Financially strained Standard Media Group has announced plans to offload a big chunk of its employees in the next few weeks.
Last night the company announced it has already issued a notice of intention to declare redundancy to the Ministry of Labour and Social protection as stipulated in section 40 (1) of the Employment Act, 2007.
They said the move will affect over 300 employees across departments.
This comes a week before the incoming CEO Ms. Marion Gathoga-Mwangi officially takes over on August 5.
“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,” the statement read in part.
“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.”
Affected staff will be payment for days worked until the date of exit, severance of pay of 15 days (or as indicated in the CBA for employees who are members of a union) for every completed year of service, notice of pay as per the contract of employment.
Payment of leave days accrued and not taken at the time of exit, and pension dues or gratuity in accordance with the Scheme Rules Contract of employment respectively.
