Media and publishing company Condé Nast, citing the economic impact of the COVID-19 crisis, is making a series of cutbacks including layoffs and reducing pay for high-salary employees.
“We aren’t alone in needing to take actions like this,” Lynch wrote in the memo. “Companies around the world are all facing similar challenges and responding accordingly. But that doesn’t make this process any easier.” As I’ve shared in my recent emails, we’ve been working to assess the impact of the COVID-19 crisis on our business and to reset our financial plan for the year. That work has involved modeling several different scenarios. While we aren’t as solely dependent on print and digital display advertising as some of our competitors, globally, we will still see a substantial impact from this crisis on our business.
Furloughs and reduced working schedules: We will also work to implement reduced working hours and work week schedules for certain roles, in particular where government programs and stimulus packages can help supplement employees’ earnings. These decisions will be made locally in markets in accordance with available government programs. Along with the salary reductions noted above, these are actions that will help us preserve jobs and benefits.
Local leaders will follow up in the coming days and weeks to communicate specific actions in your markets and teams. We want to act swiftly and thoughtfully, so this process isn’t dragged out. While we’ll always have the need to make adjustments to our organizational structure and team to optimize our business, we expect to complete communications related to these actions by the end of May.
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