Company Layoffs –The Standard Group PLC, has announced another final round of layoff that is going to send home both senior and junior staff members.
This drastic move taking place just one month after the management sent home hundreds of their journalists in redundancy measures to save the collapsing enterprise.
Within 2023 alone, the Standard is sending home another bunch of workers as part of its new efforts to remain in afloat and to improve on the fast-dwindling profits.
“This is to notify all members of staff of the Company’s intention to declare redundancies that will affect employees across several departments,” the memo seen by Homenews.Co.ke read in part.
The Joe Munene-signed memo has also indicated that those to be axed include employees from all cadres – senior and juniors who are salaried.
He attributed the drastic cut off to the current economic downturns, the rising cost of living as well as stiff competition from digital space.
“This process has been necessitated by the need to restructure the business to adopt a leaner, more efficient structure,” the Acting CEO stated.
With different technology now occupying the world of relaying news, the company is aiming to adopt new and competitive strategies to fit into the new media space.
The CEO assured those who will be affected of safe and unbiased lay off process that will take place in quick phases and in strict compliance with the Employment Act, 2007.
“Affected employees will have get their pension dues or gratuity in accordance with the Scheme,” Mr. Munene assured the victims.
The Mombasa-Road based company will also be extending guiding and counseling as well as free financial management sessions for the victims.
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