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- Beneficial drops insurance business
- Jun 16:
- Beneficial Financial bowing out of insurance business
The scene Tuesday outside Beneficial Financial Group's main office on Social Hall Avenue was as somber as might be expected after three-quarters of the work force learned layoffs were in their futures.
Employees at midday generally filed out of the downtown Salt Lake City building in ones and twos. A handful carried cardboard boxes or plastic bags containing personal items off their desks, telltale signs they were among those going home from this job for the last time. Many others held folders, their names affixed in the upper right corner, containing papers laying out what is in store for them.
Grim faces were common. Quite a few looked neither right nor left as they walked across the street to the Eagle Gate Terrace parking structure or to waiting cars in front of Social Hall Plaza, where Beneficial Financial occupies the fifth and sixth floors.
Most politely declined to speak about the bad news, delivered in an 11 a.m. meeting. A few simply tossed out snippets, such as "it's sad," "most were pretty shocked," "I don't work here anymore" or "I'm going home. I want to talk to my husband."
Although the company had instructed employees to direct media inquiries to a spokesman, a few answered questions as they left the building. Those who spoke to The Tribune still had good things to say about Beneficial.
"It doesn't change my view of the company," said Shauna Burnett of Murray, who had spent 13 years there, working in
Added Carrie Sweet of West Jordan, who was in the new business section: "I respect the leadership ... it's a wonderful company and they respect their employees."
Richard Olson was among those terminated Tuesday, 10½ years after starting work for the company in marketing. His severance package, he said, "was beyond what I anticipated," a substantial part of the reason he could add, "it's a hard thing, but sometimes change is good."
When the word came down, Olson said he was a bit surprised, because Beneficial is "old and has strong historic ties." But at the same time, he wasn't. "It reminds me of when the church divested itself of LDS Hospital, which was not really central to its mission. Beneficial served its purpose and did it well for a long time."
Tony Fenton, 30, of Lehi said he was shellshocked upon learning he had only a few more weeks on the job after 2½ years as an attorney in the insurance company's compliance section. As he waited for his dad to pick him up, he said, "I'm just sitting here wondering what's going to happen," taking some solace from his wife's words after he informed her of the impending layoff.
"She's positive. She said we'll make it work," Fenton said. "You have to be optimistic."
