
Allstate Insurance has announced it is laying off some of its employees following a $2.4 billion loss for their Q1.
Many of those who lost jobs were given just minutes to say goodbye and rushed out the door with no severance package or notice. The day of these layoffs was filled with tears, screaming, and lost children as people were thrown into the streets to fend for themselves.
A month ago, an employee at the Allstate office in Roseville, Michigan, began hearing rumors of massive layoffs coming soon to their office. The rumor was later confirmed by other employees and the people running mandatory face-to-face shut-down meetings at the office.
While some speculate that the situation is a limited issue with jobs being moved to India or Mexico, it appears that hundreds of workers could be handed pink slips.
Allstate Insurance announced this week that it would be laying off 600 workers from its Bourbonnais, Illinois headquarters. The news is not taken lightly by our primary heroes — the workers.
Many local residents can't believe their ears when they hear that Allstate insurance plans to lay off employees. Allstate's recent job losses rumor is a cruel joke on their workers.
They were left to wonder whether jobs were safe, and once they found out that they weren't, many had to scramble to find new jobs right away.
Allstate is one of the biggest insurance companies in the country. But it's hitting financial roadblocks, which could lead to employee layoffs.
There are always rumors of layoffs at insurance company Allstate, but workers are still reeling after news that 12,000 of their colleagues will be fired in a few weeks. In the past year, Allstate has been predicting profitability, and revenue continues to go up.
Even CEO Tom Wilson told shareholders that a cutback wasn't necessary. And yet, here we are plunging ourselves into a sea of uncertainty.
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| Allstate Layoffs Rumor Is A Cruel Joke On Its Workers |
I couldn't believe this, but I saw it on my feed on Facebook. This article is what brought the recent chatter of layoffs in one of the largest insurance companies in America.
The retail and insurance giant makes insiders sign non-disclosure agreements and threatens to fire anyone who gossiped about the rumors. That confirms it to me—these are really going to happen. I think it's the kind of thing where they just have a list of names, and this is how they're weeding them out.
Forcing employees out of jobs is a harrowing and anxiety-producing experience. But, unfortunately, it's an experience becoming too frequent in America. In the past, companies would stay afloat by going overseas to keep costs down, but with shipping costs rising, keeping jobs at home has become more affordable.
However, instead of choosing this more sustainable option, many organizations take a shortcut and lay off Americans they could be keeping employed instead.
Allstate Layoffs Rumor Is A Cruel Joke On Its Workers
The rumor that Allstate Insurance is laying off employees is a cruel joke on its workers, but the company is not laughing.
A number of employees received an email stating that their manager would be letting them know if they were being laid off on Monday, May 9th. The email also said that all managers would be getting a copy of the email to send out to their employees.
In an interview with Fox Business, Allstate spokesperson Michael Witt said that the company has not made any decisions regarding layoffs and that it will continue to provide health insurance benefits for all of its employees until at least 2019.
A rumor that Allstate Insurance is laying off workers has been making the rounds, but a spokesperson for the company says it's just not true.
"This is absolutely false," said Allstate spokesperson Erin Young, who said that the company plans to hire 500 new employees by 2020. "We're excited about our future here in Illinois."
The rumor began when an anonymous source told local news station Newscenter 5 that approximately 200 people had been laid off at their offices in Aurora, Illinois. The source said they'd heard about the layoffs from other employees and were "devastated."
Young confirmed that there are no plans to lay off any workers at this time. However, she did say that some employees have chosen to retire or accept voluntary buyouts as part of an ongoing effort to reduce costs and streamline operations.
If you're an Allstate employee, you might have heard the rumor that the company is planning to lay off workers.
But we're here to tell you: it's not true.
In fact, Allstate is currently hiring—and has been for years.
We'll be honest: sometimes rumors like this can be a cruel joke on employees worried about their jobs. But when it comes down to it, one thing that matters most to us at Allstate is your safety. That means ensuring that all of our employees are safe from harm—whether physical or emotional.
It's hard to believe, but it's true: Allstate is laying off workers.
The company has announced that it will lay off 1,500 employees in 18 months.
The news has shocked many of its employees and customers and left them wondering what it means for them.
"I heard about the layoffs from a friend," said one employee who asked to remain anonymous. "We don't know how they're going to be implemented or which departments they'll affect, so we're all just waiting around like sitting ducks."
Earlier this year, the company made headlines when it announced that it would be eliminating its popular telematics program, which allows customers to track their driving habits and monitor their insurance rates online. The program was widely praised as innovative and creative by industry experts, who were surprised at its sudden cancellation.
Allstate says that while no one can predict what will happen in the future, they expect they will continue to grow as a business and remain competitive in their industry.
Conclusion.
So Allstate layoffs rumor is probably fake news. The job loss will most likely be less than 10 percent and not the speculated 20 to 30 percent. The network and backend of Allstate apparently have been improved with half a million virtualization and cloud systems. This will make their support processing even more efficient than it is now.
Probably, the rumors have been generated by some of the competitors to lower the stock prices of All-State Corp as they are one of the leading carriers in the nation.
So, it's official: no Allstate offices are closing in Milwaukee. At least not among the five metro area locations. No employees are losing their jobs. And the rumors of massive layoffs that swirled through Milwaukee's business community?
Former employees played a cruel joke on those still working at the company. Allstate wouldn't comment on the matter, and from the way things look, they aren't planning on making any changes at their Milwaukee offices. So we don't have to worry about any layoffs for the time being—that's one huge weight lifted off our shoulders.
This is just a rumor, plain and simple. There's been no mass layoff at Allstate as of now. And employees that were laid off in the past were given ample notice to prepare for it, which is more than many workers can say for this current economic climate in the United States.
It is hard to believe that a company would lay off its employees for no reason. Of course, companies are always coming up with excuses for why they need to lay employees off, but I think Allstate found the best reason for them all.
They told their employees, "Our business is just too good right now." The irony is that they were laying off thousands of employees.
In the end, it's just conjecture at this point. We may know more in a few days, or we may not. The only way to find out is by waiting. Allstate's financial future will become more explicit in early August when they release their second-quarter earnings report.
It's hard to say. In the meantime, we suggest trying out the many helpful and insightful articles on the subject that we have collected here on this page. If you are suffering from depression and anxiety after a layoff, you must seek professional help.
The rumor gained so much traction that the company had to lose its legal team, spend thousands of dollars and hours on damage control, and disappoint countless customers. Following this incident, it's easy to see why a brand might be reluctant to come out and acknowledge rumors or negativity, especially when they're unsubstantiated.
However, today's successful brands can acknowledge these issues the moment before they become damaging—and act quickly to mitigate any harm.