Allstate pulls out of state economic incentive agreement
Allstate pulls out of state economic incentive agreement | Insurance Business America
Insurance News
Allstate pulls out of state economic incentive agreement
Insurance giant pinpoints incompatibility of the program
Insurance News
By
Mika Pangilinan
Allstate has received approval to withdraw from a state economic incentive agreement as it embraces an employee-choice workplace model.
The insurance giant was expected to generate 2,250 jobs in its Charlotte campus as part of North Carolina’s Job Development Investment Grant (JDIG) program.
In a letter sent to the state Economic Investment Committee, Allstate said it would no longer be able to comply with its previous commitment due to a new workplace model that is “incompatible” with the grant program’s rules.
With only a couple hundred employees opting to work in-person at the Charlotte campus, the insurer explained that the “vast majority” of its workforce is “ineligible to be counted as project site or [grant] remote employees.”
Allstate added that its decision to adopt an employee-choice work environment is “the best way forward for the company.”
Despite withdrawing from the program, Allstate reiterated its belief in North Carolina as a “strategic market to attract top talent.”
“In fact, we believe that the new workplace policy will ultimately open up more employment opportunities throughout the state, enabling North Carolina residents previously unable to work for our company due to circumstances or geographical constraints to now be a part of our team,” the insurer said.
State records indicate that Allstate has spent over $30 million in capital investments earmarked for enhancing its Charlotte facilities.
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