ZEE Entertainment to lay off 15 per cent of its workforce?

This is aimed at boosting 'performance and profitability'

Zee Entertainment Enterprises Ltd Representational image | Reuters

ZEE Entertainment Enterprises Ltd revealed that its MD & CEO Punit Goenka has initiated a process of rationalisation of its workforce by 15 per cent in a bid to boost “performance and profitability”.

In a regulatory filing on Friday, the company said, "In line with his overall strategic approach, the MD & CEO has initiated the process of rationalisation of the workforce by 15 per cent, that will prune the staff strength across the company to arrive at a streamlined team that is sharply focused on the set goals for the future."

"It will further enable the company to chart higher growth by maintaining a keen eye on performance and profitability, thereby seamlessly executing its strategic priorities as required for a content creation company," the filing said.

"In the lateral structure, the MD & CEO has also proposed the elevation of certain team members across businesses, in order to provide them a higher level of responsibilities; besides him assuming direct charge of the critical business verticals leading to cross functional collaboration, quick decision making and higher productivity levels," the company said.

Proposing a lean organisation structure to the board, Goenka had said building a simplified, lateral structure will ensure that the company maintains a sharp focus on performance and profitability as the key growth drivers. "The streamlined team at ZEE will maintain a sharper focus on targeting higher levels of productivity to drive growth in order to generate value for all our stakeholders going forward."

As per the company's annual report for 2022-23, the company has as many as 3,437 permanent employees.

Recently, the company announced that it has "pruned" its Technology and Innovation Centre (TIC) staff by about 50 per cent following the guidance of a special committee.

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