Thursday, October 23, 2008
Thursday | Oct. 23 | Got news, or a question?
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72 comments:
Jim says: "Proceed with caution; this is a free-for-all comment zone. I try to correct or clarify incorrect information. But I can't catch everything. Please keep your posts focused on Gannett and media-related subjects. Note that I occasionally review comments in advance, to reject inappropriate ones. And I ignore hostile posters, and recommend you do, too."
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Hola!
ReplyDeleteThe way the company has axed most of its IT departments you should soon be hearing stories of major meltdowns. Papers will not print, paychecks will not go out, email will not work, and so on. Its going to be both sad and fun to watch. For a company that talks alot about being leading edge they dont show it with the lack of respect they have for IT.
ReplyDeleteNo worries. that too will be out sourced to someone like SuperGeeks........
ReplyDeleteThe axe man cometh!
ReplyDeleteNY Times Company reports earnings today. Analysts will further bash the newspaper industry following that...so get ready.
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteaig has frozen bonuses to the s.o.b.s who sank that ship.
ReplyDeletegci board, how about standing up to dumbow and the rest of the clowns running the corporation into the ground? for starters, NOBODY in an executive job should get a bonus while the people who actually get the papers/broadcasts out are being laid off/bought out.
(isn't there something in federal law that holds board members responsible if execs are paid lavishly while a corporation goes down the tubes? if not, there oughtta be.)
NY Times company results are online now. I found them on marketwatch.com
ReplyDeleteJim, you might want to read it and report on the blog.
I don't work in IT, but I do know that a good IT department can make all the difference in my job and the jobs of others within my department. When good IT people have left the company, for whatever reason, my stress level and productivity go down. I agree with 1:09 that a post-IT world is going to cause a major meltdown. Thinning IT departments is very shortsighted.
ReplyDeleteCraig and Gracia have executive support so they are not hurt by all of the IT cuts. I wonder if they are still doing house visits?
ReplyDeleteSpeaking of IT--is there an AS/400 Genesys expert out there? Wasn't the system created by us, for us? Couldn't it be a little more user friendly? Our circulation department has to rely on itself for problems. IT wants to know what to do, they just haven't been trained either.
ReplyDelete9:34 - LOL - I've had to make a few of those executive support calls at my location.
ReplyDelete2:18 - True, but can Gannett afford Geek Squad? I've heard they're a bit expensive.
Ok, I need help on this one. I'm confused by this statement:
ReplyDelete"Analysts for the most part recommend investors wait on the sidelines until these stocks start to turn around, but the one stock I'm hearing more positive buzz about is Gannett because it's trading at a historically low multiple and it has a healthy dividend yield (now around 10 percent)."
Taken from http://www.cnbc.com/id/27337332/site/14081545?__source=yahoo%7Cheadline%7Cquote%7Ctext%7C&par=yahoo
- Simple comment if Wall Street and the analysts knew what us employees know about how Gannett is really run......... layers upon layers of incompetency, bureacracy and short sightedness, the stock would be trading at 92 cents today not 9.20. It baffles me how everyone outside of Gannett thinks somehow the company is going to survive, it just a matter of how long it will take to implode now. As far as the board of directors taking action against Craig and his cronies, that will never happen there all his country club buddies, they are not going to act out against him. Later everyone
ReplyDeleteI just watched Iron Man last night...
ReplyDeleteMaybe one of the decent board members can build a hero suit out of endrolls and take over the company.
I got out voluntarily in June. Best decision I ever made in my career.
A few comments . . .
ReplyDelete* At its current price, with a forward P/E ratio of just over 3, the market has basically priced GCI as if it's on the edge of catastrophe. I'm as aware of the problems besetting the industry as you are, but I think it's overdone.
* Don't be surprised to see a dividend cut announced with earnings this week. But GCI could cut the ($1.60) annual divy in HALF and still yield > 7 percent at the current stock price. Cash flow would seem to be there to support it.
* Newspapers will survive. But the current corporate ownership model probably won't survive. Consider that there are hundreds (thousands?) of small community weeklies across the nation that are right now returning very nice incomes for their owners. Do you really think there's no way for an enterprising business person to run such a paper profitably in a St. Cloud or an Elmira or an Oshkosh?
