Consolidated Finance has laid off six of its employees in what it says is a restructuring process.
In a statement, it said there may be further reorganisation in the coming weeks.
It said It is well documented that the economic contraction caused by the effects of the COVID-19 pandemic has exacerbated the sustainability of businesses across the world with Barbados not being spared.
Consolidated Finance (CFC) received Central Bank approval on 9th October 2020 to centralise some of its business operations into those of the parent company, ANSA Merchant Bank.
The operating system, which has now been fully implemented for CFC, has automated processes significantly and streamlined how the company conducts operations. CFC derives many benefits from incorporating seamlessly into the Bank’s systems, resulting in a more efficient business model to ensure the ongoing sustainability and growth of the company.
As a result of enhanced technological capabilities, centralization has been a sound business move. The process has been overseen by the VP Finance & Operations – Lydia McCollin, and VP Credit – Frances Parravicino. They held several townhall meetings, formal consultations with all staff, in clusters, and where required, one-on-one.
Unfortunately, this has resulted in a surplus of staff as the restructuring is implemented. As such, six employees were made redundant on Friday 29th January 2021. CFC is providing ongoing support and assistance to all affected members of staff through the Employee Assistance Programme.