Investissement Québec thanks around sixty employees

After hiring massively in recent years, Investissement Québec (IQ) is reversing course and cutting around sixty jobs.

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“Given the more difficult economic situation, and given that the number of employees has increased significantly in a few years […]the state-owned company has carried out a review of its activities in order to be more efficient, agile and efficient,” said an IQ spokesperson, Isabelle Fontaine.

The abolished positions should allow the organization to achieve recurring savings of approximately $15 million per year.

More than 1200 employees

Once the layoffs are completed, IQ will have “just over 1,200 employees,” compared to nearly 1,300 in March. In 2021, after the merger of certain services of the Ministry of the Economy with IQ, the latter increased from 570 to more than 1000 employees. The state-owned company then continued to increase its workforce.

The sectors of activity affected by the layoffs are those of business consulting, optimization of the economic benefits of public contracts and local purchasing as well as a subsidiary, the Bureau de normalization du Québec.

Positions “in the corporate sectors” were also eliminated, said M.^me Fontaine.

In addition, IQ will reduce its expenses related to communications, international presence, representation activities and professional services, revealed Monday The Canadian Press.

IQ’s administrative expenses jumped 17% to $110 million during the last financial year, which ended March 31. During this period, the institution’s return was barely 2.6%.