Of course it can be done. It just can't be done at the level Wall Street has come to love and expect. But an entrepeneur who's not interested in being part of a corporate culture, who's immersed in the life of his or her town and wanting to remain that way, who's focused on delivering value to readers the same way the guy with the dry cleaning shop on the corner does for his customers and couldn't care less about folderol like mainstreaming and other 'initiatives' that have little to do with the needs of the communities they serve, who's willing to forego sensational margins and live with merely good margins that pay the bills and salaries with maybe a little left over--that entrepeneur can do just fine. And I predict that, in come form, they will. Look around your town . . . the guy with the used car lot, the woman with the main street clothing store or book shop . . . that's exactly how they're doing it.
We are in a phase of "creative destruction." It's painful for many (I'm one, currently unemployed) and GCI employees are in the eye of the storm, that's for sure.
Newspapers and TV stations, whether print, on air or online, have a future as local entities, but Gannett is threatening their stand-alone viability by outsourcing and regionalizing more jobs and functions. By the time Gannett finally realizes that the chain model, with 20 percent+ of operating profits going to a distant owner, is outmoded, the value of its component papers and stations will have been significantly lessened by all the stripdowns. It will be much easier to sell a turnkey operation with news, ad sales, IT and finance intact than one with so many missing parts. The way Gannett is going, its papers just a tad more robust than Gannett Blog.
ReplyDelete10:59 a.m., agreed. There are plenty of independently owned small papers making a go of it. I wish all of us who actually care about our communities and the way they are served by newspapers could run them, rather than the disasters appointed by Tysons.
ReplyDelete10:59 If they cut the dividend, the stock price will collapse. GCI is only being held up now by the dividend it is paying.
ReplyDeleteWhat you say of the old largely family-controlled newspapers is true, and the concept of the chain model is now outdated. In the past, there were savings in putting together chains that could buy newsprint cheaper in bulk, and have unified and thus cheaper administrative costs. Over time, that has been eroded by the larding of the ranks of extravagantly paid executives who now are draining vital resources from the papers. USA Today is also an added expense for local papers, who subsidize USAT's printing costs, etc.
This economic downturn will test that model, and the future of the executive ranks and USAT are in question. The 3x earnings reflects Wall Street skepticism the company can continue the way it is now structured.
11:34 - "that could buy newsprint cheaper in bulk" Yes, Gannett buys in bulk, but the sites pay more for it than if they bought it directly from the mills.
ReplyDeleteSame for hosting fees.
Someone has to pay Gannett Supply's and GMTI's staffing.
"...GM, meanwhile, says it is cutting benefits to conserve cash. The company is temporarily suspending company matching of its 401(k) retirement savings program as of Nov. 1. And it is suspending tuition reimbursement and adoption assistance as of the end of this year."
ReplyDeleteDON'T GET ANY IDEAS, MCCLEAN. Cut the dividend and cut exec compensation before you touch the match.
Rumor has it the Dubow will be visiting Douth group papers in early-mid November for a pep-rally.
ReplyDeleteSorry, I lie, it's not for a pep-rally.
I got some "Peep" for Dubow.....RIGHT HERE!!
ReplyDeleteWhat about a group of dedicated GCI people, putting together a business plan to break-up the compnay into smaller independents, but keeping a loose co-op like association for purchasing materials and sharing national & international new collections.
ReplyDeletePresent it to the 50 Largest Holders of GANNETT stock and see what they say. This way we neutralize the Board Members (who, if I were them should be very very worried about investor lawsuits against them for presiding over this God awful mess)
And part of the deal, NO F*CKING PARACHUTTES for ANYONE. Upper management should feel lucky that they will be able to walk (no be carried) out of the building. I tell you Frank Gannett would bitch slap all these bastards for destroying his creation.
As an ex-Gannettoid, what is especially delicious to watch is the likely destruction of the "Gannett Myth" -- that is, "we here at Gannett are extremely bright and we -- above all others -- know how to run a newspaper."
ReplyDeleteWhile there are individually bright people within the corporation, they have collectively -- in exchange for a paycheck -- chosen to drink the foul tasting Kool-Aid corporate has been pushing for nearly two decades.
Now, those of us outside the company can, with some authority, say collectively of those left within the company:
-- you never knew shit about building products people wanted
-- you never knew shit about motivating good people at the local level
-- all your internet ventures turned to shit before your eyes
-- the only talent your regional execs had was "playing the game"
-- you never understood that local autonomy can be far more lucrative than centralized mandates.
and now it turns out...
-- you really never knew shit about how to run a newspaper company.
1:33--Bravo !!
