Cape Town – Independent Media on Wednesday announced that it has broadened the scope of its retrenchment process to include all divisions within the organisation – “with immediate effect”.
This follows last month’s announcement of cutbacks in its editorial division.
However, the company said it has been impacted by dwindling advertising revenue, a continual drop in circulation coupled with the severe challenges of South Africa’s failing economy, which has been exacerbated by load-shedding and interest rate hikes, in addition to far-reaching Covid-19 consequences, especially on print Media.
“We have tried to stave off retrenchments for as long as we could, by drastically reducing operational costs and implementing various efficiencies throughout the organisation,” said Takudzwa Hové, CEO of Independent Media as he explains the impact
“Sadly, this has not been sufficient, and we are now faced with the harsh reality of job reductions.”
The cutbacks have a bearing on the future structure of Independent Media, which will form part of the discussions during the consultation process with staff.
“This process will lead to a revamped organisation with a leaner team but to get there, we have to take courageous difficult decisions like we are doing now,” said Hové.
He said Independent Media will continue to respect the public’s right to access accurate and relevant information.
“As the country’s largest print media publishing company, we understand that developments at Independent Media are of public interest,” said Hové.
“We therefore request our colleagues in the media to respect the process that is underway, and the impact that any irresponsible and reckless reporting would have on its employees and their dependents.”
*Original article: Independent Media Broadens Retrenchments Scope, All Departments – The Bulrushes
