McGraw-Hill and ‘information transparency’
McGraw-Hill (MHP), owner of Standard & Poor’s and Business Week, said Tuesday it has cut 3% of its staff in a move to hold down costs. The New York-based business and educational publisher said its restructuring plan resulted in 600 fourth-quarter layoffs, half of them at McGraw-Hill Education. “Reducing staff is never an easy decision,” the company says, though it hastens to add the deal will “fortify the corporation’s long-term growth prospects.”
McGraw-Hill goes on to note that the global economy has three critical needs, including “the need for information transparency.” Fair enough. Yet in the same breath, McGraw-Hill lapses into obfuscating flack-speak. Its press release attributes the business publishing group layoffs, for instance, to the “reallocation of certain resources to support continued digital-evolution and productivity initiatives,” and blames the education group firings on “steps to centralize certain management functions and to better leverage outsourcing opportunities.” If this is information transparency, we’ll take a pass.
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And on the subject of transparency, Fortune certainly has no vested interest in kicking a competitor while it’s down?