BackWorld Bank to cut 500 jobs globally; create 300 new posts in India
The job cuts would be spread across finance and technology, internal justice and oversight, among other areas
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Washington: World Bank plans to slash 500 jobs in the next three years globally, even as it looks to create up to 300 new positions in India to meet business needs.
The global lender’s decision to trim 500 jobs and cancel about 70 existing open vacancies comes after reviewing its “business strategies" for months.
In an internal memo, World Bank Group President Jim Yong Kim said some important strategic decisions have been taken regarding staff working for Institutional, Governance and Administrative units (IG&As).
“After several months of analysis that examined our business direction and priorities in the respective IG&As, we decided on a net reduction of around 250 positions for these units," Kim said in the memo obtained by PTI.
Even as it embarks on trimming its workforce, World Bank expects to create about 250 to 300 new positions, mostly in Chennai, India.
“At the same time, preliminary estimates show 250 to 300 new positions will need to be created, with a large share in Chennai, to meet business needs," Kim said in the memo.
The World Bank Group has a significant presence in India.
According to the memo, IG&As expect to reduce around 500 positions over the period FY 2015 to end FY17, through attrition, redeployment, and redundancies.
World Bank’s financial year is from July-June period.
The job cuts would be spread across finance and technology, internal justice and oversight, among other areas.
Besides, around 70 positions — that are currently open vacancies — would be cancelled.
“Staffing decisions are always challenging. But we feel confident that the changes we are making will help us better align our staffing to our strategy, which is what our clients want and what we must deliver," the memo said.
Explaining the rationale behind the move, Kim said these staff decisions based on three principles — clarity, impartiality, and sensitivity.
“For staffing decisions, we must have a business rationale that is clearly articulated; we must ensure there are no favourites, no discrimination, and no retaliation," he said.
Emphasising the need to ensure that all career transitions are as smooth and considerate as possible, the World Bank chief said a Transition Support Unit has been set up.
“Staffing decisions are always challenging. But we feel confident that the changes we are making will help us better align our staffing to our strategy, which is what our clients want and what we must deliver," Kim said.
Next steps related to the expenditure review and strategic staffing in operations would be unveiled next week. PTI
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