Vancity Cuts 200 Jobs Due to Restructuring

What’s happening at Vancity?

Vancity is laying off 200 of its 2,500-plus employees, or 7% of its staff, as part of “organizational changes,” according to a statement released by the Vancouver-based community credit union on the afternoon of June 13. This announcement follows reporting by Samfiru Tumarkin LLP on the matter.

Key quotes: Wellington Holbrook, Vancity’s President and CEO, said that the organizations leadership team held an all-staff meeting earlier in the day to announce the “difficult changes involving organizational restructuring.”

• “This step is essential for two reasons. We need to align Vancity’s business with our current market conditions and we also need to support a future-focused renewal of our commitment to members and community.”
• “The reorganization and change we’re implementing will enable us to maintain high levels of member service and also invest in our continued growth, innovation and success as Canada’s largest community credit union.”

Compensation and support

Vancity says it will provide each affected employee with:

• A comprehensive, fair, and equitable package of compensation, health and wellbeing benefits, and career supports.
• Extended health, dental, and insurance plans for three months following employment.
• One additional month of TELUS Health Virtual Care services for those leaving on June 13.
• Maintenance of employee discount rates on mortgages and loans until the end of the product terms.
• Extension of account savings perks until the end of 2024.

Impact on sales and product strategy

• Sales decline: There was an 8.1% decrease in large appliance sales in North America in the first quarter, compared to the previous year.
• Strategic shifts: In response to weaker demand for large appliances, Whirlpool has reduced discounts and promotions. Instead, they are focusing on smaller, countertop appliances like KitchenAid stand mixers and battery-powered blenders.

📺 WATCH: Everything You Need to Know About Mass Terminations

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📞 Contact Samfiru Tumarkin LLP: 1-855-821-5900 or request a consultation online.

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If you’ve lost your job at Vancity for any reason, don’t panic. We can review your situation, assess your legal options, and help you secure the compensation you’re legally entitled to.