Why Did Voya Financial Layoffs Employees in 2024? 

Voya Financial experienced employee layoffs, impacting its team. Although there have yet to be recent announcements of releases, the challenges faced by the company in 2022 highlight the tough situations big companies sometimes go through. Layoffs mean some people lose their jobs, and that can be hard. As we talk about Voya and its workers, it’s essential to understand how companies and employees need to be strong and work together during difficult times. Let’s explore what happened!

In July 2022, Voya Financial told their workers that around 35% of the people who work with computers (IT employees) would lose their jobs. At the same time, 10-15% of IT staff were moved to different positions. This news surprised and worried the workers.

Background Of Voya Financials

Voya Financial is a company in New York City that helps people with their money, retirement, investments, and insurance. They used to be part of a bigger group called ING but became their own company in 2013 through a special sale. In 2014, they changed their name to Voya Financial. They’ve been doing financial stuff in the U.S. since the 1970s.

What Does Voya do?

Voya Financial’s central place for money and insurance work is in Des Moines, Iowa. They started this place in 1997, and about 400 people worked there by late 2014. In 2017, they decided to get some help with computer work from another company called Cognizant. This meant some people lost their jobs, and Cognizant took over that part of the work.

Why Did Voya Financial Layoff Employees? 

The company (Voya Financial) laid off employees in 2022, but they have yet to tell everyone why. Some people inside said it happened because they wanted to work better and fit in with how things were in the market. Sadly, this meant that many computer experts had lost their jobs then.

Severance Packages And Support

Workers were worried about whether they’d still have a job, what would happen in the future, and what plans the company had.

  • Help for People: When a company lays off its employees, it usually gives them some things to help. Voya Financial had done the same. People who lost their jobs were provided full support from the company.
  • Money Help: They got extra money based on how long they worked and their job. 
  • Health Care: They got information about how they could keep getting health care, how much it might cost, and how long it would last for them and their families.

Employee Perspective

If you checked out what people who worked at Voya Financial said on Glassdoor, some liked that the company cared about having different kinds of people and ensuring a balance between work and life. But some were worried because a lot of people left the company. The overall rating was about 3.8 out of 5 stars, and people had mixed feelings about the culture, how much they were paid, and the chances to grow in their careers.

What Are Some Other Companies That Recently Had Layoffs?

In addition to Voya Financial layoffs, other big companies have been announcing layoffs. Here are some companies that recently had releases from 2023 and 2024:

  • Google: In 2023, Google laid off around 12000 workers.
  • Microsoft: Around the same time, Microsoft laid off 10,000 workers because they were changing how they work. 
  • Salesforce: A company known for its computer solutions had to lay off 8,000 workers, but they didn’t say why. 
  • Spotify: The music app laid off about 6% of its workers. 
  • Amazon: In 2023, Amazon laid off 180 workers in its gaming part. 
  • Cisco Systems: A big networking company said it would lay off 4,000 employees, about 5% of all the people working there. 
  • Carta: A startup company had to lay off some of its workers in 2023, but we need to know how many. 
  • Virgin Galactic: A company that wants to take people to space also announced layoffs. 
  • Roblox: Although many people like this game, they had to lay off some of its workers in October 2023. 
  • Beyond Meat: A company that makes plant-based food had to lay off some of its employees, showing how tough it is in the food industry.

As we start 2024, it’s still happening:

  • Getaround: A car-sharing company plans to change things and make 30% of its workers lose their jobs. 
  • Jet Propulsion Laboratory (JPL): Because of money problems, JPL will cause hundreds of people to lose their jobs. 
  • Snap: This company just made 10% of its workers lose their jobs, which is about 500 people.

Losing jobs is hard, but it shows that companies need to change in today’s world. Workers must be ready to try new things to shape their futures.

Moving Forward

As Voya Financial went through those layoffs, it had a tricky job. The company needed to keep its best workers, boost everyone’s spirits, and talk honestly with its workers. For the workers, staying strong and being able to change was essential. They could either look for new opportunities or stick with Voya during that tough time. Whatever they chose would decide what happened to the company in the past.

To sum it up, Voya Financial laying off workers was a reminder that even big companies needed to change to stay around. Once everything calmed down, how well the company supported its workers during that hard time would be what people remembered about it.

How Do Companies Decide Who To Layoff?

Based on several factors, companies decide who to lay off. Here are some of those factors:

  • Performance and Productivity: Companies often look at how healthy employees are doing their jobs. If someone consistently underperforms or fails to meet targets, they may be at a higher risk of being laid off.
  • Seniority and Tenure: The time an employee has worked for the company matters. Long-serving employees may have valuable experience but may also be more expensive due to higher salaries and benefits.
  • Skills and Roles: Companies evaluate which roles are crucial for their operations. Employees with specialized skills or critical roles may be retained, while redundant positions may face layoffs.
  • Cost-Benefit Analysis: Employers weigh the cost of keeping an employee against their contribution. If the cost outweighs the benefit, layoffs become a practical choice.
  • Business Strategy: Changes in business strategy, such as mergers, acquisitions, or responding to market shifts, can influence layoffs as companies realign their workforce with new goals.

The Wrap

Voya Financial had to lay off some of its workers in 2022, which affected the people working there. Even though they haven’t said anything recently about more people losing their jobs, the fact that it happened in 2022 shows that big companies like Voya face tough times, too. When things change, the company and workers must be solid and ready for anything. Looking forward, Voya and its workers must keep talking and helping each other to make a pleasing workplace. Learning from what happened before, companies must change while remembering to care about the people who work for them.