7 News has obtained a copy of a memo that GEICO CEO Todd Combs sent to all employees on Thursday that shares “an important company update and the vision for the future of GEICO.”
In the memo, it says GEICO is reducing its workforce by roughly 2,000 associates or 6% of its total workforce. Those impacted will be contacted Thursday, according to the memo.
“To better position ourselves for long-term profitability and growth, and after a thorough evaluation across all lines of business, we are reducing our workforce by roughly 2,000 associates, or 6% of our total workforce. This will allow us to become more dynamic, agile, and streamline our processes while still serving our customers. Those affected will be contacted today.
This very difficult decision was not taken lightly. We recognize we’re saying goodbye to beloved colleagues and friends, and as a leadership team we are committed to supporting those affected in the days ahead.
We will offer career transition assistance, including individual career coaching sessions, assistance with resume updates, on-demand interviewing and networking resources, and tips to enhance one’s social media presence. In addition, we will maintain access to Workday so that associates affected by the decision may apply for other open jobs at GEICO, and we will provide existing benefits, including health insurance, during the notice period.”