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MariaSharpie

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SPH mass retrenchment: applying a plaster to a gaping wound
« on: October 14, 2017, 07:48:46 pm »
More details have emerged of Singapore Press Holdings’ mass job cut exercise that has been ongoing full swing since yesterday.

While the job cuts are only expected to cease at the end of the year, it appears that some staff cuts are occurring at the local print conglomerate with immediate effect.

According to reports from sources like Yahoo News, it appears that 40 staff from the Straits Times and 17 staff from the Business Times have already been retrenched, with staff from Lianhe Zaobao and The New Paper also being affected, since  the exercise began yesterday morning.

The staff that have been let  go comprise of many new employees and veteran staff with decades-long  service records alike, with several editorial staff and  photographers being laid off. The decision to axe the jobs of junior  employees has especially been noteworthy, since cost savings from their terminations is said to be arbitrary.

Nevertheless, termination notices are flying in the print giant’s Toa Payoh North headquarters, with staff members having little to no indication of whether they will survive in the company.
 
Sources say that some staff only came to know that they are being retrenched when they came into work yesterday and couldn’t log in to  their work computer systems. They were later told that their job had  been cut and that they would have to leave the premises by 6pm.

More at https://www.prolificskins.com/forum/current-affairs/sph-mass-retrenchment-applying-a-plaster-to-a-gaping-wound

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beaverjuice

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Re: SPH mass retrenchment: applying a plaster to a gaping wound
« Reply #1 on: October 15, 2017, 08:38:36 am »
to be fair,  the print business has been going the way of the dinosaur .... SPH have had the chance to reinvent themselves for a number of years but to no avail.   their business model was disrupted by on-line media even before technological disruption became de rigueur like grab is to taxi companies.  why is that surprising?  what was surprising is that it took so long for the inevitable axe to fall

unfortunately a major shakeup like this was bound to happen when the differential between the cost of business and advertising revenue narrows.

and guess what irony?  that advertising revenue is bound to grow again when the property market recovers and developers take out full-page ads again ....

if you were in any other business or private entities, cost-cutting by trimming head-count would have been the norm.  SPH is not the civil service even if they are protected by the newspaper act

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