The coronavirus pandemic has had a huge impact on industries. Many companies have shut down or cut down the salaries or sacked their employees, and the media industry is no different.
The India Today Group has announced a reduction in their staff strength and also a reduction in staff salaries across the board. In an email sent to employees, India Today Group Chairman and Editor-in-Chief Aroon Purie said, "I remain optimistic about our future, but the cost structures have to be adjusted to the new ground reality. Smart organisations, even empires, adapt to new circumstances. Otherwise, they end up in the dustbin of history. We need to do this to continue to provide quality journalism on a sustainable basis. I would also like to mention here that we had already taken steps to make Business Today future-ready by making it a digital-first publication while continuing to bring out a fine magazine that remains the leader in its genre. The Lifestyle publications have done a tremendous job of addressing the new reality and have been producing digital-only editions."
He said that the Group was forced to take unprecedented steps and the HR department will communicate to each person regarding their revised compensations.
"Regrettably, as the current situation unfolds, we are forced to take unprecedented steps to make all our magazines viable. Some publications, editorial and business initiatives will cease. Accordingly, we would be reducing our staff strength. Those we have to part ways with will be informed individually. Further, starting this month, there will be a reduction in staff salaries across the board with senior members of our team taking the biggest cuts. Our HR department will communicate to each person their revised compensation terms," he wrote.
"I do hope you understand the circumstances that have made us take these difficult decisions. I acknowledge the valuable contribution of those who have to go. I look forward to your understanding and support," he further added.
Earlier, News Nation, The Indian Express, The Outlook, The Quint, The Times of India, Sakal Times, Hindustan Times etc. have also taken various measures amid the pandemic.