The Standard Media Group has issued a notice of redundancy set to affect over 300 employees across various departments effective August 31.
In a notice seen by this writer, Standard Media Group stated that all the affected employees will be informed in writing.
"The redundancy notice takes effect upon expiry of the one-month notice issued today (July 31, 2024) and is expected to affect more than 300 employees across various departments. All the affected employees will be duly informed in writing.”
The Group said the affected employees will receive payment for days worked until the date of exit and severance pay of 15 days for every completed year of service.
Further, they will receive notice of pay as per the employment contract, payment of leave days accrued and not taken at the time of exit, and pension dues or gratuity by the Scheme Rules Contract of employment, respectively.
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The Board attributed the redundancy to the difficult operating environment and its long-term effect on revenue generation.
Further, the company said that the situation has been witnessed due to shifting trends in media consumption, occasioned by technological changes in the digital media landscape and emerging consumer preferences, which have necessitated a rethink of its business model.
"Coupled with the new leadership that is coming on board, we consider the reorganization of our business as a necessary step intended to ensure business stability and continuity in the coming months as the Group strives to sustain and enhance the quality of journalism it offers," it said.
Additionally, the Board announced that it will rationalize its products to ensure they remain aligned with the media landscape.
