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Faced with the economic fallout from Covid-19, the media giant is running out of steam. After implementing pay cuts in mid-April, the American magazine publisher Condé Nast has just announced that more than a hundred of its employees will be laid off or furloughed in the United States in the weeks to come.
On April 13, the publisher Condé Nast had already announced a vast salary reduction plan: starting May 1 and for five months, employees earning $100,000 or more will see their salaries reduced by 10 to 20%. CEO Roger Lynch himself will reduce his base salary by 50%, as will the external members of his board of directors. The rest of the management team – which includes the editor-in-chief of Vogue and Condé Nast’s art director Anna Wintour, one of the publishing house’s highest paid executives – will reduce his base salary by 20 per cent.
In addition, the media company had reduced its employees’ workday schedules and introduced flexible work weeks – from three to four days for some positions, “especially when government programs and stimulus packages can help supplement employee incomes.”
But unfortunately, these coercive measures have not been enough.
Due to the drop in advertising and the increasing difficulty of producing content in the context of the coronavirus pandemic, Condé Nast is now having to make further restrictions, mainly through job cuts.
The publisher of Vogue, The New Yorker, GQ, Vanity Fair, which has around 6,000 employees worldwide, has revealed that it will lay off around 100 employees in the United States and furlough another 100 in order to deal with the financial impact of the coronavirus pandemic on digital media and publishing.
“Through this crisis we’ve all gone through many states of emotion, personally and professionally, and I’m deeply saddened to have to write this note with the news that we’ll be saying goodbye to some of our U.S. colleagues,” chief executive officer Roger Lynch said in a memo to staffers.
“These decisions are never easy, and not something I ever take lightly” he added, although he admitted a few weeks ago that job losses were probable at this time, without giving further details.
The group, which owns major U.S. newspaper headlines, has not revealed exactly where the job losses are likely to occur, but they are expected to occur in areas particularly affected by the COVID-19 crisis, where employees cannot work effectively, as is the case with events.
Read also > The best new hotels in Europe: France at the top, according to Condé Nast traveler
Featured photo : © Condé Nast / Facebook
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Faced with the economic fallout from Covid-19, the media giant is running out of steam. After implementing pay cuts in mid-April, the American magazine publisher Condé Nast has just announced that more than a hundred of its employees will be laid off or furloughed in the United States in the weeks to come.
On April 13, the publisher Condé Nast had already announced a vast salary reduction plan: starting May 1 and for five months, employees earning $100,000 or more will see their salaries reduced by 10 to 20%. CEO Roger Lynch himself will reduce his base salary by 50%, as will the external members of his board of directors. The rest of the management team – which includes the editor-in-chief of Vogue and Condé Nast’s art director Anna Wintour, one of the publishing house’s highest paid executives – will reduce his base salary by 20 per cent.
In addition, the media company had reduced its employees’ workday schedules and introduced flexible work weeks – from three to four days for some positions, “especially when government programs and stimulus packages can help supplement employee incomes.”
But unfortunately, these coercive measures have not been enough.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Ftest2023.luxus-plus.com%2Fen%2Fabonnements-et-newsletter-2%2F|||”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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Faced with the economic fallout from Covid-19, the media giant is running out of steam. After implementing pay cuts in mid-April, the American magazine publisher Condé Nast has just announced that more than a hundred of its employees will be laid off or furloughed in the United States in the weeks to come.
On April 13, the publisher Condé Nast had already announced a vast salary reduction plan: starting May 1 and for five months, employees earning $100,000 or more will see their salaries reduced by 10 to 20%. CEO Roger Lynch himself will reduce his base salary by 50%, as will the external members of his board of directors. The rest of the management team – which includes the editor-in-chief of Vogue and Condé Nast’s art director Anna Wintour, one of the publishing house’s highest paid executives – will reduce his base salary by 20 per cent.
In addition, the media company had reduced its employees’ workday schedules and introduced flexible work weeks – from three to four days for some positions, “especially when government programs and stimulus packages can help supplement employee incomes.”
But unfortunately, these coercive measures have not been enough.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Ftest2023.luxus-plus.com%2Fen%2Fabonnements-et-newsletter-2%2F|||”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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