300 employees of Standard Media Group are set to lose their jobs.
The affected employees will seize being part of Standard Media as of August 31, 2024.
According to a statement from the media house, various departments will be affected by the action.
“As part of compliance procedures, The Standard Group PLC issued a notice of intention to declare redundancy as stipulated in Section(40) 1 of the employment Act, 2007,” the statement read in part.
Factors that were considered to arrive at the decision include the difficult operating environment and the long standing effect it has had on their revenue generation.
“This trend has been witnessed on the back of shifting trends in media consumption, occasioned by technological changes in the digital media landscape and emerging consumer preferences which have necessitated a rethink of our business model,” Standard explained.
The reorganization is intended to ensure stability and continuity in the coming months.
Standard however said that employees who would be affected will be compensated in various ways including;
Payment of days worked until the date of exit, Severance pay of 15 days, for every completed year of service, payment of leave days accrued and not taken at the time of exit as well as pension dues or gratuity.
PRESS RELEASE: Business Reorganization pic.twitter.com/OBB0gFLkf4
— The Standard Digital (@StandardKenya) July 30, 2024
