AM I NEXT? NO LOVE AT BP

London, England-based BP, one of the seven super-major oil and gas companies in the world, has announced that the company will be laying off 250 salaried employees at the company's U.S. Pipelines and Logistics office located in Chicago, Illinois.

Also targeted is an unspecified number of employees at its eyeing potential cuts at its Whiting Refinery located in Whiting, Indiana.

In June 2020, BP CEO Bernard Looney announced a target reduction in workforce of 15% of its worldwide personnel, an estimated 10,000 employees.

By October 2020, it appears that approximately 2,500 people accepted voluntary separation packages, leaving 7,500 employees targeted for layoffs.

According to a company spokesperson, "As previously announced, BP is reducing its global workforce as part of our Reinvent BP process. As part of these reductions, BP has filed WARN notifications and notified government officials in Chicago and Illinois of planned reductions that will affect more than 250 employees at those sites."

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. 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?

AM I NEXT? NO LOVE AT TEREX CORPORATION

Westport, Connecticut-based Terex Corporation, a manufacturer of industrial materials handling equipment, has announced that it will be shutting down its manufacturing operations in Rock Hill, South Carolina by the first quarter of 2021 and laying off 144 employees, including 132 production workers and 12 support employees. A small number of employees will be retained through the final shutdown.

According to a company spokesperson, "Due to declining orders and discontinuation of product lines, and the need to gain efficiencies by consolidating production at fewer sites, we have made the difficult decision to permanently end manufacturing operations at the Rock Hill location. While not exclusively related to Covid-19, the decision to end manufacturing operations in Rock Hill was the result of the need to make structural cost reductions in the current market environment."

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. 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?

AM I NEXT? NO LOVE AT JACKSON NATIONAL LIFE INSURANCE

Lansing, Michigan-based Jackson National Life Insurance Company, a provider of annuities for retail investors and fixed income products for institutional investors, announced a reduction in force of 150 employees, three-months after the company's parent corporation, London, England-based Prudential Plc, announced a divestiture.

Prudential Plc will "pursue a full separation of Jackson by way of a minority Initial Public Offering followed by full divestment over time."

According to a company spokesperson, "Due to economic conditions and a decline in industry sales, we have implemented staffing-level changes, including realignments and eliminations, across Jackson. These changes have resulted in a headcount reduction of approximately 150 associates. We value and appreciate the contributions of all our associates and are committed to a thoughtful transition for those personally affected by this decision."

“Jackson remains focused on serving the U.S. retirement market and committed to the continuous assessment of the resources and capabilities of our organization. It is this discipline that enables us to be positioned to serve our customers and distribution partners, and successfully transition into the future, during uncertain times.

"While these changes are never easy, they are critical for us to achieve the right scale and flexibility to meet market demands. What is not changing is our commitment to continuing to provide a superior level of support for financial professionals and the clients they serve through the largest distribution force in the industry and our award-winning customer service. We remain focused on delivering on our long-term strategic objectives as we continue helping Americans secure protection amid uncertainty as they transition to and through retirement.”

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. 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?