By Dorothy Musyoka
In a significant move reflecting the evolving media landscape, Standard Media Group has issued a notice declaring redundancy for a portion of its workforce.
“As part of our compliance procedure ,The Standard Group PLC has issued a notice of intention to declare redundancy to the Ministry of Labour and Social Protection as stipulated in section 40(1) of the Employment Act 2007,” stated the standard group.
In their statement,the standard media group noted that, the decision aimed at aligning the organization with the current digital-first trends and ensuring long-term sustainability, comes as part of a broader strategic overhaul.
“In reaching this decision,we took over nti consideration, the difficult operating environment and it’s long-drawn effect on revenue generation.This situation has been witnessed on the back of shifting trends in media consumption, occasioned by technological changes in the digital media landscape and emerging consumer preferences which have necessitated a rethink of our business model,” read the statement.
According to the notice, the redundancy measures will affect several departments, with the primary objective being to streamline operations and enhance the group’s digital capabilities.
This difficult yet necessary step is intended to position Standard Media Group more competitively within an increasingly digital market.
“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 offer.Additionally,we shall rationalize our products to ensure that they remain aligned with the media landscape,” read the statement.
However the affected employees will be compensated as follows:
“Payment for days worked until the date of exit, Severance of pay of 15 days for every year of service, notice of pay as per the contract of employment, payment of leave days accrued and not taken at the time of exit, and pension dues or gratuity in accordance with the Scheme Rules Contract of employment respectively,” outlined the statement.
The media industry has seen a significant shift towards digital platforms, with traditional print and broadcast formats experiencing declining revenues.
To stay relevant, Standard Media Group is investing in digital journalism, innovative content delivery, and audience engagement strategies.
This move underscores the importance of agility in the media sector. As consumer preferences continue to evolve, media organizations must adapt quickly to maintain their relevance and financial viability.
The redundancy notice takes effect upon expiry of the one month notice issued 31st July 2024 and is expected to affect more than 300 employees across various departments.