Regarding The Clarion-Ledger's failure to report its own 20 layoffs, a reader says: "I'm not a Gannett employee nor do I consider myself an anti-Gannett whiner. I am, however, a stockholder. I find it pretty hard to get excited over the stock price being just over $18 when I purchased it at $84.00 a few years back. If I knew then what I know now about the way Gannett treats its employees and the shady practices they engage in, I would have reconsidered my purchase. . . . How can a company perform well when the employees are so miserable? Maybe people would have a better outlook and stop complaining if this company would start listening to the needs of its employees. I understand that layoffs are necessary during times of recession. From what I can gather, the employees also understand this, they just want the company to be upfront with them."Join the debate, in the original post.
While I feel for your reader, I think considering buying GCI stock was an optional choice, they probably should have known something was awry when it hit $50, $30 or somewhere in between. I remember when it was $84 too when it was matched on my 401(k).
ReplyDeleteI sold it at $83 to move it into something else. Perhaps in my youth I understood.
Cincinnati’s also yet to report on its buyout, yet continues to write about those at other companies (And, Gannett wonders why readers leave).
ReplyDeleteAnd, only days after Buchanan internally announced her head hunt for 50 bodies, finance staff members were told about Gannett’s latest epiphany – the creation of two national finance centers which will dismantle parts of Cincinnati’s finance department, and obviously, bring additional job losses. A subsequent e-mail was sent to employees about that news, yet again, nothing has been reported.
Buchanan knew the finance plan when the buyout was announced, yet didn’t share it then. And, the buzz is that the only reason a meeting was held with her finance staff days later was because those employees began asking their VP questions about what they were reading on this blog (so, please keep up the good work Jim).
Unfortunately, with leadership like this, Gannett’s stock will continue to remain at all time lows. That is, until they learn how to treat employees with a little more respect.
The consolidations of various departments has been planned for over SIX years!
ReplyDeleteIt was a major topic when Ted Berg was VP of Finance in Cincinnati and he assumed Cincinnati would be one of the centralized locations.
Buchanan has never been upfront with the employees in any of her previous positions....it is just not in her nature to be humane.
It would be interesting to see a list by age of those Gannett has run off or laid off....guarantee you that it would warrant a class action based on age discrimination. Hmm now that is a thought!
I know this isn't going to make anyone feel better but most publishers and OC are as miserable as anyone else. It isn't fun being bludgened repeatedly and constantly being told to do more with less. The company isn't publicizing this but there is a huge brain drain at the OC and Publisher level because of the environment and management style of the annointed at Corporate. Talk to any OC member over 59 and they are counting the days and hoping for an early retirement offer. Disability claims due to stress, overwork and job induced health issues are increasing. I keep wondering if the Newspaper division will change at all with Dickey. I knew we were in trouble with Sue Clark when Bobby Collins and the assassins from NJ were invited to do their dollar drill. From what I'm told that was hell on earth.
ReplyDeleteJim,
ReplyDeleteHow many people do you think work at the corporate H.Q? I would be real interested to hear what you think regarding the staffing levels in Tysons.
corporate has less than 600 employees. The largest group being Corporate IT
ReplyDeleteAfter having upper level positions with 4 different newspaper groups, Gannett is by far the worst. Truly, "dancing with the devil".
ReplyDelete