All Standard Group staff asked to apply for early retirement
The Standard Group management has asked all its staff to apply for optional early retirement ahead of a major retrenchment exercise slated for July 27.
In the boldest cost-cutting measure ever undertaken by a Kenyan media house, Group chief executive officer Sam Shollei said staff members who opt for the early retirement will get a better package compared to those who wait to be retrenched.
The package will depend on the number of years worked, one’s salary and whether or not they are in a union.
BLOATED DEPARTMENTS
Mr Shollei said the management expects applications from workers who feel their departments are bloated, those who feel they are adding no value to the company, as well as workers who are not ready to stretch themselves after the retrenchment.
All the departments will be affected, the sources add.
Sources say Mr Shollei told a staff communication meeting Friday that the management is targeting a figure between 25 and 30 per cent of the company’s 1,000 workforce, translating to between 250 and 300 workers.
According to the roadmap provided by the CEO, a desk to receive the retirement applications will be set up to operate until July 27.
‘RIGHT PEOPLE’
If the company feels it has received the “right people”, the management will go ahead and give them send-off packages.
However, the management will either reject or accept an application depending on how it values the worker.
The retrenchment will start on August 27 if the management will not have received enough early retirement applications.