Standard group
The Standard Group PLC has announced its intention to declare redundancy.
In a statement, Standard said it took the decision due to the difficult operating environment and long drawn effects on its revenue generation.
“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,” read the statement in part.
The media house noted that the redundancy will take effect after the expiry of a one month notice.
This wil see over 300 staff members of the Standard Group fired across various departments.
“The redundancy notice takes effect upon expiry of the one-month notice issued on 31 July 2024 and is expected to affect more than 300 employees across various departments. All the affected employees will be duly informed in writing,” the Standard stated.
The Mombasa road based media house expressed confidence that the reorganization of the business through restructuring will place it in good stead by adopting a leaner, more efficient structure for better performance and growth.
“Coupled with the new leadership that is coming on board, we consider the reorganization of our business as a necessary step intended to ensure business stability and continuity in the coming months as the Group strives to sustain and enhance the quality of journalism it offers,” the media house stated.
Further, the Standard Group announced that all the affected employees will be compensated by receiving 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 and notice of pay as per the contract of employment.
The employee will also receive payment of leave days accrued and not taken at the time of exit, and pension dues or gratuity.
