Dow Jones & Co. has laid off employees in its circulation department, its Professional Information Business, and perhaps at least six jobs cut in Barron’s editorial staff, according to the union that represents employees.
A statement on the union website reads:
The cuts announced this week bring the total of IAPE-represented positions eliminated through layoff or reorganization in 2015 to 90. In comparison, Dow Jones eliminated 48 Union jobs all of last year, 51 in 2013, 81 in 2012, 89 in 2011 and 43 in 2010.
“2009 was our last really big layoff year,” explained Martell. “We lost more than 150 members that year, including many News positions in Boston and New York.”
However, Martell went on to explain that Dow Jones continues to hire new Union-represented employees even this year. “We’ve had 126 new IAPE-represented employees either hired or transferred into IAPE positions so far this year,” he said.
The continued restructuring of Dow Jones may be another indication of how much damage the Company suffered during the two-year tenure of former CEO Lex Fenwick. Managers were recently instructed to “review work to find ways to save money and to identify non-essential tasks.” Among the less noticeable items targeted for change at Dow Jones: the employee service awards program, which likely will be revised to offer award gifts only to employees who reach ten-year milestones, rather than the current five-year cycle.
Management expects that move to save $100,000 annually.
Read more here.
