Tuesday, June 23, 2009
Tuesday | Your News & Comments
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65 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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whats the latest news over at
ReplyDeletethe courier post?
Gannett as we know it finished by June 2011...
ReplyDeletehttp://tinyurl.com/msjnff
Ms. Martone:
ReplyDeleteNow that this is out there ...
http://www.thedeal.com/newsweekly/features/gannet-default-option.php
Let's be honest, and humane, and wise, and stop the layoffs. We all know that the continued cuts are simply speeding the downward revenue spiral. There hasn't been any "fat" for some time. So rather than trying to die faster than the June 2011 deadline, perhaps you can one better than your predecessor and focus on the high finance. Your best option may be to sell all or a good part of the company anyway, and the way we're cutting, there won't be anything left to sell. If you stop the layoffs, what remains of our loyal readers and advertisers may help you get to stage two, whatever that may be.
11:09 is on the right track except the company and its parts are too mingled. Online and specialty publications are heavily promoted in the paper bringing to question how they'd do on their own. The online component is also heavily reliant on the promotional space in print and shares internal resources making it nearly impossible to put a value on anything separately. The print equipment is only valuable to broadsheet uses and the papers are showing that's hardly necessary in the future so what's left other than selling the buildings for lump sums and leasing back which only buys you out of a very short term jam.
ReplyDeleteThings seem the same at the courierpost. Peoplewaiting for the shoe to drop. Meanwhile the many non productives in the advertising department continue like nothing is happening and that's because tghey don't make anything happen. rumors are that middle management types may be targetd this time and that would be a good thing because they just hang around and do nothing insteadof getting out on the streets and being held accountable to bring in business that they generate on their own. Ha!
ReplyDeleteIt's a mess to sell this rat's nest. Even if they sell they'll still lay off people to cover the cost of the lawyers and accountants that are arranging the deal.
ReplyDeleteIt's inevitable. YOU CAN'T STOP DEATH, and these impending layoffs on 7-8 are the same as death. It's going to happen. The decision has been made.
Move on spend your time finding a new job or something else. Think of it like the day you graduate high school, your done, it's over. The layoff is the same your done, your over with at Gannett, the decision has been made, move on.
It is sad but it is the TRUTH. And in this business that was what mattered at one time.
I'm confused (no surprise there), but what was posting the $2,000 security guard agreement supposed to accomplish -- besides proving it cost $2,000.
ReplyDeleteAm I missing some key learning or something? Transparency? Or what?
The only thing I came away with from seeing that $7-a-minute document (my favorite detail), was thinking Hopkins is even crazier than I thought!
Will the community papers take the brunt of the layoffs AGAIN, or will USA Today finally take a bigger hit this time around? A lot of people, including USA Today employees, say the place is still as bloated as can be. I imagine there are dozens of people in a place that big who are not performing that well, who aren't among the best and brightest in the industry. A lot more to trim at usat than a little operation that depends on every warm body, even the ones who might not be fantastic employees. I hope there is some fairness and equality to these layoffs. It seemed so random last time. A lot of institutional knowledge was lost everywhere within Gannett, as the layoffs seemingly targeted workers over 45 or so. But I also hope that Gannett realizes that the smaller papers are already down to the bare bones and that they need to look elsewhere for victims. It's too bad this has to happen at all (there really is nowhere to go if you get laid off now), but if it does, I hope it's done a bit smarter than last time.
ReplyDelete11:44 is totally correct.
ReplyDeleteThat's not to mention the new regional desks, which further intertwine the papers.
The only real option left is to sell, and probably the whole company. Maybe you could sell USAT and the company HQ, but who wants to do that? Are the corporate chieftains going to retreat to Rochester?
And further layoff only exacerbate that possibility. Who wants to buy a starved cow with its ribs protruding?
Word in HR is that Dubow hired his new spokesperson before he went on leave.
ReplyDelete11:09am - GREAT IDEA!
ReplyDeleteSell off the individual papers, with preference for LOCAL ownership.
Better even, if that ownership includes 51% of it being owned by some sort of an employee consortium.
Go for it, Gracia!
