MUMBAI: Zee Entertainment Enterprises will be rationalising its workforce by 15%, its latest move to reduce costs after the cancellation of a merger deal with Sony India. It did not specify the exact number of employees who would be affected by the rationalisation.
Three days ago, its MD Punit Goenka said he will take a 20% cut on his pay packet. In March, the company had announced to prune headcount at its Bengaluru-based Technology & Innovation Centre by about 50%.
After the collapse of the Zee-Sony merger, Goenka had told the company’s 3,000 staff that there will be no job losses. However, the strategy now is to have a lean and streamlined organisation. The company’s personnel expenses stood at Rs 824 crore in FY23.
The structure will assist in having a cost-effective operational model and in charting a higher performance and profitability growth, Zee said. Frugality, optimisation and a focus on content are the three key tenets of the plan implemented by the management, it added.
Three days ago, its MD Punit Goenka said he will take a 20% cut on his pay packet. In March, the company had announced to prune headcount at its Bengaluru-based Technology & Innovation Centre by about 50%.
After the collapse of the Zee-Sony merger, Goenka had told the company’s 3,000 staff that there will be no job losses. However, the strategy now is to have a lean and streamlined organisation. The company’s personnel expenses stood at Rs 824 crore in FY23.
The structure will assist in having a cost-effective operational model and in charting a higher performance and profitability growth, Zee said. Frugality, optimisation and a focus on content are the three key tenets of the plan implemented by the management, it added.