Hartford anticipated about $70 million in severance costs in the third quarter, according to its second-quarter results.

“They’re probably looking at getting whole head count down 10% or 12%” through both buyouts and layoffs, says Alan Johnson, president of compensation consulting firm Johnson Associates…

The fact that the pandemic now appears likely to stretch well into next year and possibly into 2022 may have played a role in the timing of the firm’s employee reduction, Johnson says.

“I generally advise clients to do [buyouts and layoffs] sooner rather than later and be as generous as you can possibly be with people,” he says. “The timing is terrible. But is it better to wait and not tell people the truth and be cheap with severance later?”

Ignites / October 14, 2020