Vox Media: Pay Off To 9% Of Employees
Vox Media is cutting pay and leave to their 9% employees in their absence. This decision is due to the ongoing issues of COVID-19 pandemic across the globe. The number of cutbacks is due to the economic fallout due to the outbreak. Also, this pay off is included for many digital media company properties like Curbed, Eater, Recode, SB Nation and The Verge.
As per references, CEO Jim Bankoff traced many cost-cutting measures. But, there are no outright layoffs. These measures refer to 9% of employees from May 1 to July 31. Also, this will include some employees in sales, production, events, IT, sales support and many more. Along with their editorial staff at state Bank Nation. During this panic period, all the affected companies can retain their company health insurance.
Bankoff also explains about the layoffs in pointing out the economic decrease in companies. This decrease due to pandemic across the world. Thus, it is reducing in ad spending, which indirectly affects the other media. So, companies are announcing layoffs and salary reductions. Also, Vox Media will move 1% of employees to reduced hours.
Vox Media: Health Conditions
Health insurance will be applicable for 9% of employees. And full health insurance will be for 1% of employees. By the end of 2020, the suspension of matches will be around 401k. Job postings of Vox media have already split 42% of their job postings since march. But as per the company Linkedin profile, it grows up to 3% who lost their jobs. This rate will increase if people update their accounts.
From the last year, Vox media is continuously reducing their job postings. In December the company had cut hundreds of employees. In May of 2019, a company like Vox Media, which is a new-giant media faced a walkout.
But, this period is widely used by data sets and hiring people. Many companies are using this information, and they are posting their online jobs. Those jobs include social and web traffic, product sales and app ratings. Also, to create data sets that measure factors like hiring, revenue and foot traffic which are not fully comprehensive.