Redundancies at Time Inc and Microsoft
In a sign that the recession is not behind us yet Time inc is having to make between 400 and 500 people redundant. This is the result of a $100 million cost saving program. The first to face redundancies is the news group with about 15-20 people having been told yesterday. The majority of the redundancies will happen today. Time Inc has about 10.000 employees Worldwide and the redundancies remain a small percentage of the total. Via Time Inc Layoffs Begin; About 400-500; News Group First To Start | paidContent.
The publishing group saw a 40% decline in earnings and a 18% drop in sales. That segment has long been the topic of rumor of its future, including a potential sale. But Time Warner has repeatedly expressed its commitment to the business. Via Time Warner 3Q Profit Falls 38%, Raises View ((TWX), (US887317)) at SmartMoney.com
Daryll Lang at PDNpulse is keeping a tally on the number of people being made redundant and what magazines are taking the hits here
On the same day Microsoft announced it would be making 800 people redundant across the company in a response to falling sales and profits. Microsoft announced earlier that it will have to eliminate 5.000 jobs Worldwide. In related news. Via Microsoft Cuts 800 More Positions | paidContent
Employees at Microstock got a heads up when just like with the last round a number of conference rooms were bookd ahead of the announcement.