Zee Initiates 15% Workforce Cut As Part Of Organisational Overhaul
Towards achievingtargetedgoals forthe company, ZEE Entertainment Enterprises (ZEEL), MD & CEO, Punit Goenka proposed a restructuring plan to the company's board.
Goenka initiated the rationalisation of the workforce by 15 per cent, signalling a shift towards a more cost-effective operational model prioritising speed and agility as its central pillars. The realignment is to enhance performance and profitability while maintaining its demand to quality content creation enterprise.
The management's implemented plan is grounded in three principles - frugality, optimisation, and a sharp focus on quality content. The proposed organisational design will adhere closely to these principles.
Every team member of the lean structure will function as a partner and a co-owner of the company in the proposed structure, instilling a sense of ownership and accountability across all levels of the organisation.
Key components of the new organisational design include the elevation of select team members across business segments to assume higher levels of responsibility, alongside Goenka's direct oversight of critical business verticals. This lateral structure is poised to facilitate cross-functional collaboration, expedite decision-making processes and drive heightened productivity.
The detailed composition of the new operating structure will be released after the required approvals from the board.
In line with ZEEL's core strength in content creation, the restructuring will consolidate efforts to strengthen content creation capabilities. The proposed lateral structure will promote collaboration across core business segments, leveraging synergies in creativity, technology and revenue generation opportunities.
The core business units under the proposed structure include broadcast, digital, movies and music. Each segment will play a strategic role in driving growth and innovation within the company, catering to the diverse entertainment needs of ZEEL's audience.
R. Gopalan, Chairman, ZEE stated, “The Board has noted the MD & CEO’s steps being taken to streamline the organisation and the proposed lean structure. While the board is in the process of discussing the same, the proposed structure certainly is in line with the strategic guidance provided to the management. The board appreciates the steps taken by the management to enhance the overall performance of the company, reaffirming our faith in the team’s ability to drive the company towards its set targets for the future.”
Punit Goenka, MD & CEO, ZEE added, “Building a simplified, lateral structure for the Company, will ensure that we maintain a sharp focus on performance and profitability as the key growth drivers, and the structure proposed to the Board is in line with this core thought. 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. I look forward to the Board’s guidance on this approach, enabling us to pursue our goals more effectively and take advantage of the opportunities before us.”
