According to WWD, Time Inc. staffers are gearing up for some pink slips.
Rumors are racing as employees anticipate layoffs to come as early as next week. Just last month its CEO Joe Ripp informed employees the company was going to reduce costs before it spins off later this year from Time Warner.
Although the piece didn’t provide insight in terms of where most of the layoffs will occur or the number of pink slips to be doled out, an inside source indicated the corporate side was going to get hit.
“We’re very lean and mean here anyway. It’s concerning,” one employee said, adding the job reductions are expected by the middle or end of next week.
Another source alluded to anxiety perhaps resulting from a memo Ripp issued earlier this week. The memo referenced Time Inc.’s updated compensation strategy. Per the piece, he wrote in the memo:
“As we develop our compensation programs in preparation for operating as an independent public company, it is important for our success that we align our compensation strategy more closely with our business and talent strategies.”
The company’s 2014 incentive plan involves strengthening the 30 percent “strategic portion” by outlining measurable individual goals and “aligning them closely to the company’s overall strategy.”