长痛不如短痛: Even Staff of 20 Years Not Spared as SPH Chief Executive Enforces Retrenchments Early

Posted on Oct 14 2017 - 12:36am by Redwire Singapore

redwire-singapore-straits-times-ng-yat-chung-x75
Even staff of 20 years were not spared.

So too, the photographer who took shots of the townhall meeting on the day of the cull, who didn’t know that meeting would be his last as a staff member.

At a town hall meeting at the News Centre in Toa Payoh North yesterday, SPH’s new Chief Executive Ng Yat Chung had this to say about the speeding up of the culling: “长痛不如短痛”.

“We have decided as a leadership team, rather than drag this process over two years, let’s get it done…Chang tong bu ru duan tong (let’s not prolong the pain). Get this unpleasantness behind us and hopefully, we won’t have to touch this topic again for a long time.”

Most of the staff cuts will come from the news and sales divisions.

The Straits Times has saw 40 staff out the door, while the Business Times cut 17 staff.

Some employees reportedly went to work on Thursday to the shock that their work accounts disabled and were told that they had to exit the premises by 6pm.

The culling at Singapore Press Holdings will be completed faster than expected.

230 staff forming about 10 percent of SPH’s workforce were supposed to be given the boot by the end of 2018, but it looks like the job cuts will be done by the end of this year.

SPH’s net profit for FY2017 rose to S$350 million, as sale an online classifieds business lifted profits by 32 percent.

However, revenue from the media business remained the main drag on overall turnover, decreasing by 13 percent to S$725.4 million for the year.

Advertising revenue also fell by 16.9 percent, or S$102.5 million, while circulation revenue declined by 5.1 percent or S$8.7 million.

 

Leave A Response