Credit reporting giant TransUnion nearly doubled its planned layoffs, bringing the total number of job cuts in the state to a staggering 640. This news comes just months after the company announced plans to lay off 339 employees.
The layoffs are part of a broader cost-cutting initiative aiming to save TransUnion $140 million annually by 2026. The company plans to achieve these savings, in part, by “transitioning certain roles” to its “Global Capability Centers” – a euphemism for shifting jobs overseas to cheaper labor markets.
Illinois appears to be bearing the brunt of this strategy, with the job cuts representing a significant 5% of TransUnion’s global workforce. This raises concerns about the long-term impact on the company’s innovation and employee morale, particularly considering its net loss of $206 million last year.
While TransUnion claims these layoffs are about “improving productivity” and “funding growth,” the sheer number of job cuts in Illinois paints a different picture. This move leaves many questioning whether it’s a short-sighted attempt to boost short-term profits or a strategic shift towards a more international workforce. Regardless of the reason, hundreds of TransUnion employees in Illinois are facing an uncertain future.
