Topeka-based Security Benefit is cutting 120 jobs.
The move is part of part of several the company announced Tuesday in light of current market conditions. They're also keeping associate salaries flat, reducing compensation for key officers and eliminating non-essential operating expenses.
“These actions allow us to focus on our real opportunities going forward, while assuring we protect the interests of our policyholders and shareholders during what some economists predict will be the longest and most painful recession since the Great Depression,” Kris A. Robbins, Security Benefit chairman and chief executive officer, said in a statement. “Pressures on companies big or small are the same and our strategy must align to the discontinuities impacting our markets and injuring many traditional competitors. Our business model, cost structure and focus must be on those areas of our business poised for continued growth and success.”
The 120 positions amount to 12 percent of Security Benefit's national work force. 70 of the jobs are in Topeka. Those affected are being notified this week. The company will offer them severance and outplacement services.
"Our actions align the company’s operating expenses to these conditions and I am confident will position us more competitively during what could be an extended period of instability,” Robbins said. “Decisions of this magnitude affecting our colleagues and friends never are easy, and we want to acknowledge their contributions and thank them for their years of service and commitment.”
Security Benefit had added more than 450 positions through acquisition and growth over the past several years. Even with the realignment, it has still seen a net growth of 330 associates.