If you can wade through this, it's one of the best explainers I've seen of Gannett's potential debt exposure and the mouse trap it might spring:
ReplyDeletehttp://www.thedeal.com/newsweekly/features/gannet-default-option.php
Now, I don't necessarily buy the premise of the story, but I will say that it's one of the best examples of why credit default swaps are a horrible idea.
I don't think selling is the answer most GCI employees are looking for. Unless, of course, most of us want to be out of work.
ReplyDeleteSome of the more profitable community papers might find a local buyers, but I bet many of them would simply perish, leaving far more than 10 percent of the Gannett workforce without jobs.
Not many folks are looking to buy newspapers these days. And those who are want to buy them at bargain rates that would be cheaper than simply building a startup.
I'm sure we could sell USAT. Maybe we could sell the entire broadcast division, but broadcasting isn't exactly booming these days.
So why root for a sale? We have a better chance of keeping our jobs for at least a few years if the company remains intact.
Use that time to plan a career move. Or ... if you're able ... get out now.
The newspaper industry will never again be the profit center that it once was meaning one thing -- salaries and jobs will decline to stay in line with the revenue. It happened to radio, and now it's happening to us.
This is one case where a realistic outlook will help everyone involved.
KUSA in Denver just received this email from Dave Lougee.
ReplyDeleteJune 23, 2009
Dear colleague,
While many are cautiously optimistic that the worst of this economic downturn will soon be over, the broadcast industry continues to feel the effects. The decline in the auto industry alone – once about 30 percent of our division’s ad business – is a major challenge for us. And that’s just one example of the changes we are seeing.
I believe it’s clear there will be a permanent reset of the American economy on the other side of the economic storm. On top of that, our industry has been impacted by the revolution in the way people consume media and the way advertisers try to reach them.
Even so, our division’s financial results continue to be at the top of the industry. With your help, ideas, and some tough choices, we have made important and innovative strides in how we allocate resources to best serve our viewers, communities and advertisers, on any and all platforms.
These efforts, combined with some proactive financial decisions, will help us stay strong. In effect, we have to have our own “reset” to match the changes in the broadcasting business. As a result, we are making the following changes in compensation for employees making $30,000 or more in order to reduce costs and minimize the need for additional job-related actions in the future.
Effective July 1, for:
• Employees making $30,000 to $39,999, compensation is reduced 4%.
• Employees making $40,000 to $49,999, compensation is reduced 5%.
• Employees making $50,000 and higher, compensation is reduced 6%.
The salary reduction will be calculated from your base annual salary. More details are included in the attached fact sheet. Again, employees making less than $30,000 are not affected.
I want to thank you for the sacrifices you are making, and for the support you’ve provided each other during these difficult times I encourage you to talk with your managers about this change, and please feel free to contact me to discuss this or any other issues of importance to you.
Here is the FAQ part of the letter.
ReplyDeleteFact Sheet
Broadcasting Salary Reduction Program
July 2009
Q. Why is this program being implemented?
A. As Dave’s letter outlines, the combination of the economic downturn and the permanent reset of consumer spending habits means we need to reset our own spending levels in order to keep our division strong and well positioned for the future.
Q. How much will my annual salary be reduced?
A. If you make:
• less than $30,000, you will not be affected.
• $30,000 to $39,999, the reduction is 4%.
• $40,000 to $49,999, the reduction is 5%.
• $50,000 and higher, the reduction is 6%.
The salary reduction will be calculated from your base annual salary, prior to any furlough or temporary salary reductions in the first and second quarters.
Q. I am a part-time employee. Does this salary reduction impact me?
A. The reduction in base pay may impact you. If your annualized base compensation on a comparable full-time (40 hours a week) salary is $30,000 or more, you are subject to the salary reduction under the same scale outlined above.
Q. Does this affect everyone?
A. This applies to non-contracted employees making $30,000 or more. However, it’s important to note that most contracted employees have already taken salary reductions, some of those voluntarily. Many of those reductions have been at much higher rates than being implemented here. Union-represented employees are being asked for salary reductions, and some unions already have agreed to reductions greater than these.
