The Hartford’s state headcount drops 10%
HARTFORD — The in-state headcount has decreased 10 percent in the past year at insurer The Hartford, one of the state’s largest corporate employers, according to new company data — a change largely due to more employees working remotely.
In response to an inquiry from Hearst Connecticut Media about The Hartford’s employment levels in its home state, the Fortune 500 firm shared data this week showing that it has about 5,500 people based in Connecticut compared with around 6,100 at this point a year ago. The company’s overall headcount of approximately 18,100 compares with about 18,500 a year ago.
“About 50 percent of the change to our Connecticut employee count in the past year is due to employees who made an individual choice to move out of state during the pandemic and continue to work remotely for The Hartford,” Matthew Sturdevant, a company spokesman, said in a statement. “For the remaining 50 percent of the change in our Connecticut employee numbers, the vast majority has come from natural attrition, talent mobility and reskilling.”
The company has previously confirmed making some layoffs through its Hartford Next program, which focuses on reducing costs. But it said that of the in-state jobs decrease in the past year, “a very small portion has been involuntary separations.”
“Since announcing our Hartford Next initiative in 2020, we have been focused on achieving a more competitive expense ratio to enable growth, invest in new capabilities and maintain our leading position in the industry,” Sturdevant said.
The Hartford’s Connecticut headcount includes approximately 4,000 employees based in Hartford, compared with about 3,900 in 2021.
“We are committed to maintaining a strong presence in the city of Hartford, where we have been headquartered for more than 200 years,” Sturdevant said.
In an interview, Hartford Mayor Luke Bronin said that he was heartened by the company’s consistent employment levels in its home city and praised its support of numerous community initiatives.
“The Hartford has been a critical partner in our work to strengthen Hartford, attract investments and build a more vibrant city. We really couldn’t ask for a better corporate partner than The Hartford,” Bronin said. “One of the things that I also value is that we’ve had a constant and strong line of communication between myself and my team with the senior leadership at The Hartford over the years and throughout the pandemic as well.”
In addition to its headquarters at 1 Hartford Plaza, the company also has offices in Farmington, Stamford and Windsor.
The Hartford, No. 142 in last year’s Fortune rankings, is not alone in allowing many of its employees to work remotely. Such arrangements for white-collar workers have been crucial to companies across the state and country maintaining their operations during the COVID-19 pandemic.
Even as the pandemic abates and corporate offices reopen, many companies have accepted the longterm role of remote working. Among other Connecticut-based Fortune 500 companies, Stamfordheadquartered Synchrony, the country’s largest provider of storebrand and private-label credit cards, announced in October 2020 a policy allowing employees to permanently work from home.
On an earnings call Friday, The Hartford’s chief executive officer and chairman, Christopher Swift, said that the prevalence of remote working in the corporate sector contributed to “elevated” employee turnover last year at The Hartford, a trend that has stabilized in the first quarter of 2022.
“The best way that we can combat people leaving us is to make sure our leaders and middle managers are really tuned into their people — their needs, desires, career goals and objectives, giving employer feedback, having that sense of belonging and that we’re invested in their careers,” Swift said. “I think that’s part of the cultural advantage that we have.”
Solid financial results at companies such as The Hartford have reinforced their belief that they can let employees work remotely without diminishing their competitiveness. In the first quarter of this year, The Hartford’s revenues increased 2 percent year over year, to about $5.4 billion. The company specializes in property and casualty insurance, group benefits and mutual funds.
“The Hartford is off to a strong start in 2022,” Swift said. “We are optimistic about macro factors impacting our business including improving pandemic outcomes and the potential for easing of inflationary pressures.”