The Nation Media Group (NMG) has announced massive retrenchment and salary-cuts in its bid to survive the current COVID-19 crisis.
“I stated how the COVID-19 pandemic has resulted in global uncertainty and unprecedented challenges impacting most businesses adversely,” the Human Resource Nation Media Group writes to the employees.
“Globally, the media sector has not been spared by the pandemic and media houses including NMG, having been severely impacted,” the HR Nation Media goes on to explain the reason of its firing of the employees.
Nation Media Group mass firing comes barely a fortnight since K24’s Media Max firing a large number of its employees a move that was shortly followed by Royal Media Services.
“During this period, management has undertaken several cost-saving interventions to enable business continuity, ensure sustenance of livelihoods of staff and their dependents and continue delivery of services to our customers,” Nation Media says in a letter to its employees.
Nation Media Group has also announced that it will be extending pay cuts to the 31st of December 2020, an action that will be reviewed depending on the company’s performance and as the COVID-19 situation evolves.
NMG has noted that COVID-19 has pushed it to review its business model from print advertising and physical reader copy to digital advertising, ePaper subscription, and content-driven reader revenue.
“This will require re-tooling and resourcing the Group with relevant skill sets critical for success in the new business environment,” NMG says noting redundancy.
“Regrettably, this will result in a reduction of our workforce effective Friday, July 3, 2020,” NMG says announcing job losses to a number of its employees effective in two days time
The NMG staff who will be losing their jobs effective this week will receive medical cover for a period of two months until August 31, 2020, with the company promising to adhere to the labor laws on retrenchment.