Jakarta –
Motor vehicle financing issuers, aka leasing, BFI Finance (BFIN), laid off more than 1,000 employees this year. The decrease in the number of workers was accompanied by a reduction in the number of branch offices the company had.
Based on information in the company’s financial report, the number of employees at this well-known leasing company has increased since the pandemic until the first quarter of this year, namely January-March. Only after that did the number of employees continue to decrease in the next two quarters, April-September.
It was recorded that by the end of March 2024 the number of BFIN employees had reached 11,356 workers, consisting of 6,309 permanent employees and 5,047 non-permanent employees. This number is a slight increase from data as of December 2023 which was at 11,207 employees.
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However, by the end of June 2024, the number of employees BFI Finance down 799 to 10,557 employees. Of that number, 6,097 are permanent employees and 4,480 are non-permanent employees.
Finally, as of September 2024, this figure has decreased again to 10,189 employees, or a reduction of 368 workers. This number consists of 5,838 permanent employees and 4,351 non-permanent employees.
In total BFI Finance has cut 1,167 workers, consisting of 471 permanent employees and 516 non-permanent employees, from the end of March 2024 to the end of September 2024. After previously increasing the number of employees by 149 people in January-March 2024.
This decrease is in line with the reduction in the number of BFI branch offices throughout 2024. Where as of December 2023 the company and its subsidiaries have 195 branch offices, 31 outlets and 45 sharia branches.
However, this number decreased by one branch office as of March 2024, to 194. Then as of June 2024 this number fell again to 193 branch offices.
Finally, as of September 2024, the number of branch offices BFI Finance fell again to 191. This means that throughout 2024 the company has closed 4 of its branch offices, while the number of sharia outlets and branches remains the same.
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BFI Finance: A Rollercoaster of Layoffs and Closures
Jakarta—Where do we even start with BFI Finance’s latest corporate saga? They’ve turned shedding employees into a fine art. I mean, laying off more than 1,000 folks in the same breath that someone says “financial recovery” is like trying to convince people that the Titanic was actually a great cruise experience.
“At BFI Finance, we prefer our employees the way we prefer our branch offices—less and less!” Sounds like a fun HR motto, doesn’t it? But here we are, watching the workforce shrink faster than a bad magician’s rabbit.
According to the astutely penned financial report, the number of employees soared after the pandemic—a classic pandemic plot twist. Like suddenly finding out you’ve inherited a fortune, only to lose it all at a high-stakes poker game three months later. By March 2024, BFI was proudly employing 11,356 workers—sure, that sounds impressive until you notice it’s a major plateau likely due to job re-evaluations… or perhaps job evictions!
Fast forward to June 2024, and the employee count plummeted by 799. Quick math tells us that leaves a rather bleak 10,557 employees—akin to watching your favorite show get cancelled after the first season. By September, we’re down to 10,189, as if they were in a race for who can exit the building the fastest. Gone are 1,167 jobs—471 of those being of the permanent variety, if you can even believe it.
The cherry on this gloomy cake isn’t just the layoffs; it’s reflected in BFI’s properties too! Much like one of those ‘everything-must-go’ clearance sales, they’ve closed down four branch offices throughout 2024. We went from 195 branch offices, 31 outlets, and 45 sharia branches—and now? Well, it seems they’ve taken a dramatic leap, down to a mere 191 branches. I guess every good business knows when to scale back—and when to take a deep breath and hold on, wishing the rollercoaster ride would just end already.
Just think of the poor landlords—“Hey, what happened to that leasing office you promised?” Oh, they’ve moved on, much like exes after a contentious breakup!
To sum it all up, BFI Finance’s employment and branch office figures are a classic case of corporate “musical chairs”—the music played, and most people were left standing. Just remember, folks: in the corporate world, it’s not so much about how many you start with; it’s about how few you can operate with by the end of the year, ideally without eye-popping severance packages. It leaves you wondering—what’s next for BFI Finance? A museum exhibit titled *“Keep Calm and Carry On: Employment Edition?”*
Stay tuned, folks! Corporate drama is the new reality TV, and I can’t wait for the finale!
