MARCH 28, 2024 — THE COMPANY INCREASES LAYOFFS TO 640
“Credit reporting giant TransUnion nearly doubled its planned layoffs, bringing the total number of job cuts in the state to a staggering 640. This news comes just months after the company announced plans to lay off 339 employees.”
“The layoffs are part of a broader cost-cutting initiative aiming to save TransUnion $140 million annually by 2026. The company plans to achieve these savings, in part, by “transitioning certain roles” to its ‘Global Capability Centers’ – a euphemism for shifting jobs overseas to cheaper labor markets.”
DECEMBER 10, 2023 — OUTSOURCING BEGINS
TransUnion is laying off 339 Chicago employees beginning on February 2, 2024, as part of a broader cost-savings initiative and a move to ship jobs overseas.
DECEMBER 4, 2023 — Original post…
Chicago, Illinois-based TransUnion, a major consumer credit reporting agency, has announced its ongoing, multi-year transformation effort to optimize its operating model and advance its technology, including plans to implement a cost-savings initiative that will see local layoffs and transition more jobs offshore in the next two years.
Approximately 10% of the company's workforce, estimated to be about 1,300 employees, will be impacted over the next two years through relocation to overseas locations and as well as position eliminations.
According to an SEC filing, "We intend to transition certain job responsibilities to our Global Capability Centers, which we expect will improve productivity, save costs, and fund growth. We also intend to eliminate roles in the near-term to further reduce operating expenses. In addition, we plan to complete our cloud migration initiative, called Project Rise, and leverage Neustar, Inc.’s cloud-native technology to create our integrated data management, identity resolution, analytics, and delivery platform, branded OneTru."
According to a company spokesperson, "The initiative is two-pronged. The company said it plans to transition more roles to global capacity centers it has set up in India, South Africa, and Costa Rica, where about 4,000 employees, or about one-third of its employee base are currently working."
"The transition is expected to occur over the span of the next two years, and TransUnion said that it will also eliminate roles in the near-term to further reduce operating expenses. It didn’t specify where it plans to cut those jobs."
At the same time, TransUnion expects to complete its cloud migration, called Project Rise, by the end of 2024 with the aim of transferring most of its technology applications to a new software foundation within the public cloud."This may impact IT personnel working on the older technology with layoffs occurring after the transition.
Chief Executive Chris Cartwright noted that the moves will help maximize its operating model and enhance its technology to reduce costs, accelerate innovation, and drive growth. "While these changes involve difficult decisions, they strengthen TransUnion and create an opportunity to extract more value from our recent acquisitions and reflect our continued focus on creating shareholder value."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?