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The $4.7 billion Truliant Federal Credit Union in Winston Salem, N.C., informed approximately 30 employees in various areas of the organization that their positions were being eliminated in the coming months.
Although the credit union declined to identify the positions, the reduction was not concentrated to any region, department or work arrangement, the credit union said in a prepared statement.
"This represents about 3% of our workforce. We also do have open positions being actively recruited, and the impacted employees will continue their employment for the next two months, including pay and benefits, allowing them the opportunity to apply for other roles with Truliant," the credit union said. "In the event that they do not secure other roles within this time period, severance packages will be provided. For more than 70 years, we've continued to grow because of great employees dedicated to our mission to improve lives. We are grateful to the impacted employees and will make every effort to help prepare them for what's next in their careers."
Truliant employs 949 people who serve more than 323,000 members, its third quarter Call Report showed.
"This small reduction was done to address overstaffing in areas where headcount grew rapidly in recent years, and to realize efficiencies we've gained where positions are no longer needed," Truliant said. "Staffing needs have been impacted by post-pandemic shifts in the economy, as well as by the efficiency gains made through automation, technology and partnerships."
In a recent labor and economic analysis report, the North Carolina Department of Commerce noted that layoffs in the state remain near a multi-decade low and most people who are laid off are quickly re-employed even in the current tight labor market throughout the Tar Heel State.
"While we do not anticipate additional staff reductions, we are always evaluating how to best serve our members," the credit union said. "As we continuously align work and staff with our strategic priorities, small staff reductions may occur in the future in some areas while positions are added in others."
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
