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Fin24 reports that Daily Maverick is retrenching 5% of its permanent employees and initiating a 15% reduction in operating costs, citing economic pressure in the media industry.
Some freelancers and contractors will also be affected. The retrenchment process will impact the entire organisation through the absorption of responsibilities and duties. This is the first time that Daily Maverick has retrenched staff in its 15-year history. The publication issued a statement on Thursday announcing the cost-cutting measures, which it said were introduced to ensure the long-term stability and success of Daily Maverick. Founding CEO Styli Charalambous said the publication was committed to providing support to staff members through this period, including assistance for new work opportunities. Daily Maverick, founded in 2009, is one of the largest news publishers in the country, and has both an online presence and a weekly newspaper. Charalambous indicated that the organisation was still going through a consultative process, so the number of retrenchments that would be ultimately be implemented has not been finalised. He confirmed, however, that six roles were at risk.
- Read the full original of the report in the above regard by William Brederod at Fin24 (registration required)
- Read too, Daily Maverick announces retrenchments as company cuts costs and restructures, at IOL News
Get other news reports at the SA Labour News home page