Bank of Canada Eliminates 54 More In Ottawa
Canada's private central bank has decided to eliminate dozens more employees in the nation's Capital Region in a bid to meet government cost-cutting directives.
"The Bank of Canada told employees this week it is axing 55 positions in corporate administration as it strives to meet cost-cutting targets set by the Harper government," the Ottawa Citizen reports.
The staff reductions were all in corporate administration. None of those losing their jobs were union members, and all but one was headquartered in Ottawa, the Citizen reported. The corporate administration cuts will reportedly include some communications officials.
The latest reductions come on top of 33 information technology positions eliminated by the bank earlier this month. "The majority are leaving immediately and most of the others will be departing by the end of the year," said Bank spokesman Jeremy Harrison.
"Those employees affected have been informed and will be supported by the bank with a transition package," he added.
The Bank of Canada has cut 88 positions from its payroll in total as part of wider plan by the federal government to balance its budget, a spokesman for the central bank told Reuters.
Canada's central bank made the cuts as the result of a review it began in last year after from the government ordered it to create savings sufficient to keep operational spending flat. Ultimately, this was expected to translate into savings of C$15 million.
About a quarter of the bank's 88 job cuts are the result of retirement or vacant positions not being filled, said a bank spokesman Prior to the cuts, the Bank of Canada boasted 1,300 employees.
"The Conservatives promised during the election to slash federal spending by $4 billion annually within four years, and details of what programs or services might come under the knife are coming out in dribs and drabs," said the Canadian Press.
Some worry that the government cuts overall will take a toll on Ottawa's economy, trickling down to local businesses outside the public sphere.
Fortunately, the staff cuts are not humungous, observes career coach Alan Kearns, founder of Toronto-based coaching and leadership firm CareerJoy, but they do demonstrate that "More and more, government-funded organizations are being held accountable to be more efficient and effective."
"It's a sign of times," he says. The fact is that all public-sector organizations are being held far more accountable for each dollar spent. And it's happening everywhere, he adds-"from Greece to New York To Ottawa."
