Singapore Press Holdings (SPH) has announced its decision to streamline its media and magazines operations.
According to a media release by SPH, this move will result in an approximate 5% reduction in staff numbers in the Media Group. The exercise is expected to be completed within the first quarter of FY 19/20.
The media owner has already informed the Ministry of Manpower and the NTUC about this exercise. Affected staff will receive compensation on terms negotiated and agreed with the staff union. SPH has also been working closely with the union and e2i to ensure that affected staff receive the help and support required. This includes on-site career guidance, employment placement services, as well as professional counselling support.
In a statement to Marketing, a SPH spokesperson said the main divisions impacted by the restructuring would be SPH Magazines and the Media Solutions division. The 5% figure refers to about 130 staff in these divisions, which totals to approximately 70 retrenchment cases. There will not be a reshuffle in leadership.
This comes on the back of the uncertain macroeconomic outlook this year, which has seen consumer demand fall and advertisers scaling back on advertising spend.
SPH CEO, Ng Yat Chung said: "The restructuring will enable us to deliver more effective solutions across various media platforms to meet the evolving demands of our advertising customers. We continue to invest in the newsrooms and digital media capabilities while remaining disciplined about cost. This restructuring exercise is necessary to enhance our operational efficiency and strengthen our position in this challenging economic and media environment. I would like to thank the union for its understanding and support through the exercise.”
David Teo, President of the Creative Media and Publishing Union (CMPU), said: “The SPH management has shared with the union the rationale of the exercise and support they will be providing to affected staff. We have worked with them on the compensation packages and the necessary assistance to ensure that the whole process will be handled in the best way possible."
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