ReplyDeleteAs a blue-collar Gannett employee -who isn't as "sophisticated" as the Mclean brain trust, I'm glad I had the knowledge, foresight & guts to buy Jan-10 GANNETT $12.50 PUTS & Apr-10 GANNETT $12.50 puts in August.
ReplyDeleteI'm UP 491%....not a Golden Parachute but little my severage package
I am certain the executives are looking at every possible option from spin offs to mergers to acquisitions. The company could look very different a year from now. That is true for a bunch of companies in the next 12 months.
ReplyDeleteJ.H.C.!!!!!
ReplyDeleteGCI is now @ $8.64 and falling like a rock,,,,,,,
And now $8.55. Pray for all of us. It's the Titanic.
ReplyDelete$8.49 !
ReplyDeleteI *never* in my lifetime thought I would see the death of GCI. Now, I am sure of it.
GANNETT MARKKET VALUE = $1.9 Billion
ReplyDeleteJuly-2005 MARKET VALUE = 16.3 Billion (approx)
This is The Perfect Storm
This comment has been removed by a blog administrator.
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteA thought, and I apologize if this we mentioned before...
ReplyDeleteWith the delay in benefits enrollment info for 2009 and the eminent statement from GCI regarding Q3 earnings, is it possible that benefits enrollment is being held off until the next layoff?
I am simply guessing. I wonder if Gannett gets charged a premium for each enrollment, so that may be why benefits are late.
We have heard that we are getting benefits, but no date as to when enrollment info is going out.
No expert here, just pulling at strings, trying to make sense of the non-sensical.
I have now deleted several comments that included personal attacks on individuals identified by name. Please don't do that.
ReplyDeleteIn these cases, the individuals were known only to a handful of people, so they would not have been of interest to this blog's wider, nationwide audience.
1:33 tells it like it is. I especially agree that Gannett seems to create managers and employees who "play the game." The really bad part about this is that it kills good ideas and potential remedies when folks don't feel they have the support to raise a red flag now and then. Instead of nipping problems in the bud, they fester, often for many years. If managers/employees speaking up was at least equally valued as kissing ass seems to be, maybe Gannettland wouldn't be in the mess its in. It took years, but the see no evil, hear no evil approach to managing newspapers finally caught up with the old chain gang. Everyone bowed to corporate, and look what it produced -- a company that is not well equipped to cope with bad times. All those people who were afraid to say anything ever because they enjoyed what seemed to be stable employment and didn't want to rock the boat... What did it get them? The very thing they feared. Job insecurity. They traded self integrity for remaining in favor with the big bosses. They tolerated a host of under-performers in exchange for a steady paycheck. This would be a great case study for what happens in a large corporation that promotes brown-nosing to such an extreme that it actually builds a community of robotic, gutless employees who might have otherwise been able to head off some problems if they were free to speak out and actually make the decisions they are paid to make. Instead, Gannett harbors folks who are obviously below par for reasons that are not exactly legit. They smile nicely. Or they have the right skin color or ethnicity. Or the corporate attorneys say they can't be fired for this reason or that. Eventually everyone becomes so disabled that dealing with abnormalities actually becomes the norm. Absolutely insane. Then the company has to hire more folks to make up for the people who can't do their jobs. Mid-managers are dealing with vastly inferior employees below them, and managers above them who refuse to act on anything that is important to the functionality of the business. Gannett is just another NASA, another GM. Most companies, and even governments, that don't value contrary opinions and so easily disregard common sense hiring and evaluating procedures, eventually end up sinking. In bad economic times, that plunge to the bottom can happen very quickly.
ReplyDeleteI'm intrigued by this ad for a "temp" reporter at GNS:
ReplyDeletehttp://www.journalismjobs.com/Job_Listing.cfm?JobID=988793
Doesn't say how "temp" it is.
It's a sad thing to watch Gannett stock continue to drop faster than a free-fall bomb. When stocks fall to this level, rarely is one able to refloat the ship.
ReplyDeleteObviously the state of the economy is partly to blame, but ultimately it's the captain of the ship who is responsible for its' crew and how it performs.
I may be dating myself here, but back when Pearl Harbor was flattened in the attack by the Japanese, various admirals were held accountable.
In our modern day scenario, Admiral Dubow is in command and has to bear the responsibility for where we're at. No doubt, some of his bumbling executive officers also need to be thrown overboard as well. Unfortunately, they're the ones who's loyalty to Admiral Craig have kept the mutiny from happening to this point.
