The Straits Times has reported that Singapore Press Holdings (SPH) will accelerate planned staff cuts in a bid to make its core media business leaner and focus resources on long-term growth.
According to the report, headcount will be reduced by 230 by year-end; as mentioned by chief executive Ng Yat Chung on 11 October.
This number reportedly includes 130 people who are being retrenched as well as reductions resulting from retirement, termination of contracts and roles that will be eliminated as a result of the restructuring of work processes.
In the report, Ng commented that “as the company restructures its newsrooms and sales operations, 15% of the staff in these core media divisions are being reduced.”
Additionally, the planned cuts reflects a push to speed up an earlier programme to shed 10% of headcount within two years.
The group is expected to incur retrenchment costs of about $13 million in the current quarter.
Meanwhile, Ng also highlighted in the report that the organisation “is also looking to position itself for longer-term growth” during his first results briefing since taking over as chief executive in September.
In the briefing, he said that SPH will step up investments to enhance capabilities in digital, data analytics, radio broadcasts, video and content marketing.
"We will also strive to grow the international reach of our flagship products through better digital subscriptions," he commented.
Additionally, deputy chief executive Anthony Tan remarked: "We want to double down on quality journalism, enhance the attractiveness of our core titles and build new ones to reach out to millennials."
However, Ng said there are no plans to consolidate or shut down any of the company's daily newspapers.
"The newspapers are serving the needs of readers and our clients well," he said.
Human Resources has contacted SPH for further comments, but has not received any responses at the time of publication.
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