Standard Media Group Set To Fire Over 300 Employees

The Standard Media Group has announced plans to fire over 300 employees in August 2024 as the cash crunch bites.

In a statement on Tuesday, July 30, 2024, the media house blamed the situation on a difficult operating environment.

“As part of its compliance procedures, The Standard Group PLC issued a notice of Intention to declare redundancy as stipulated in section 40 (1) of the Employment Act, 2007. In reaching this decision, we took into consideration, the difficult operating environment and its long-drawn effect on revenue generation,” the statement read in part.

“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. We remain confident that the reorganization of the business through restructuring will place us in good stead by adopting a leaner, more efficient structure for better performance and growth.”

According to the management, coupled with the new leadership that is coming on board, the reorganization of the business is 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.

“Additionally, we shall rationalize our products to ensure that they remain aligned with the media landscape,” the statement added. I

All the affected employees will be compensated as follows: Payment for days worked until the date of exit; Severance of pay of 15 days (or as indicated in the CBA for employees who are members of a union) for every completed 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 of gratuity in accordance with the Scheme Rules Contract of employment respectively.

The redundancy notice takes effect upon expiry of the one-month notice issued on 31 July 2024 and is expected to affect more than 300 employees across various departments.

All the affected employees will be duly informed in writing.