The New York Times reports this morning that business magazine
Forbes is going through another round of layoffs. This follows about 100 people who were laid off by the company in the past year. Some, a spokesperson told the paper, were laid off yesterday, but layoffs will continue throughout the week. (Note to HR people: Don't stretch out layoffs. Do them in one batch on one day. Otherwise, people spend the entire week worrying about being laid off. Kills productivity and morale.)
The culprit is advertising – not circulation, which reportedly has held steady even during this deep recession and despite the supposed uber-supremacy of digital media.
So it's a bad week to be working at
Forbes -- though I suppose next week will be a good week to be working at
Forbes, since that will mean you kept your job. But on an even wider scale, it's been a bad year to be working at business magazines, with
Portfolio closing,
BusinessWeek downsizing and being sold, and
Fortune reducing frequency.
Does
Forbes part-owner Bono know about this?
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