The Standard Media Group has issued a notice of redundancy, affecting over 300 employees across multiple departments.

The Standard Media Group Board said that the redundancy would take effect on August 31.

“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 Board said.

According to the Group, affected employees will be paid for days worked up to the date of leaving, as well as severance compensation of 15 days (or as specified in the CBA for union employees) for each completed year of service.

They will also get notice pay in line with the contract of employment, payment of accrued and untaken leave days at the time of exit, and pension dues or gratuity in accordance with the Scheme Rules Contract of Employment.

The Board noted that in making the decision, it considered the tough operating climate and the long-term impact on income creation.

The Group stated that the situation has arisen as a result of altering media consumption trends, prompted by technological advances in the digital media landscape and emerging customer preferences, necessitating a rethinking of its business model.

The Group expressed confidence that restructuring will benefit the firm by establishing a smaller, more efficient structure for improved performance and growth.

“Coupled with the new leadership that is coming on board, we consider the reorganisation 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.

Furthermore, the Board said that it will rationalize its products to guarantee that they remain relevant to the media landscape.