Britam Holdings has announced that it intends to lay off some members of staff as it reorganises its structure in a move it says will make it more competitive, efficient and customer-centric.
The Britam Holdings Plc board announced Monday that the firm’s restructure will see a leaner executive team with “fewer reporting layers” to support its growth in a competitive environment.
The company is set to let go of an undisclosed number of employees through a Voluntary Early Retirement (VER) programme that is set to terminate at the end of May, the board announced.
“The business realignment process will result in the elimination of some roles. Employees in the affected roles and positions are expected to exit the business under a Voluntary Early Retirement (VER) program,” said the board.
The board added, “Under the VER programme, exiting employees will receive an attractive package that is well above the industry average.”
Britam Holdings also said the reorganisation will ensure the company enhances its employment of digital innovation and solutions to grow the company product and make it more profitable.
“The review of the organisational structure is also expected to significantly improve service standards, reduce corporate and shared service costs, reduce unnecessary overlaps and put the customer at the centre of the business,” added the Britam board.
The company’s board also announced that the reorganisation of its operations was the result of a business strategy review that was spearheaded by the Board for the 2021- 2025 period.