Aug 2010 Financial News

CEO Miller: No current plans for staff adjustments

Aug 23, 2010

AT this stage, Sagicor Financial Corporation (SFC) has no plans of making any more staffing adjustments following those made last year.

This from Group President and CEO, Dodridge Miller, who met with the media last week to discuss the Group’s results for the first half of the current 2010 financial year.

Last year SFC made staffing adjustments that affected some employees here in Barbados, citing a level of redundancy due to the amalgamation of various operations that they had acquired over time throughout the region.

Miller explained that the company has grown over the years fairly consistently by acquisitions, and made the point that once one company has acquired another and settled that company into their operations, there is going to be a level of redundancy.

As stated above, the adjustments made last year were as a result of this process, particularly in Jamaica where they had made an acquisition in the last half of 2008, resulting in predictable staffing adjustments in 2009.

The CEO explained that there were only about 14 people that were changed in Barbados, stating that this was as a “consequence of the amalgamation over time of the operations of the former Life of Barbados, and the former Barbados Mutual.”

Since then, however, Miller stated that they have not seen any need for further adjustments, even in spite of the current global economic situation that has caused other companies in various sectors to reduce their staff compliment.

“We have no current plans for further restructuring ... staffing levels at this point in time. However, we’re constantly looking at our operations, we’re constantly looking at the environment that we’re in, and we make no commitment to the fact that that will not happen going forward. But right now there are no current plans.”


Source:
By Randy Howard
Barbados Advocate
Monday August 23, 2010

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=12253