Insiders will lay off 10% of its team, according to a memo sent by the company’s president on Thursday.
Barbara Peng, president of Insider, Inc. . “
Peng said those affected by the layoffs will receive an email on Thursday morning. Each person fired will receive 13 weeks of base pay plus two weeks for each year they have worked for Insider for more than four years. In addition, fired employees will receive a personal laptop computer.
“These are difficult times for all of us,” Peng wrote. “As we go through this transition, things can get a little bumpy. We will get through it together, just like we always have.”
Peng said she will work with the union to “provide clarity on our proposed changes.” The union did not immediately respond to a request for comment.
The company’s layoffs reflect how media organizations have tried to adapt to a declining advertising market, rising inflation and fears of a recession. CNN, washington articles, NPRAnd Communication Vox have all announced various types of layoffs over the past six months.
Insiders hinted at the possibility of layoffs just last week. In an April 11 meeting summary, Jennifer Cunningham, editor-in-chief of the news division, said the company is “not immune to headwinds in our industry.”
“So while we’re not making staff cuts at this time, unfortunately, we can’t promise we won’t need one,” she wrote.
The layoffs also come a week after global editor-in-chief Nicholas Carlson speak The company planned to incorporate AI into the newsroom. “Innovative AI can also help you all be better editors, reporters and producers,” he wrote to the staff.
In a Q&A attached to the email, the company said it chose who to stay at Insider based on “where we see the most potential in the future.”
Management also said these layoffs may not be the last. “We can’t promise that—no company can,” it wrote. “But after this cut, we’ll be in a stronger position going forward.”
It said non-union editorial staff would be notified on Thursday, while the size of union editorial staff would be reduced. The company says it won’t freeze hiring, but it will only hire “critical, must-have talent” and fill essential roles.
Insider spokesman Mario Ruiz reiterated the need to adjust for economic uncertainty in a statement, but he did not specify which of Insider’s employees would be affected by the layoffs. discharge or the method used to determine who should be fired.
“Unfortunately, Insider is seeing some of the same economic headwinds as everyone else in our industry. To keep our company healthy and competitive, we are reducing the size of our team,” wrote spokesman Mario Ruiz. “We expect this to affect about 10% of our workforce. We regret having to do this and regret the impact it has had on many of our teammates.”
Ruiz said Insider Intelligence, the research arm of the entire Insider Group, will not be affected.
