"Business Insider" on Thursday joined the ever-growing list of media outlets making staff cuts. As announced by the company's CEO, Barbara Peng, the media will lay off 8% of its workforce:
Today we are announcing that we are reducing the size of our team — a change that impacts about 8% of our people. We're saying goodbye to wonderful colleagues who have helped build Business Insider into what it is today. We are deeply grateful for their passion, energy, and teamwork, and we appreciate them.
In an internal email this morning, Business Insider CEO Barbara Peng announced that the company is laying off 8% of its staff pic.twitter.com/VY6HIt7ktc
— Max Tani (@maxwelltani) January 25, 2024
Those affected, however, will not go away empty-handed. Peng assured in a mail to staff from "Business Insider" that employees who lost their jobs Thursday will have a minimum severance payment equivalent to 13 weeks salary and will have medical coverage until May:
Our primary focus is providing our impacted colleagues with clarity and support. Those leaving today will receive a minimum of 13 weeks pay and medical coverage through May. We will also offer career support services including 1:1 coaching sessions, resume review, and training on networking, interviewing, and negotiations.
The affected people learned of their dismissal 15 minutes later. In addition, Peng warned that only the employees who lost their jobs would receive an e-mail. They would be summoned to a meeting with the People and Culture team where they would be told what steps to take:
If your role is affected, you will receive an email within the next 15 minutes. The email will include details of a meeting that will take place today, where a senior manager and a member of our People and Culture team will explain the next steps and answer your questions. You will only receive an email if your position is affected.