Q. Will there be any exceptions?
A. Our stations in Cleveland and Maine are not included because they already put a similar salary reduction program in place at the beginning of this year. However, they will be doing furloughs in the second half of the year because they didn’t have furloughs in the first quarter. Commissioned account executives will not be included in the program. There also will be a handful of people who have had job status changes in recent weeks whose compensation was established based on this new pay structure.
Q. Why are we not doing furloughs instead?
A. The third and fourth quarters traditionally see more vacations. With that in mind, division and station management felt more furloughs would mean too many people would be out of the office.
Q. Are all Gannett divisions implementing salary reductions?
A. No. Each division is approaching the question of expense reductions in a way that aligns with their financial and strategic realities. Divisions are implementing and communicating their plans separately.
Q. Does this mean there won’t be any layoffs coming?
A. One of the goals of this plan is to minimize the need for significant layoffs. We are hopeful the economy is beginning to stabilize and bring some clarity to advertiser demand. Beyond that, we can’t make any permanent decisions given the continued uncertainty in the economy.
Q. When will this salary change be effective?
A. The effective date will be July 1, 2009, for all employees. For monthly paid employees, the reduction will be seen on the July 15 paycheck. For bi-weekly paid employees, the reduction will be seen on the July 17 paycheck.
Q. How are my benefits impacted?
A. This program will not affect your medical insurance eligibility or coverage. Your contribution toward the cost of coverage may be reduced if the program changes the salary band into which you fall. If that occurs, you will receive written confirmation from Your Benefits Resources (YBR).
Your basic life insurance, and any supplemental coverage you may have elected, will be based on your new pay rate effective July 1.
If you participate in the 401(k) plan, you will continue to have your designated percentage of pay deducted based on your new salary level.
There is a letter out from Dave Lougee of the Broadcast Division to all Broadcast employees.
ReplyDeleteIt reduces everyone salary who makes more than $30k year. Apparently permenantly. $30-$39k per year is reduced 3%. $40-49k reduced 4%. $50k-up reduced 5%. FAQ states this is instead of furloughs in 3rd/4th quarter.
So they seem to have decided how to address the financial analysts questions about what happens to opex when they quit doing furloughs.
Argh, sorry. Make that 4%, 5%, and 6% at those salary levels.
ReplyDeleteOh, one more thing. The accompanying FAQ states each division is doing its own opex reduction strategy. So Newspaper might not have *this* plan, but they appear to have *a* plan.
ReplyDeleteEven if Gannett decided to start selling off newspapers no one would buy them.
ReplyDeleteThe newspaper industry has this delusion that "things will come back" when the economy turns around just like it has in previous recessions. I hear it from the ad folks all the time - even at the level of VP Advertising and Publisher. Problem is...this downturn is FAR different for us. The industry has spent too much time trying to hold on to its "print" models (alt pubs, redesigned pages) and not enough on possible future business models.
The financial people on the outside looking in have no idea it's even worse than they realise. This industry is like a very sick lung cancer patient that continues to argue his/her decades of smoking no filter Camels could have in no way caused the cancer....despite any evidence to the contrary. It's a deathbed patient that actually fights against treatment.
2:12pm. Yep, KARE in Minneapolis/St. Paul got it as well.
ReplyDeleteOf course, this is a significant ratchet up of the pain from the furloughs in several important respects. First, it is permenant, second it impacts life insurance amounts, third at least with furloughs you got some time off to do something else.
.......and so it begins
ReplyDeleteWhile the economy has obviously dealt a blow to the newspaper industry, Gannett was destined to suffer under its own arrogance which seems to be shared at nearly all levels of management. The publisher at one of the larger dailies held a meeting with managers and senior staff a few years ago and announced that the business plan was sound, but the economic climate was bad. I asked afterwards if the climate changed perhaps it would precipitate a change in the business plan. "No, our business plan is sound" was the response to which I asked how long he felt the climate might be bad. He sarcastically answered he's no a weatherman and can't tell the future to which I suggested if the weather looked bad and you didn't know when it might improve it would possibly be a good idea to plan accordingly. I lost the argument and in retrospect, can't remember him actually laying out a plan, just that there was one. I hope there's better planning going forward if the expected cuts do materialize.
ReplyDeleteThis is from my friend (author of Financial Armageddon & When Giants Fall) Michael Panzner's website FinancialArmageddon(dot)com.
