Vice Media Digital Group has laid off 155 employees with the deepest cut – variety2 min read
Vice Media Group, a subsidiary of Refinery 29, is releasing 155 employees or about 5% of its total worldwide headhunt camel in response to revenue cuts caused by the coronavirus epidemic.
Vice Media Group CEO Nancy Dubuque wrote in an internal memo received Friday, Vice Media Group CEO Nancy Dubuque wrote in an internal memo received Friday that about two-thirds of the cuts (about 100) will be international, with 55 layoffs affecting U.S. workers. Diversity. International layoffs will occur in the next few weeks, and U.S. employees of the Brooklyn-based firm will be released on Friday.
“Even after losing a job, many feel that these decisions are ultimately with me, and I assure you that we have put a lot of effort into saving the job,” Dubuque wrote in a memo titled “Course Forward.”
Vice Digital teams will be unwittingly affected by the cuts. “Currently, the company’s digital company spends 50% of its headcons, but only 21% of our revenue,” Dubuque said in a memo. “We need to address this imbalance for the long-term health of our balance by looking at our business as a whole.”
According to Dubuque, Vice Media was able to retain about 90% of the work in the digital company, eliminating open roles throughout the company. In addition, the company continues to have a growing number of “as many people as possible” in the news department.
After many years of economic growth in digital advertising, Dubuque writes, the situation has become even more dire: “[T]He is holding his breath and becoming suffocated. The platforms are not only taking the larger piece of the pie, but almost the whole pie.
The snatching began after the Vice Media belt-tightening measures were implemented at the end of March, extending the 90-day deadline. These measures, currently in effect as of June 30, include a sliding scale to cut the salaries of employees earning 10,000 or more; A temporary stay on promotion; And a pillar of the company attached to the contribution of 401 (k).
Vice media workers are dropping pink they will receive isolated salaries; Demok said in the memo that “everyone will be able to keep laptops issued by their work” as well as accept outplacement services. In the United States, segregated workers will receive increased health benefits coverage by the end of 2020.