Reader’s Digest Cuts 280 Positions
With consumer spending and ad dollars down, Reader's Digest has eliminated 8% of its workforce.
In what it is calling a global “recession plan” Reader’s Digest has eliminated about 8% of its worldwide workforce, or about 280 positions. RD president Mary Berner cited a drop in consumer spending and a decline in advertising as the reason for the cuts. A company spokesperson said RD is not closing any businesses, including in its books segments, and that the reductions were “spread globally so as not to have too many eliminations in any one area.” Berner said she hopes the moves will be temporary. Other cost-savings measures include unpaid time off in both fiscal 2009 and 2010 and a suspension of matching contributions to the company’s 401 (k) retirement plan.
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey