#Canadian Imperial Bank of Commerce, #CIBC, #Toronto, #outsourcing, #CarolineVanHasselt, #RonBabin, #Ted Rogers School of Management, #RyersonUniversity
Canadian Imperial Bank of Commerce (CIBC)’s decision to remove approximately 130 employees in its finance department and outsourcing the work to India had resulted in a depressing situation among CIBC’s employees, media reports said.
The situation worsened when the staff who were to let go were asked to train other local CIBC employees, who in turn would train the workers in India to whom the jobs would be outsourced.
The workers in India who were to get these jobs were registered with outsourcing firm, Accenture which was partnering with CIBC.
CIBC in its justification proclaimed that it had found jobs for a few displaced staff and was trying to find work for others. But the employees who spoke with CBC News said they felt the bank was more interested in making profits rather than thinking of employees’ welfare.
When asked by CBC why CIBC was outsourcing the work, it replied that it was a common practice.
"Like most large companies, we selectively outsource," CIBC spokesperson Caroline Van Hasselt said in an email, CBCNews reports said.
Ron Babin, with the Ted Rogers School of Management at Ryerson University said, "It's the way of the world. It's how companies remain efficient, it's how they remain competitive, it's how they keep their costs down," CBCNews reports said.
But, added Babin, when people lose their jobs it generates negative attention.
"How are we supposed to make a living?" says one employee who worries about not being able to land a comparable job. "We have family, we have expenses to take care of," CBCNews reports said.
(Reporting by Asha Bajaj)