Sirius XM Radio Inc. today at the shareholder meeting disclosed that will have reduced its headcount significantly by the end of 2008.
While it has been no secret that layoffs have been taking place, the exact number of those let go has been relatively unknown. The best guesses were around 100 or so employees.
Well, now we know the number is more like 458 staffers who have been reduced, according to the presentation shown to investors today.
That's a total of 22 percent of the full Sirius XM workforce, from over 2,000 employees to 1,600.
The reality is that many people have been laid off around the country, mostly due to the state of the economy. The silver lining here (if there can be any) is that Sirius XM can say the reduction in workforce is a result of "merger efficiencies" and not due to the recession.
Well, now we know the number is more like 458 staffers who have been reduced, according to the presentation shown to investors today.
That's a total of 22 percent of the full Sirius XM workforce, from over 2,000 employees to 1,600.
The reality is that many people have been laid off around the country, mostly due to the state of the economy. The silver lining here (if there can be any) is that Sirius XM can say the reduction in workforce is a result of "merger efficiencies" and not due to the recession.
merger was a good thing - staff reduction was to be expected as a result of merger - while it is not good thing for people let go it does good for the merged company bottom line as a way of it staying a viable company.
just the way things are in today's economy. it is happening everywhere. if any auto companies merge look out for the fallout. if auto companies fail - that is really a bad scenario.
My laying off 22% is going to be nothing when compared with the on going mass-cancellations of subscribers of Sirius XM, and I haven't decided to ever tell the truth about that. Then again my "merge" MONOPOLY scheme wasn't done for subscriber benefit.
Oh...I see we have the NAB back on this blog.
Melvin
That's 28% too low.
Keep this in mind, many people laid off, were being HIGHLY overpaid - and got a year's worth of pay. So, until that money comes off the books, there isn't a whole bunch of money saved (maybe some benefit money) until mnext year.
The peope being "overpaid" are still there and will be there right up until the end.
(Oprah, CEO, sports, Howard, etc.) Firing the little people who make enough to rent a town home and get by in an expensive town is not going to have enough impact to bother with. Letting go of the big money drains will.