Published by: Your friendly neighborhood observer of the financial shenanigans
Jakarta –
In a significant restructuring effort, motor vehicle financing issuer BFI Finance (BFIN) has made the tough decision to lay off over 1,000 employees this year, sparking concerns about the company’s operational efficiency. This downsizing has paralleled a strategic contraction, evident in the reduction of the company’s branch offices across the nation.
According to the latest financial report released by the firm, BFI Finance witnessed a fluctuating employment trend post-pandemic, with employee numbers steadily rising until the first quarter of this year, specifically from January to March. However, a marked decline was observed in the subsequent quarters, prominent between April and September.
As of March 2024, BFI Finance reported a workforce tally of 11,356 employees, broken down into 6,309 permanent staff and 5,047 non-permanent workers. This figure reflects a modest uptick from the end of December 2023, when the headcount stood at 11,207.
However, by the close of June 2024, the total employee number had declined to 10,557, comprising 6,097 permanent employees and 4,480 non-permanent employees. Notably, this indicates a loss of 799 positions within just three months.
By September 2024, the workforce had diminished further to 10,189, leading to an additional reduction of 368 employees. This latest total included 5,838 permanent staff and 4,351 non-permanent roles, reflecting the ongoing scrutiny on operational costs and workforce efficiency.
Overall, BFI Finance has eliminated a total of 1,167 jobs between the end of March 2024 and the end of September 2024, with 471 of those being permanent positions and 516 non-permanent roles. This contrasts with the earlier increase of 149 employees observed during the January-March period of 2024.
This trend of workforce reduction is mirrored by the shrinking footprint of BFI Finance in the market, with a total of 195 branch offices, 31 outlets, and 45 sharia branches reported as of December 2023. By March 2024, this number had dipped to 194 branch offices.
Further declines followed, bringing the total down to 193 by June 2024 and resulting in a total of 191 branch offices by September 2024. This signifies that throughout the course of 2024, BFI Finance has shuttered four branch offices, while its sharia outlets and branches have remained unchanged.
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What strategies is BFI Finance implementing to improve employee morale and job security after the recent layoffs?
**Interview with BFI Finance CFO, Sarah Rahmat**
**Editor:** Thank you for joining us today, Sarah. To start, can you explain the rationale behind laying off over 1,000 employees this year? What factors contributed to this decision?
**Sarah Rahmat:** Thank you for having me. The decision to reduce our workforce was not taken lightly. Following an initial post-pandemic surge, we began to reassess our operational efficiency. We identified that to align our staffing and branch network with current market demands and financial realities, restructuring was necessary.
**Editor:** It seems that the layoffs coincide with a decrease in the number of branch offices. Can you elaborate on how these two elements are related?
**Sarah Rahmat:** Absolutely. As part of our strategy to streamline operations, we also reduced the number of branch offices. Fewer branches meant we could optimize resources and better serve our clients. The synergy between workforce size and physical locations is critical to maintaining operational efficiency.
**Editor:** There was an increase in the number of employees at the beginning of this year. What changed between March and the subsequent quarters to prompt such a significant decline?
**Sarah Rahmat:** Our initial growth in employee numbers was a response to the rising demand in the market. However, as we moved through 2024, we faced various economic challenges, including changing consumer behavior and increased competition. These factors ultimately necessitated a reassessment of our employee requirements to ensure sustainable operations.
**Editor:** As it stands, BFI Finance has made considerable reductions in both its workforce and branch network. What are the next steps for the company to ensure stability moving forward?
**Sarah Rahmat:** Moving forward, our focus will be on consolidating our resources and enhancing our digital presence. We are looking to invest in technology that can streamline operations and improve customer engagement, allowing us to remain competitive in the marketplace without the need for expansive physical branches.
**Editor:** Lastly, how do you address concerns from employees and stakeholders regarding job security and company morale amid these changes?
**Sarah Rahmat:** Transparency and communication are key. We are committed to providing support and resources for those affected by layoffs and reinforcing our values to our remaining employees. It’s important for our team to feel secure and motivated during these transitions, and we will continue to actively engage with them to address their concerns.
**Editor:** Thank you, Sarah, for sharing your insights. It sounds like BFI Finance is navigating some challenging waters as it adjusts to the new market conditions. We appreciate your time.
**Sarah Rahmat:** Thank you for the opportunity to discuss these important matters.