However, soon there can be no recourse but to set these people sailing off into the sunset....and as sad as it may seem, with golden parachutes that will be inexcusable.
Watching this all unfold from one of Gannett's biggest broadcast operations is frustrating as all hell. Personal here have been let go to the point where we're stretched so thin, one has to wonder if the next newscast is the one that'll implode on-air to the point where viewers will watch in amazement as the meltdown unfolds before their eyes.
Only the hard work of those still here keeps things running, but there's no doubt quality is no longer an issue. Just keep the ship moving, hoping that it'll somehow make it through for another day.
Ratings are at an all-time low for our station. Not that they were ever very high, but at least they weren't solidly in the tank.
People aren't watching because they're not as dumb as management would lead us to believe. The viewers see a product that is sub-par to others in the market and they've chose to watch other stations.
It's easy to decipher this when you have people who come up to you on the streets and ask "what the hell is going on over there?"
I suppose I could take the time to explain it all in great detail, but they wouldn't care anyways. Afterall, why would the viewers care about our problems? They've got enough going on in their own lives to handle right now with the economy the way it is.
I'll sum this up with this. When Friday's earning reports come out, look for the Gannett stock to take another big hit. You don't have to be a market whiz-kid to know that.
What you do need to know is that many more jobs will soon be on the chopping block....both newspaper and broadcast divisions.
You might want to start looking for you local unemployment office phone number so that you can have a head start on things.
I worked in IT at a paper and I have seen first hand the disrespect towards IT. Even though EVERYTHING runs through our systems we were treated like dirt. We were a second thought at best, especially once they got rid of our director. We were not even invited to the going away party for our publisher, the rest of the building was there, it really put us in our place and then they wondered why we were not motivated to put in extra hours. I have heard that corp. believes that they can get rid of IT completely at sites and have 'technical people' in the individual departments handle IT functions for that department. The problem is that all other departments are being cut and if there is a technical person they are doing the job or 2 people already. There is also a big difference between an IT Technician and someone who is good at working on computers and I do not think that corp. sees that or many directors either. They just do not understand or care to understand IT. Just because you can build a spreadsheet does not mean you are technical.
ReplyDeleteI just don't understand this perverse way Gannett handles its employees. The suppressing of information on the company's future, unexplained delays in benefit enrollment statements, the perverse way managers treat employees and Soviet-style top-down management is typical across all GCI properties. The our-way-or-the-highway attitude was fine when Gannett was prosperous, but that's no longer the case. Dubow says there will be more layoffs, and then seems to take delight in providing the follow up of where and when and who. I am so sick of this. I would invite the Guild to come in, but we are in a right-to-work state and Gannett won't let that happen.
ReplyDeleteThe "temp" job is currently held by a former Arizona Republic reporter who left for Copley, took a buyout there, and then wanted to work. He took the temp job probably hoping it would turn into something permanent. Well, that is not the case. It is amazing to think that the Republic does not have a permanent reporter covering the Arizona delegation. What will happen if (god forbid) McCain becomes president? Just another example of silly thinking.
ReplyDelete2:50--Well said. I have been involved in citing names at the Journal News, Westchester, New York--and I was wrong !!However in the 20+ years that I worked there I witnessed the absolute worst people in management. They released me just after they spent over 5 million on a new press release system --that still doesn't work right ! Yet they told me that they have to cut costs. If they want a good product they are going to have to get rid of ALL the management there from the top to the bottom. They couldn't get a VP of Circulation there so they had to take someone who was way under-qualified. They also promoted people who couldn't get a job at Mickey D's. If there are other people from the Journal News on this site--speak up because you know that I am right! The circulation in Westchester New York is a joke.
ReplyDeleteDo you suppose Gannett HR is wise enough to realize the replacement costs involved in replacing employees? I heard a figure of $8,000, but that was more than five years ago.
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteWest Coast poster - so coming late: Presidents of all groups met in Washington today. That's really all I know. But considering the news coming out tomorrow, it is possible they are hearing/helping decide our fate.
ReplyDeleteWhy can't I log onto the Hewitt website for my 401k?
ReplyDeleteThe site was down last night, all day today...that's inexcusable. There is no phone number on the website to call...
Dear lord... the thought of fewer IT staffers brings a shiver to my spine. That would be a disaster. The hands-on IT guy in Wilmington is a genius, and works his butt off every day. (No, I'm not him!) He gets pulled in a million directions at once and is never frazzled. I honestly don't know how the powers that be allow him to go on vacation.
