In more beautiful years: Benjamin Netanyahu speaks at Globes' Israel Business Conference (photo: Walla! NEWS system, Haim Tzach, PM)
In recent months, at the same time as the global economic slowdown that also permeates Israel, there have been many reports in the financial press about waves of layoffs.
The economic newspaper "Globes" published quite a bit of news on the subject, mainly in the high-tech industry, which is suffering from a crisis that has already led to large-scale job cuts.
It is doubtful that those who covered, among other things, the shrinking job market, assumed that the sword of layoffs would also reach them, but last night the publisher, Alona Bar On, addressed the Globes employees in an emotional letter, in which she praised them before getting to the bottom line: layoffs.
Alona Bar On.
A cover letter to the employees, before the scope of the layoffs becomes clear (Photo: Walla! NEWS system, Shlomi Yosef)
Alona Brown's letter to Globes employees
"Dear workers and employees,
the year 2022 is coming to an end and it is time to thank you for the work and the result, and at the same time, to reflect to you what is happening in our market and with us.
A little more than 5 years since we acquired Globes, a huge change of dimensions is taking place in the entire press and media market, in its parts the various ones. These changes are happening in the global world and do not spare Israel. We all see and feel the changes, but no one knows yet exactly where they lead, and if someone says they know, or gives some sense of certainty - I would be happy to talk with them.
The main trend is given Take a good look at the graph attached in the margin of this email (credit to Simon Kostenmacher, Twitter and the content department of Harel Finance) which shows the collapse of advertising revenue that has been happening in the US for the last decade.
Until the advertising revenues in the American press already met - from below - the subscription revenues, which did not change much during that period.
Especially in light of this, I am so proud of the dramatic change process that Globes went through and continues to go through, against all odds and with tremendous effort.
A process that turns it into a more efficient, contemporary and accurate body, one that can continue to live and I believe even thrive, in a world and times in which the entire press is looking for its place, its way and its future.
In the marathon of the last few years, while there was Corona, 5 election systems and political and economic instability, local and global, the Globes system managed to produce for our readers quality content, interesting and relevant, unique and managed on the basis of defined and transparent values and principles - every day and every hour.
Along with improving the content - we also greatly improved the operational and business side.
The transfer of distribution to the morning, the closing of the printing house, the launch of the pay wall, and dozens (!) of other complex administrative moves, led to a sharp improvement in the business situation of Globes, and to the growth of tens of thousands of paying digital subscriptions that read our content.
But, for better or for worse, and as much as we would be happy to rest on a laurel wreath or at least sit for a moment on a small laurel leaf - all this is still not enough.
The world around us continues to change at a dizzying pace, and we are required to hurry up even more, adapt ourselves even faster, change even faster, continue to adapt our organization and content to a changing reality, to an innovative, technological and digital approach, and to the challenges that stand before us.
Following the second half of the year 2022, the year 2023 appears to be a recession year.
After we have already suffered an increase of tens of percent (!) in the prices of paper and printing, alongside the continuation of the downward trend in advertising revenues, and this despite the fact that our trade department at Globes works tirelessly and manages to preserve our share in the shrinking market.
Towards the end of the year, we are now building the next year's work plans and budget.
This means that, in order to be able to continue forward, we are committed to organizational efficiency, which will also include termination of positions for some employees.
With regard to the employees employed in the system and to whom the collective agreement applies, we intend to contact the workers' council at the same time in order to hold discussions with it on the possible alternatives, in accordance with the collective agreement.
It's not easy for me.
I am personally connected to all the employees of the organization and especially appreciate and cherish everyone who worked with diligence, determination, resilience, will and good spirit so that we could reach where we are, and who had before his eyes not only his personal well-being - but also the success of the organization, the brand, the company and its employees.
Managerial decisions of this type are not easy, to say the least, but they are the obligation of reality, we are required to move at an almost unimaginable speed, into a new and unknown world in the press.
Yours and yours,
Alona Bar On
Of money
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Alona Bar On
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