The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Information / Communication Publishing Of Information; Production And Programming Of Audiovisual Programming And Broadcasting Activities 60 - Programming and broadcasting activities
100 jobs Number of planned job losses
Announcement Date
28 September 2005
Employment effect (start)
Foreseen end date
Description
The owner of Classic FM and London's 95.8 Capital FM, GCap Media announced up to 100 job cuts from its 1,400-strong workforce. It has tripled its cost savings target as it seeks to regain the confidence of the stock market after making a stuttering debut as the UK's largest commercial radio broadcaster. The cuts will form the major part of a new cost savings target of £25 million, raised from the £7.5 million promised at the time of the merger. Steve Orchard, the GCap operations director who will oversee the cost-cutting, admitted that the recent merger had distracted a sales force that had borne the brunt of initial job cuts. 'We accept that the merger was a distraction for our sales staff and a distraction for our management. We want a management structure that is fleet of foot, that gives the best customer service in the industry,' he said.
Sources
29 September 2005: The Guardian
Citation
Eurofound (2005), GCap Media, Internal restructuring in United Kingdom, factsheet number 62317, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62317.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