ReplyDeleteThree cheers for great IT people! They let us news wretches do our jobs.
Prolly the same reason the YBR site was down at enrollment time last year. Idiocy and incompetence.
ReplyDeleteRE: Jim @2:49pm
ReplyDeleteWhy is it OK for "Todd" (and others) to blog about specific names, specific titles, specific papers in NY but when a certain other site and their people get mentioned, you take it down? Why the special treatment for that locale? And you KNOW of what/whom we speak of.
I just deleted a comment that comprised what appeared to be the full text of an AP story; that's a copyright violation. Please don't do that.
ReplyDelete7 p.m.: If that's happened, it's my fault for not patrolling those comments more carefully.
ReplyDeleteI don't like to delete comments; it's a waste of your time, and mine. But I'm also trying to be more aggressive in going after comments that attack less well-known individuals -- i.e., below the level of a director -- by name.
In short, whenever I see a comment that mentions someone by name, or includes titles or other information that would point to only one person, I'm going to look at it very closely.
7:41pm: I would say nearly 40% of your blog refers to people by title or name. I see nothing wrong with anyone commenting on an individual by title and/or location (just not by NAME). It's interesting and valuable information for many more of us than YOU may think. It may be that the guilty parties have a problem with it but thats just tough luck!
ReplyDeleteI just realized that the severence package for the top 5 execs is now 4% of the marketcap of the company.
ReplyDelete$79m/$1.0B= ouch!!!
@8:33 - want to say something about someone, put your actual name on the post - otherwise it's just an anonymous smear which deserves to be removed.
ReplyDeleteThis just in from Gracia...
ReplyDeleteThursday, Oct. 23, 2008
To my colleagues at corporate…
All of you here have worked very hard over the past few years to stave off the business and economic conditions that are impacting our industry. Even so, the challenges are deepening and we must face them head on, just as our coworkers in the field continue to do.
To that end, we are offering a voluntary severance program to some employees in certain corporate departments who are age 55 or older and have a minimum of 10 years of credited service. Eligible employees are receiving detailed information about the offer now.
Corporate officers and vice presidents are not eligible for this offer. Neither are employees in the Publishing, Broadcast or Digital divisions who work in the McLean headquarters.
Even though you are not eligible for this program, we wanted you to know what is happening.
Also, you need to know that if the voluntary offer does not result in a sufficient number of volunteers, or if business conditions worsen, it may be necessary to consider other expense reductions, including layoffs.
We know this is very difficult for everyone involved. It is extremely important to me that everyone understands these reductions are not in any way a reflection of the work these employees have done. All of them are our colleagues and friends.
And, because corporate already has seen a 10% reduction in staff through attrition or other initiatives, we expect our work loads and processes will need to change. This is a continuing challenge for everyone.
Your patience and loyalty under these circumstances has been remarkable, and I deeply appreciate it. If you have any questions, please contact your supervisor or Maria Liggins in Human Resources.
Sincerely,
Gracia
I am a Gannett employee from Corporate. I’ve been sadly watching the slaughter of good talent in the field by the executives. To many you may take delight. Others will accept, as we have, that it shouldn’t happen to anyone. But, the letter came out today that they are looking for buy-out volunteers at HQ. If they don’t get their numbers they will begin the lay-off process the same here as they have at every other location.
ReplyDeleteFor what it is worth, there are many of us at corporate that are just as outraged about what is going on as you. I know in my department we are fighting tooth and nail over every $1 we can in hopes that it may keep someone at a newspaper or TV station from loosing their job. I am embarrassed to work at a Fortune 500 company and have to sit there and argue with a vendor over a $20 charge on an invoice out of fear that it may cost someone their job.
I am enraged that I have to do that while Dubow is still hoping around the country in his own corporate jet and driving around in his company Mercedes. I absolutely sickens me to think that we would have to pay him $36 million just to get rid of him. But considering the billions the company has already lost, maybe $36 million isn’t such a bad investment.
Not that I expect the community newspapers to be offered any more buyouts, just layoffs, but if there were to be buyout offers, I wish they would LOWER the eligibility age. How about letting veteran employees as young as 35 or 40 volunteer to go, so that those 55 and older who are perhaps more worried about securing another job (not that it would be easy for anyone right now) might be able to stay on and someone who can take more risks might opt to go for it? They could still let those with seniority get first crack at it. Although I suppose it would be kind of embarassing if the whole newsroom wanted out.
