Staff at a major Dundee employer were informed of plans to axe 15% of the workforce today.
Insights, which operates from two buildings at Dundee Technology Park, said the job cuts were a direct result of a downturn caused by the coronavirus pandemic.
Founded by father and son Andi and Andy Lothian in Dundee in 1993, Insights is a personal development company that has been a global success story.
Insights employs more than 500 staff around the world with slightly less than half that number based in Dundee, where the company’s headquarters remains.
Chief executive Fiona Logan said the action was necessary to safeguard the business in the long term.
She said: “In order to protect and sustain our business, continue to deliver our purpose and respond decisively to the uncertain economic outlook, we are in the regrettable, but unavoidable, position of having to make some roles redundant from the organisation.
“This announcement is not a course of action the executive board has taken lightly, but believe it is necessary to safeguard the business for the long term.
“Taking care of our community is central to Insights core purpose and we intend to go above and beyond to support colleagues as we work through these changes.”
Insights said the company’s shareholders – who continue to be the Lothian family – were fully committed to “the organisation, Dundee and Scotland” and that the firm’s headquarters will remain in the city.
Insights helps people to learn more about themselves by creating individual personality profiles.
The firm’s system classes people’s personalities into four colours – cool blue, fiery red, earth green and sunshine yellow – which have associated strengths and weaknesses.
With more remote working and social distancing requirements throughout the globe, income from the firm’s face-to-face gatherings has been particularly hard hit as a result of the pandemic.
Ms Logan, who joined Insights in 2015, said the company had introduced virtual learning solutions, and will continue to invest in and develop its digital platforms and products.
“Our digital strategy has enabled us to offer customers access to our amazing learning experiences throughout the pandemic,” she said.
“However, the pandemic has been particularly hard on face-to-face gatherings due to the nature of the virus, and the resulting financial crisis has posed a severe and significant strategic risk to our industry.
“We will accelerate and invest in our digital strategy to ensure Insights stays ahead of the curve, continues to meet customer demand offering a blend of transformational learning experiences and is a successful and profitable business into the future.”
“I am confident, despite these difficulties, that we will emerge a strong business as we continue to invest in our people, digital platforms and core products and ensure we continue to grow and thrive as a significant player in the Dundee and Scottish economies.”
Insights’ most recent accounts showed the group recorded sales of £68.9 million in 2019, with pre-tax profits of £14.2m.