The layoffs at Time Inc. have begun.
Everyone knew they were coming and employees have been awaiting to learn their fate for months now.
About 6 percent of Time's 8,000 person staff will be cut — that's around 500 employees.
"Time Inc. made deep staff cuts back in 2008 and 2009," wrote Lucia Moses at Adweek. "But in the third quarter of 2012, publishing revenues declined 6 percent, in part reflecting a 6 percent decrease in subscription revenues and 5 percent decrease in advertising revenues."
Back in January, pay raises were canceled across the board for 2013 as the company attempts to streamline itself, Keith J. Kelly at The New York Post reported.
Here's what Time CEO Laura Lang had to say to her staff in a memo:
Today we are beginning the painful process of reducing our global staff of 8,000 by approximately six percent. I first want to thank the people who will be leaving us for their years of hard work and dedication to the company. They are so much more than Time Inc. employees. They are good friends and trusted colleagues with whom we have worked closely. Losing them is going to be very difficult for everyone. They come from all areas of Time Inc. across our locations – both domestic and international. I am grateful for their service and I know you join me in wishing each of them all the best.
With the significant and ongoing changes in our industry, we must continue to transform our company into one that is leaner, more nimble and more innately multi-platform. To make this change, we need to operate as smartly and efficiently as possible to create room for critical investments and new initiatives. These reductions are part of this important transformation process.
I know the coming days and weeks will be hard and I want to thank you in advance for your patience as we work through this period.
Laura
