"If advertising and circulation revenues continue
to decline, further payroll reductions
may be necessary."
-- Gannett's instructions to publishers two months ago, on how to announce 1,000 newspaper job cuts -- and how to answer questions about more cuts in the future. I post this in reply to several comments today, seeking advance warning of any more layoffs.
I dont see how ANYONE could possibly think we won't have more layoffs and possibly closings. I know nothing, less than nothing, but I can't see how we can weather this huge global crisis on top of our already teetering biz and not have layoffs. But what do I know. I hope I am wrong.
ReplyDeletethe only bright light right now for companies is that Wall Street has pounded every single company and therefore maybe just maybe companies won't be at the brutal hands of wall streeet analysts on a quarter by quarter basis ...which many experts believe has been the death of most companies.
ReplyDeleteLiving and dying and managing by quarterly wall street expectations has been bad for business.
Jim,
ReplyDeleteWarning heeded. All I have to do now is form my departure plan from Gannett. Thanks for all of your hard work; you may catch hell from some quarters, but you are providing a greatly needed service to Gannett employees who need independent coverage of the company that "rents" them.
GCI Stock is now trading at $13 a share. $13.
ReplyDeleteLeave now - before it is too late. Leave now before your paper - or newspaper division - is shuttered. Christmas is coming. And you guys KNOW this is when Gannett typically does its layoffs en masse -- just before the quarter ends. And if you work in an environment where there are too many chiefs and not enough Indians be prepared to be demoted (i.e. regulated to filling in because so-and-so has moved on) or let go. Better you hit the bricks now before the mass layoffs begin, than wait until later when you are all out competing for the same jobs in the same markets. I, personally, wouldn't want to be working as a Gannett correspondent in DC for example when a great many Washington correspondents have been recalled by their newspapers to cover local issues back home.
The handwriting is on the wall. READ IT.
why leave on your own.. wait for the smart GCI execs to annouce more lay offs. Then get paid for how many weeks they will pay you to leave.
ReplyDeletethey wont keep paying us to leave....that will end too.
ReplyDeleteMore layoffs to come as early as next week. The 2009 budgets are being returned to the papers this week and will take more deep expense cuts for 2008 and drop another bomb for 2009.
ReplyDeleteGannett will need to get a whole lot leaner for 2009.....and even that won't please Wall Street. As Mark Adkins recently told some friends..."print is dead". Mark should know..... better than anyone.