Standard Media Group has announced plans to lay off 300 employees due to ongoing financial difficulties. This decision follows a significant decline in revenue attributed to a challenging business environment and shifting media consumption trends.
Layoffs and Severance
- Effective Date: The layoffs will commence after a one-month notice period, starting from July 31.
- Severance Package: Affected employees are promised severance pay.
Recent Employee Strike
Earlier this month, Standard Media employees went on strike over unpaid wages. This strike led to a halt in operations at the company’s Mombasa Road headquarters.
Reasons Behind Standard Media Group Layoffs
- Financial Challenges: The company has been facing severe economic constraints.
- Media Consumption Shift: Changes in how audiences consume media have also impacted revenue streams.
Impact on Standard Media Group
- Departments Affected: The layoffs will span various departments, affecting a significant portion of the workforce.
- Employee Morale: Concerns over unpaid salaries and job security have significantly impacted employee morale.
Standard Media Group’s decision underscores the harsh realities facing traditional media companies in the digital age. The company hopes to stabilize its financial situation and adapt to the evolving media landscape.
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