ReplyDeleteIt's a list of useful site for the Un/Under-Employed. I hope it helps. go to his site to see more.
Doug Walden
formerly of The Asbury Park Press
As it happens, today I stumbled across a mother lode of sites geared towards those who are unemployed. Denise Gabbard, a professional recruiter and career coach, has posted this collection, entitled "100 Tips, Tools, and Resources - To Help You Survive Without a Job," at the Cleveland Unemployment Examiner.
This is must-reading in these times, and I thank L. Fabry at Radiography Skills, and Bill Vick for putting it together:
At some point in their life, everyone has to deal with losing a job. The below sites are essential resources for those who need help with dealing with unemployment, getting expert advice, as well as preparing for the search for the next employer.
Must Read Articles and Guides
Stop here first for information on how to do everything from making a graceful exit to collecting unemployment, to utilizing new found free time. These articles are a must read for the basics of joblessness.
1. When the Paycheck Stops : This free PDF download is available from the AFL-CIO. Also available in Spanish, individual sections include where to go for help, dealing with creditors, and how to stay insured and healthy.
2. How to Survive Without a Job : This guide from eHow contains the basics of what to do when laid off. Get tips for everything from saving, spending, and how to maximize your time.
3. How to Survive Without a Job : From Inc. magazine, this article focuses on entrepreneurs who want to strike out on their own. In addition to starting up your own business, it also has tips for managing time and money without a steady income.
4. Why Work? : Want to live an alternative lifestyle without the hassle of the nine to five grind? Then visit this site for livable alternatives to wages. The goal of this site is to encourage people to value leisure, re-think the Puritan work ethic, and critically examine industrial capitalism.
5. Laid-Off 101 : This article is for those who have been handed a pink slip. It is full of advice for the unemployed from COBRA to stock options.
6. Longer Unemployment for Those 45 and Older : This article is a must read for anyone in this age range who has been laid off. Michael Luo, of “The New York Times,” examines why this segment of the population is being targeted, and what they can do to survive.
7. Get Better Severance : From CNNMoney, this article is ideal for those getting laid off who are entitled to severance. Get advice on how to negotiate the best deal in this article.
9. How to Deal With Being Laid Off : The Career Coach takes you through getting fired to finding a new job in this article. You can also get tips for job fairs, as well as recruiter’s pet peeves.
10. I Just Got Laid-Off Survival Kit : The Dough Roller helps you go from unemployment to a 100k+ job. Get information on how to survive after a lay-off, as well as links to sites offering six figure job opportunities.
11. 6 Immediate Strategies for Managing a Sudden Job Lay Off : This article is a must read for when your employer hands you a pink slip. Get six steps for dealing with this problem that you can do in a single day.
12. Not Ready to Retire? : If you have been laid off and are thinking about retirement, this is the article for you. Learn the benefits of self employment and why retiring isn’t all it’s cracked up to be.
Not minimizing the pay cuts or the early warning system here, but to report for weeks a pending 10% cut and then the cuts are up to 6% instead is a significant difference and wouldn't stand up to scrutiny in any real newsroom.
ReplyDeleteSome, in fact, would say the reporter got it wrong.
Wait. I forgot. It's the Web -- where close enough is replacing actual reporting.
The Arizona Republic lists 35 products it produces in last Sundays paper while announcing readership being up. 35 products! With all these great products they've successfully diluted and confused advertisers and while some of these products are online, the cost of distribution, promotion, sales and such must be a nightmare. Who's on top of this stuff and has anybody looked at the viability of each? I can tell you the advertising costs to the paper have been significant as with each new product, ad reps went to existing clients with a better, more targeted option to the paper. My guess is if you look at the "unique" readers of 35 products in a market of 3-4 Million you might see some fuzzy math.
ReplyDeleteFrom Reuters, this is not good when becoming so visible. Unfortunately, these reports are clearly questioning decisions made by corporate.
ReplyDeletehttp://www.reuters.com/article/paiddealsAtoms/idUS98397131920090623
I see that Corporate's defenders have shown up. Nice. I'll now start moderating comments in advance again. Sheesh.
