Guardian News and Media Group has told staff that cost savings are necessary.

An "Incredibly challenging market" means that Guardian News and Media Group (GMG) are telling staff that cost saving methods need to be implemented.

David Pemsel, Chief Executive of GMG, said in a memo to staff: "Guardian Media Group, like other publishing and digital media companies, is operating in an incredibly challenging market. This is shaping up to be one of the most difficult trading periods we've faced in many years.

"For the whole sector, the UK market decline in print advertising could be 20 per cent this year. Most publishers are also reporting a significant slowing in the rate of digital advertising growth as spending migrates to the likes of Facebook and Google at a far faster rate than previously seen."

"We must, as a result, maintain strict control on costs and be more disciplined on spending. We must continue to close the gap between the likely slowdown in our revenue growth, experienced by all in our industry, and the outflow of costs which we can and must control. This will inevitably impact recruitment, pay, travel and expenses, and will require each of us to play our part.

"We must, in other words, do everything we can to balance the books. By doing so, we will create some financial room to manoeuvre, which will – in turn – enable us to continue investing in areas of growth."

In February 2013 GMG revealed that 58 members of staff had taken voluntary redundancy packages. This made the editorial head count just 600.