As we head into the festive season, a period of giving, some workers at Next Media could be handed termination letters, not gifts, reliable sources have told Bbeg Media.
Thank you for reading this post, don't forget to subscribe!Our sources say while management has not reached a definitive decision on the matter, it looks likely that this is a path that could be taken at the end of this month or early 2025.
We have been told that the option of laying off staff to try to withstand the tough economic times that have led to a decline in revenues was discussed on November 28 when Next Media’s board met in Naguru.
Sources further told us that another option of slashing the salaries of Next Media’s employees by up to 15%, even for a temporary period, was also discussed. But we have been told that it did not gain traction with a number of the members.
We have been told that if carried out, the layoffs will affect employees in all departments (Marketing, Production, Newsroom, Next Radio, NBS Sport and others.
What our sources could not confirm is how many people could face the sack. One of our sources told us that they will be at least 20 people. Another claimed that the number could double that.
We have also been told that those at risk of the sack include staff with disciplinary issues, employees who have consistently scored less than 70% in their evaluations per quarter, employees who are above 40 years but whose productivity is low and others whom management may deem are excess to requirements.
Sources told us that the board took into recognition the fact that laying off people requires enormous resources to compensate them as per the terms of their employment.
Next Media last carried out massive layoffs in November 2022 when more than 50 people were shown the exit as the organization tried to stave off several financial challenges.
Efforts to get a comment from Next Media were futile.