"Rightsizing" underway at ABP Group to tide economic headwinds
While the review for rightsizing at ABP was underway since several months, it was accelerated with a sense of urgency due to the government’s decision to demonetise high currency denomination notes.
ABP Group has opted for a leaner organisational structure in order to make its publications viable and sustainable.
In an exclusive statement given to exchange4media by the Managing Director’s office at ABP Pvt. Ltd, the group sheds more light on what it terms as “rightsizing”.
“A professional assessment -- running into several months, involving editors as well as business managers and taking into account recent and upcoming decisions in newsrooms worldwide -- has concluded that ABP needs to rightsize to navigate the challenges facing print media and the economic realities.
If the seeds of such a review were sown by the dramatic and disruptive technological changes that have been sweeping the world in the past decade, a sense of alarming urgency was injected by unexpected events towards the end of last year.
While the review was in progress, the economic headwinds that crept up without notice made the task all the more indispensable and robbed the company of the cushion of a wider window of time over which unfortunate but unavoidable steps could have been taken.
ABP decided that every effort must be made to make the publications viable and sustainable. The only way to do that was to become a leaner organisation.
Against such a backdrop, ABP has offered a severance deal to several of its employees across many departments. Although constrained by the grim economic situation, the company has tried its best to put together the best possible package for the employees whose association with ABP is ending for now.
Apart from individual counselling by the editors and managers the company will provide free career counselling by one of the leading professional organisations.
ABP feels that instead of being intimidated and overwhelmed by the gale force of disruptive technology, print media must learn to ride the storm. For instance, aided by the communication revolution, it may be possible to gather information from afar with fewer hands.
The painful measures ABP is taking now are part of that churn and process,” the statement read.
“Against such a backdrop, ABP has offered a severance deal to several of its employees across many departments. Although constrained by the grim economic situation, the company has tried its best to put together the best possible package for the employees whose association with ABP is ending for now,” DD Purkayastha, Managing Director & CEO at ABP Pvt. Ltd. told exchange4media.
The company felt that print players should not be intimidated by sheer force of technology. “The painful measures ABP is taking now are part of that churn and process,” it said. Purkayastha clarified that the compensation extended to the axed employees “varies from three months basic to basic till retirement” depending on the years of service and age.
(With inputs from Saif Ahmad Khan)
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