ReplyDeleteIt's nearly midnight here in Ibiza. Time for a late dinner. I'll moderate comments via iPhone as best I can. Looks like a late night. I. Can't. Wait. Until. July 10. Seriously.
ReplyDelete5:20,
ReplyDeleteThe policy is called "Good Enough" and was in fact instituted by Gannett in 2006. We were told not to sweat the details, just to hurry and slap the story up on the Web site, protests from the reporting and line editing corps notwithstanding.
As someone already pointed out, this is more than 10% reduction for the balance of the year.
ReplyDeleteFor those making more than $50K, it's a 12% cut. For those making $40K, it's 10% for the balance of the year.
Average for all three... more than 10% for the balance of the year.
Looks like the crowdsource got it right. Again.
Jim,
ReplyDeleteBe careful not to over-moderate the corporate apologists. Remember they're the ones you have targeted to make contributions to the IRE. It's a slippery slope you travel but I'm sure you're up to it.
@5:20 p.m.: Get a life, or learn some history. It's not like Jim invented anonymous sources.
ReplyDeleteHere's another sad one...
ReplyDeleteThe guy making $49,999 gives up $2,500 for the rest of the year. And his total net for the year drops to $47,499.
But the guy making $50,000 gives up $3,000 for the rest of the year. And his net for the year drops to $47,000.
That one dollar of increased compensation (the $50,000 guy) actually cost him $499 out of pocket.
Sounds a lot like the Obama tax plans. The incentive to earn more falls with every lift of the marginal rates.
What a complete mess this is... the company, the comp, the HR, the plan, the future, etc.
The pay cuts went in $10K increments to $50K, why not higher where salaries go to people calling the shots? A person in a position of control making $100K is effected like those below them making half as much? You can certainly tell who designed the cuts!
ReplyDeleteIf you make:
• less than $30,000, you will not be affected.
• $30,000 to $39,999, the reduction is 4%.
• $40,000 to $49,999, the reduction is 5%.
• $50,000 and higher, the reduction is 6%.
Yup. Maybe the corporate loyals will finally get it after this next round.Especially when it hits them in THEIR wallet.
ReplyDeleteLooks like the crowdsource got it right. Again.
"Even so, our division’s financial results continue to be at the top of the industry."
ReplyDeleteKind of like folks on the Titanic saying to the folks on the Lusitania, "Ha ha. We're not sinking as fast as you are."
Phew! ;)
ReplyDeleteAnonymous said...
ReplyDeleteOh, one more thing. The accompanying FAQ states each division is doing its own opex reduction strategy. So Newspaper might not have *this* plan, but they appear to have *a* plan.
6/23/2009 2:40 PM
That's what I am afraid off: the plan. Funny thing - there's a plan for layoffs, pay reductions etc., but geeezzz no business plan. Oh, and what about this Saradikis guy that should be our salvation in Digital. Seems to be another "Golden Boy" figure "without a plan"!!!! LOL
This comment has been removed by a blog administrator.
ReplyDeleteCan anyone confirm that they reduction is going to really reduce pay by up to 12% in 2009. There are two ways to look at this. I make $2000 per pay period. If they only reduce each pay period from July 1 on by 6% then it is truly a 6% decrease in each check. If they intend to decrease by 6% my 2009 base salary that means they have to cut each pay period 12% to catch up. That is a big detail!
ReplyDeleteAlso Jim thank you so much for what you have done for so many people, although the price may not have been worth it to you, I promise you, to thousands of Gannett employees and their families you will never be forgotten and know your work here made a meaningful impact.
I would like to thank you as well, Jim, for providing us with this site. When I was laid off, it really helped in that I didn't feel like I was just tossed out and cut off. It kind of made the whole horrible ordeal a little more bearable. Too bad that those in this upcoming round will not have that available but the other site should be of some value. Best of luck in whatever you do and stay well and happy.
ReplyDeleteAnyone wondering what is wrong with the Courier News/Home News Tribune only has to read this week's column by PCG which illustrates the more obvious errors and excuses them away in his own unique way. The readers notice enough without reminding them of the sloppy proofing and embarrassing errors.
ReplyDeleteIt's amazing how corporate VPs and politicians all sound the same. They sugar coat everything, never really tell you what is going on and paint a rosy picture while all the time screwing you and thinking you don't know it!
