GuideStone Financial Resources announced Jan. 27 a workforce downsizing of 10 percent through projected attrition and a hiring freeze as part of a reduction of its 2009 budget.
“The downturn in the global economy and the subsequent reduced value of securities in our investment funds has impacted the fee revenue that funds our budget,” O.S. Hawkins, president of GuideStone, said in the news release.
As explained in the news release: “Unlike the mission boards and seminaries, GuideStone receives no Cooperative Program funds from the Southern Baptist Convention. It relies solely on the fee revenue from its proprietary investment funds to provide the resources to fund the majority of its operating expenses. Expenses related to its life and health products are funded through the premiums paid by organizations whose participants are in those plans.”
Other reductions in operating expenses, according to the news release, include a salary freeze and “delaying some purchases such as additional computer equipment, reducing travel, delaying some professional development and reducing the amount of printed materials by providing more materials on GuideStone’s Web site.”
Hawkins said additional budget reductions may be required, explaining, “While we are hopeful about the future, further deterioration in the financial markets or a significantly prolonged recovery from the current recession may require other measures to further reduce future costs. Continued monitoring of the budget and additional strategic planning is a priority as we move through 2009 and into 2010 with all of its financial uncertainties.” (BP)
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