Apart from discontinuing publications and businesses, the group will also be reducing its staff strength along with initiating pay cuts across the board.
Despite the lockdown, the India Today magazine did not miss a single issue of its magazines. However, the group has now announced plans to 'adjust cost structures to the new reality' to 'make business sustainable'. The initiatives include shutting publications, across the board pay cuts and reducing staff strength. The announcements were made in an internal email sent to employees by Aroon Purie, chairman and editor-in-chief of India Today Group.
Here’s the full text of Purie's email:
“I remain optimistic about our future, but the cost structures have to be adjusted to the new ground reality. Smart organisations, even empires, adapt to new circumstances. Otherwise, they end up in the dustbin of history. We need to do this to continue to provide quality journalism on a sustainable basis. I would also like to mention here that we had already taken steps to make Business Today future-ready by making it a digital-first publication while continuing to bring out a fine magazine that remains the leader in its genre. The Lifestyle publications have done a tremendous job of addressing the new reality and have been producing digital-only editions.
Regrettably, as the current situation unfolds, we are forced to take unprecedented steps to make all our magazines viable. Some publications, editorial and business initiatives will cease. Accordingly, we would be reducing our staff strength. Those we have to part ways with will be informed individually. Further, starting this month, there will be a reduction in staff salaries across the board with senior members of our team taking the biggest cuts. Our HR department will communicate to each person their revised compensation terms.
I do hope you understand the circumstances that have made us take these difficult decisions. I acknowledge the valuable contribution of those who have to go. I look forward to your understanding and support.”