Time Inc. prepares for layoffs
Monday, 14 January 2013 - 12:12pm
Time Inc. staff are on eggshells as they await news of layoffs and smaller bonuses than in years past as the company faces declining revenue.
CEO Laura Lang, in a memo yesterday, has already told employees she would eliminate the usual 3 percent merit increase for 2013 as the company looks to "aggressively manage costs."
Bonuses have been a point of contention in the past, when former CEO Ann Moore changed the formula to deemphasize individual divisions’ performance, which would have penalized people who worked for high-performing brands like People.
Time Inc. has already eliminated more than 1,000 employees since 2008, when the headcount was about 10,000 strong. This year’s layoffs are expected to be in the hundreds since the company’s had a reprieve since 2009.