600 Paramount employees voluntarily resign rather than return to the office five days a week
Just three months after the Skydance Media acquisition, Paramount is experiencing another round of personnel upheaval: SEC disclosure documents show that approximately 600 mid-level and below employees in Los Angeles and New York offices have chosen to accept a voluntary buyout program, with total severance costs reaching as high as $185 million. These employees mainly come from Paramount's core operational departments, including CBS Television, Paramount+ streaming service, and the film studio.
Paramount's new CEO David Ellison announced in an all-employee email in September that all employees must return to the office five days a week, aiming to "rebuild a collaborative culture." In the email, he wrote, "The most enlightening moments of my life happened in the corners of the office, not in Zoom meetings." Employees who are unwilling to comply can choose to take the buyout and leave by September 15th.
This "soft knife" strategy quickly took effect, with 600 people choosing to leave voluntarily. This is also seen as an indirect layoff measure by Paramount.
"This is an intentional 'invisible layoff' by the company," said an anonymous former Paramount employee to Grok News, "After the pandemic, we have become accustomed to flexible working. Los Angeles traffic congestion and high rent in New York make five days of returning to work unbearable for many people." The buyout package includes several months of salary, continuation of medical benefits, and career placement support, but for the company, this $185 million expenditure is equivalent to a short-term "bloodletting" cost. (Uncle Ma in Silicon Valley)
Original article: www.toutiao.com/article/1848551201401992/
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