PR giant Edelman lays off 390 employees amid coronavirus - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 55 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 51%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

PR giant Edelman is laying off 390 employees as business falls off due to the pandemic: Read the CEO's memo to staff

Join BI PrimeEdelman is laying off 7% of its global workforce, or about 390 people, and asking for salary reductions from 5% to 20%.

Unlike past recessions in 2011 and 2008, where the agency only had to temporarily reduce its senior compensation, Edelman has come to a crossroads — "beyond the threshold of loss-making," Edelman writes.Edelman had drops in business across travel, hospitality, automotive, and airlines because of the pandemic, the memo states.

This decision is gut wrenching, especially as I told to you in March that we would have no job losses due to the pandemic. I said we were prepared to take the business down to zero profit. We did not want to get into loss-making, but I said our intention was to press ahead until we could do so no longer.

We pulled on every available lever to stave off this decision by reducing our operating expenses. These actions included reducing compensation for executives on our global operating committee by 15-20%, ending the use of freelancers, temporarily pausing our internship program, hosting a virtual global strategy meeting, limiting external recruiting to only a handful of critical roles globally and slowing internal promotions.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 729. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

YouTube at 15: The inside story of YouTube's history - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. $THETA You left out the part how YouTube helped amplify white supremacists, flat earthers, anti-vaxxers, and other dangerous nutjobs, all for money to the detriment of society. 15 years to build one of the most detestable piles of shit ever unleashed on society
Källa: BusinessInsider - 🏆 729. / 51 Läs mer »