Report: Manulife cutting 50 jobs, outsourcing property operations

Manulife Investment Management has reportedly trimmed its headcount in Canada as it moves away from property operations.

According to STOREYS, the financial services provider has laid off approximately 50 employees, with more layoffs allegedly taking place in the U.S.

In a statement, a Manulife spokesperson said the company is “evolving our organization away from property operations to refocus our business as an entrepreneurial investment manager.”

“As part of this repositioning, our teams working in Canada property operations will move to [Jones Lang LaSalle] in March 2023. We have a short-term contract with JLL for leasing services, and thereafter leasing will be provided by a range of brokerage firms.”

Jones Lang LaSalle (JLL) is a Chicago-based commercial real estate and property management firm.

Outsourcing operations

It’s not the first time that Manulife has outsourced its operations.

In a news release on Dec. 2, 2019, First National Financial LP announced that it had entered into an agreement with the company to provide “underwriting and fulfillment processing services for mortgages originated by Manulife Bank through the residential mortgage broker channel in Ontario and Atlantic Canada.”

Recent layoffs in Canada

In addition to Manulife, several Canadian companies have announced significant layoffs this year.

Switch Health, Allstate Canada, Twitter Canada, Hootsuite, RenoRun, Shopify, Clearco, and Wealthsimple have substantially reduced their workforces as they continue to monitor market conditions.

According to Manulife’s website, the company employs a global workforce of more than 38,000 people.

SEE ALSO
• Manulife cutting 700 jobs, closing Kitchener office
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• Layoffs in Canada

Termination agreements for Manulife employees

In Canada, non-unionized employees and senior executives at Manulife are owed full severance pay when they lose their jobs due to downsizing or corporate restructuring.

This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

Severance can be as much as 24 months’ pay, depending on a number of factors.

READ MORE
• Severance packages in mass layoffs
• Rights to severance for provincially regulated employees
• Severance pay for federally regulated employees

WATCH: Employment lawyer Lior Samfiru explains what rights employees have if they are being fired or let go on an episode of the Employment Law Show.

Before you accept any severance offer, have an experienced employment lawyer at Samfiru Tumarkin LLP review it and your employment contract.

We can tell you if what you have been provided is fair and how to get proper compensation if it falls short of what you are actually owed.

If you aren’t given the full amount, which happens often, you have been wrongfully dismissed and are entitled to compensation.