Mediacorp has made the difficult decision to retrench 93 staff members, as part of its efforts to adapt to a rapidly changing media landscape. This change, announced on 1 September 2024, affects slightly more than 3 per cent of the company’s workforce.
The Reason Behind the Layoffs
The company states that the retrenchments aim to better align operations amid ongoing economic and commercial uncertainty. Mediacorp noted that the media environment has experienced a fundamental transformation, with shifts towards short-form and mobile-first content dominating audience preferences.
- Economic Pressures: Global issues such as inflation and market volatility have complicated matters.
- Changing Client Expectations: There’s a growing demand for agile, tailored campaigns.
- Shift in Content Strategy: The move supports a pivot towards content formats that promise stronger growth opportunities.
Support for Affected Employees
Affected staff are given until the end of September to apply for alternative roles within the company. Those who fail to secure a position will have their employment terminated on 30 September 2024. Mediacorp plans to provide severance packages based on years of service, with a maximum payout of S$250,000.
Mediacorp is partnering with the National Trades Union Congress’ Employment and Employability Institute (e2i) to provide job matching services, career coaching, and skills upgrading. All affected employees will have access to wellbeing support for one year, reinforcing the company’s commitment to treating its workforce with dignity during this tumultuous period.
Union Support and Future Opportunities
The Singapore Union of Broadcasting Employees (SUBE) has expressed its commitment to support impacted workers. They have engaged closely with Mediacorp to facilitate redeployment where possible. Additionally, SUBE will work with affiliated unions to extend more support through job fairs and employability guidance.
- SkillsFuture Jobseeker Support: Offers temporary financial assistance to eligible Singaporeans.
- Union Training Assistance Programme: Helps offset training costs for skills upgrading.
As the media landscape continues to evolve, Mediacorp is focusing on strengthening its capabilities to remain competitive and relevant amidst these challenging conditions.