The massive layoffs at Time Inc. that we’ve been hearing about start today. According to Bloomberg News, about 500 people will find themselves out of a job when it’s all said and done. That represents a six percent reduction of the company’s workforce. While 500 is less than originally estimated, it’s still awful news.
“With the significant and ongoing changes in our industry, we must continue to transform our company into one that is leaner, more nimble and more innately multi-platform,” wrote Laura Lang, Time Inc.’s CEO, in a memo. “To make this change, we need to operate as smartly and efficiently as possible to create room for critical investments and new initiatives. These reductions are part of this important transformation process.”
For Lang’s complete note, head over to Jim Romenesko’s site.