News: Consultancy firm Edelman slacks 7% of its staff globally
One of the largest PR Consultancy Firm, Edelman, declared earlier this March that it shall it preserve all its 6000 staffs amidst the COVID-19 pandemic. However, after three months as the business fell in June, the owner and CEO Richard Edelman announced 390 job cuts worldwide.
In a conference, he addressed the employees stating, “Today, despite all efforts, we are beyond the threshold of loss-making and to ensure the long-term health of our business, I must change course". He further added "We pulled on every available lever to stave off this decision by reducing our operating expenses. These actions included reducing compensation for executives on our global operating committee by 15 to 20 percent."