The Standard Group has announced mass lay off among it’s employees.
In a letter sent out to all staff by the board, the move was triggered by the need for a leaner structure.
The media announced a major restructuring that will see it laying off over 300 of employees, attributing the loss to a challenging business environment.
In recent years Kenyan media houses have been laying off people due to changing trends in the industry and decreased profits.
“In reaching this decision, we took into consideration, the difficult operating environment and its 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.
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. 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. Additionally, we shall rationalize our products to ensure that they remain aligned with the media landscape.
The redundancy notice takes effect upon expiry of the one-month notice issued on 31st July 2024 and is expected to affect more than 300 employees across various departments. All the affected employees will be duly informed in writing.” the statement reads.
