Singapore - MediaCorp has announced that it will be introducing alternate short weeks and getting staff to take block leave to further cut operating costs. “This is over and above a slate of non-wage related measures which have been implemented to cope with the current economic downturn.”
Company-issued statement said, “The initiatives will have no impact on 24x7 services such as News, television broadcast transmission, live radio and client-related services such as advertisement bookings. For the new measures, MediaCorp closely consulted with and received buy-in from its in-house union and the NTUC.”
Local media reports say MediaCorp is taking these measures to avoid laying off any of its 2,500 staff.
All staff must take seven common leave days in 2009. The first such break will be January 28 - 30, after the two-day Chinese New Year public holiday.
Alternate weeks at MediaCorp will be four-day working weeks. Starting April, these ’MediaCorp days off’ equate to a total of 26 unpaid days off in a year. Channel News Asia (CNA) says this equals a 10 percent cut in MediaCorp’s annual wage bill.
An internal circular to staff, from CEO Lucas Chow, said that the financial year ending March 31, was largely on track in the first half, (but) will be hit by the weakening economy.
Revenues of S$530 million (US$357 million) for the last financial year saw profit of S$52 million (US$35 million).
The company, which has publishing and on-line units as well as its core broadcasting concerns, relies heavily on advertising revenue - described as extremely sensitive to the overall economic climate.
Chow is quoted from the circular as saying that as a result, financial performance in the third quarter has been affected and prospects look weak in the months ahead. With manpower salaries forming a big part of MediaCorp’s operating expense, the company has had no choice but to manage this cost element.
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