Earlier this week, we reported on plummeting jobs in the media sector. Companies like Vice ($PRIVATE:VICEMEDIA) and Vox Media ($PRIVATE:VOXMEDIA) have been slashing job postings amid the Coronavirus pandemic, and today we learned some new information about the latter brand.
From the beginning of May until the end of July, Vox Media will furlough 9% of the company and move 1% of employees to reduced hours. Health insurance premiums will be covered for the 9% and health insurance will be fully covered for the 1%. Vox will also enact a temporary tiered pay reduction with a freeze on promotions. 401K matches will be suspended through the end of 2020.
We organized a union with @WGAEast to have a seat at the table, especially during rainy days. Well, now it’s pouring.— Vox Media Union (@vox_union) April 17, 2020
Together, we were able to avert layoffs, save jobs, enhance severance, and more for our members. (THREAD)
Vox has already slashed job postings by 42% since March.
But the company’s LinkedIn employee headcount continues to grow, up 3% from last month. As more people lose their jobs and update their accounts, this will soon change.
Over the last year, Vox Media has been steadily cutting back on new job postings. In May of 2019, the new-media giant faced a walkout as Vox Union workers demanded raises that matched inflation rates and fair severance packages. The company cut hundreds of freelancers last December.
About the Data:
Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.