ReplyDelete@9:38 - what planet do you live on? how condescending can you really be? we at corporate our saving our pennies so that the children in the field can eat. give me a break.
ReplyDeletethe voluntary buyouts represent a better package than the involuntary layoff will represent. those that have the opportunity may or may not be targeted in an involuntary layoff - it will be a gamble to stay if you have the choice. the voluntary buyout is also a two way decision. some may want to take the buyout but won't be accepted.
ReplyDelete9:27: There's a lot of anonymous smears. Just wondering why certain ones get deleted while many others are permitted to fly. What is the criteria for a "legitimate" smear?
ReplyDelete10:27, get a new agenda. Just becuase people work at corporate does not make them bad. I do not work at corporate, but ddo work with corpoarte from time to time. The majority are just like was, they work their asses off. Granted they have a nicer building then most of us, have a very nice gym and a huge cafeteria...it is not thier fault, they just work there. It is the board of directors we should be upset with.
ReplyDeleteThey continue to let people who have no idea what it is like in the real world run the company. These people do ot listen to anyone (employees, readers or customers) and have killed what once was a great company. It sickens me to see people on this blog so blinded bny thier own misery that they really think all management and all corporate are the anti christ.
For every idiot Publisher and manager (there are a lot) there is a great publisher and manager. Do you think all managers really sit around and plan how to make our lives miserable? Get a clue.
Most managers/directors/publishers are sickened by what is happening to our newspapers. Problem in that is is Bob's way or the highway. They have learned not to question him....just say "yes Bob", "your right Bob", "great idea Bob".
Of course you can replace Bob's name with other names..Craig, Gracia, Phil, Jack, Michelle, etc...
So, stop blaming every manager and corporate employee for your unhappiness.
Since you are so smart and knowledgable, write a letter to the board of directors with your complaints.
@10:55 - First, who the heck is bob?
ReplyDelete@10:55 - Second, I'll just blame you and not worry about writing a letter.
ReplyDeleteExpect tomorrow's earnings call to be absolutely brutal. It's certainly not coincidental that the note announcing corporate buyouts came out the day before.
ReplyDelete11:03, funny
ReplyDelete11:07, even funnier
As 6:49 said, we've got an IT team at Wilmington that are THE BEST and they've been stripped to the bare bones. I'm surprised they haven't all run for the door by now as they are talented IT folks who would be so valued elsewhere, especially the Manager. The only VP we lost was in IT and maybe it was because while his IT manager ran around like "Roadrunner" trying to put out fires - Mr VP was mostly sitting with his feet on the desk watching TV! As far as the question about Genesys - good luck, we've struggled with severe issues for the last year. So the customer service suffers again. Can't believe I'd ever see such disfunction and ruin of a business. If other sites are run like Wilmington where the VP's only worry about trying to out manuever one another instead of "working as a team" then it's no wonder Gannett is on the deep slide.
ReplyDeleteI am surprised to see so many IT people commenting on this forum. O thought it was mainly news people.
ReplyDeleteBecuase the ONLY people that would think IT was soooo important are the people in IT.
11:56 Spoken like a newsroom person that thinks no one else at the company is worth a damn except them. Let me clue you in most people outside of the newsroom have no respect for the newsroom because of that kind of arrogance.
ReplyDeleteHow about we realize that we're all in the same situation, so putting down people in a department different from yours isn't going to help you keep your job. We should all be in this together and try to make the best of it!!!
ReplyDelete"Also, you need to know that if the voluntary offer does not result in a sufficient number of volunteers, or if business conditions worsen, it may be necessary to consider other expense reductions, including layoffs."
ReplyDeleteI can think of two well-deserved layoffs to start with, which would not only save significant sums of money but instantly boost morale throughout the company. We'd also have one fewer Porsche and 7-Series BMW taking up parking spaces.
To that end, we are offering a voluntary severance program to some employees in certain corporate departments who are age 55 or older and have a minimum of 10 years of credited service. Eligible employees are receiving detailed information about the offer now.
ReplyDeleteCorporate officers and vice presidents are not eligible for this offer. Neither are employees in the Publishing, Broadcast or Digital divisions who work in the McLean headquarters.
Even though you are not eligible for this program, we wanted you to know what is happening.
The last sentence is really puzzling: So everybody who did NOT receive this memo is on the chopping block (taking the exceptions mentioned above into consideration)????