Companies
SPH Media’s restructuring cut 10% of its tech staff
What happened SPH Media, a leading media company in Singapore, announced on November 4 that it was laying off 34 employees and restructuring the company’s technology division. The layoffs will affect technical staff across teams and levels, representing about 10 percent of the technology department’…
Headline
What happened SPH Media, a leading media company in Singapore, announced on November 4 that it was laying off 34 employees and restructuring the company’s technology division. The layoffs will affect technical staff across teams and levels, representing about 10 percent of the…
Context
SPH Media , a leading media company in Singapore, announced on November 4 that it was laying off 34 employees and restructuring the company’s technology division. The layoffs will affect technical staff across teams and levels, representing about 10 percent of the technology department’s workforce. The job cuts are part of a restructuring effort aimed at ensuring long-term sustainability. In a note to employees on Monday (Nov 4), Chief Operating Officer Loh Yuh Yiing and Chief Technology Officer Kaythaya Maw said the decision was made after careful consideration and exploration of various alternatives.
Evidence
Pending intelligence enrichment.
Analysis
The move comes amid a divisional restructuring at SPH Media. SPH media is adjusting the scope and size of multiple teams within the technology space. Affected employees will receive a comprehensive severance package in line with tripartite guidelines, as well as career guidance, job placement assistance, and counseling support to help them transition smoothly. Also read: SPH Media restructures technology division, lays off 34 employees Also read: SPH Media announces layoff of 34 employees amid restructuring of tech division The move by SPH Media is emblematic of a broader trend in media and technology. In the face of rapid technological advances and market uncertainties, the company has had to rethink its operations and workforce. Across the globe, companies are grappling with the challenges of transitioning to a digital-first model. Traditional media revenue streams, such as print advertising, are shrinking. At the same time, the digital media business is growing, but this requires significant investment in technology and innovation.
Key Points
- SPH Media cuts 10% of its tech workforce as part of a restructuring to ensure long-term sustainability
- The company aims to streamline operations and adapt to the evolving digital media landscape amid financial challenges
Actions
Pending intelligence enrichment.
