Insider is laying off 10% of its staff in the US, saying this is necessary so it can stay “healthy and competitive”.
Insider Inc president Barbara Peng emailed staff at approximately 7am Eastern time on Thursday to inform them of the cuts.
The company said its goal was to be “as transparent as possible, as quickly as possible” and that affected employees would receive a follow-up email within the subsequent 15 minutes.
Insider employs approximately 950 people globally, of whom 600 work in editorial roles. It is unclear what proportion of the workforce is based in the US, but Insider confirmed to Press Gazette the cuts affect staff in both editorial and commercial roles.
Three minutes after Peng’s email UK bureau chief Spriha Srivastava sent another clarifying to her team there would be “no change to the international team as a result of the announcement today, including no change to the UK and Singapore newsrooms”.
Peng wrote in her email: “The economic headwinds that have hurt many of our clients and partners are also affecting us. Unfortunately, to keep our company healthy and competitive, we need to reduce the size of our team. We have tried hard to avoid taking this step, and we are sorry about the impact it will have on many of you.”
Insider spokesperson Mario Ruiz told Press Gazette: “We expect this will impact about 10% of our workforce. We regret that we have to do this and are sorry about the impact it will have on many of our teammates.”
Staff losing their jobs will receive “a minimum of 13 weeks base pay, plus an additional two weeks for every year you have been with us over four years” and a variety of support measures including career coaching and resume review sessions. Peng told those being fired that “we are extremely grateful to you for your contributions here and for helping to build Insider’s newsroom, business, and culture”.
Peng’s email also disclosed that the layoffs will impact union members. John Schleuss, president of the Newsguild US journalists’ union, commented that the company cannot unilaterally lay off unionised workers.
To the wider business, Peng said: “We thank you all for your dedication and professionalism, especially today. This is a difficult time for all of us. As we go through this transition, things may feel a bit bumpy. We will get through it together, just as we always have. Today is about taking care of yourselves and your colleagues.”
The company will be holding an all-hands call at 11.30am Eastern time on Thursday.
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