NZZ Media Group applies for short-time work
In the wake of the economic consequences of the Corona crisis, the NZZ Media Group has also decided to apply for short-time work as of April. This is intended to preserve jobs and ensure that journalistic services can continue to be provided.
NZZ Media Group is also expecting heavy losses as a result of the Corona crisis, particularly in the advertising market as well as in the events business. Due to the resulting reduction in service offerings and following a thorough review, the company is applying for short-time work as of April in those areas where pandemic-related work absences are currently occurring, according to a statement published on Wednesday.
Protect jobs
"Preserving jobs is essential for us," Felix Graf, CEO of the NZZ Media Group, is quoted as saying. "For each area, department or division, we were able to work out individual solutions in line with the respective situation and needs." Eric Gujer, Editor-in-Chief of the New Zurich Newspaperadds: "This puts us in a position to optimally position ourselves in terms of personnel and to fully deliver on our promise of quality. This means that we will continue to provide our journalistic services in the accustomed quality and thus fulfill our responsibility to the public - albeit with a partially reduced scope in the print area."
High demand
Particularly in view of the crisis, the specific NZZ quality is very much in demand in the user market. This is evident from the growth in NZZ print and digital subscriptions in March, which more than tripled year-on-year. The total number of NZZ print and digital subscriptions grew by 4 percent in March compared to the previous month.
The NZZ Media Group intends to pay the wages of employees on short-time work in full; there will be no loss of pay.
Further measures are implemented
Other cost-cutting measures implemented by the NZZ Media Group as a result of the negative economic consequences of the Corona crisis include a hiring freeze in some cases, a reduction in marketing expenses, a freeze on expenses and, in some cases, a reduction in the number of pages in print editions. Due to the extremely difficult situation in the advertising market, the relaunch of the magazine NZZ Folio postponed until late summer (Werbewoche.ch reported).