ReplyDeleteJust think of it as a really important deadline. You're doing great — keep up the good work!
ReplyDeletePhew! ;)
6/23/2009 8:25 PM
Jim, You don't want to do this anymore? Then why do you spend so much time moderating posts? If you don't care enough to keep the blog going why not just ignore it?
ReplyDeleteHe appears to be a very smart guy but he can only do so much.You can suggest good ideas and products but you need corporate to follow through.
ReplyDeleteOnce they finally launch a product it is so far behind everything else that is out there.
Hey look at this new thing called the internet! I have seen many great ideas suggested at our site that are ignored and then implimented months later. It's the Gannett way – of losing their shirt.
Oh, and what about this Saradikis guy that should be our salvation in Digital
As someone already pointed out, this is more than 10% reduction for the balance of the year.
ReplyDeleteFor those making more than $50K, it's a 12% cut. For those making $40K, it's 10% for the balance of the year.
Average for all three... more than 10% for the balance of the year.
Looks like the crowdsource got it right. Again.
6/23/2009 6:03 PM
~~~~~~~~~~~~~~~~~
You must not work with numbers because 6% is 6%. You can't double it for half the year. The cut will be 6% of the base salary going forward. It doesn't take a rocket scientist to figure that one. You people love to paint the worst picture of everything.
Sheesh!!!!!!!!!!!!!
When it happens to you I'm sure you won't be so arrogant or cocky. Karma my friend. Karma.
ReplyDeleteYou must not work with numbers because 6% is 6%. You can't double it for half the year. The cut will be 6% of the base salary going forward. It doesn't take a rocket scientist to figure that one. You people love to paint the worst picture of everything.
Sheesh!!!!!!!!!!!!!
Jim,
ReplyDeleteBeware someone posting with the phrases in their text GOING FORWARD. That is MANAGEMENT, not worker bees.
emi
Jim,
ReplyDeleteGo get something to eat.
If management is here, please lets talk about the young reader pubs. Why is that you are wasting money on an entire staff to create a weekly publication?
ReplyDeleteWhy do you need separate editors, artists, web people, sales people and photographers for a publication that is barely breaking even? It truly is insane.
Why do you not move this product to the newsroom where it belonged originally and assign editors, web designers and freelance photographers to cover this section.
Do you know how much money you would save?
Think it over and get back to me.
8:47 -- It is 10% for the year when you factor in the furloughs. Broadcast had to take these too, right?
ReplyDeleteIf I'm wrong about that then you are correct. But if Broadcast workers took two unpaid furloughs, they've already seen a pay reduction of about 4%.
Add to that no cost-of-living pay raises this year and a number of workers have taken a hit of about 6% already.
Now, add 6% going forward for the rest of the year and you're looking at a pay cut of approximately 10% ... probably slightly less ... for 2009.
In the meantime, Dubow and company took bonuses for the decision-making that amassed the debt that made all this neccessary.
9:14:
ReplyDeleteBecause nobody wants to tell the Emperor he is not wearing any clothes.
Ain't it sweet! Let them tell their Kool Aid stories. If Gannett does have to file Chapter 11, their sorry behinds will be gone too.
ReplyDeletePoetic justice — ain't it sweet.
(yes, I know “ain't” is not a word — or is it). Let debate that for about 20 posts just for fun to pass corporate's time.
In the meantime, Dubow and company took bonuses for the decision-making that amassed the debt that made all this neccessary.
6:35 -- Great point. Wouldn't you think the memo would also include a 10% cut for anyone making $75,000 or more and a 12% cut for those at $100,000 or more, etc.
ReplyDeleteAs is, the guy making $50,000 (a moderate middle class wage) will go down to $47,000 while an executive making $110,000 will still be making well over six figures. Sure, he's taking a little bigger cut, but it's probably going to hurt the lower-wage worker more to lose $3,000 than it is for the upper end guy to lose $6,000.
Once again, this shows that the company is less concerned about making a quality product and cutting expenses than it is protecting the status quo. Too bad.
5:20 -- Exact details are going to be very difficult to report in advance because an official corporate spokesperson won't address the rumors. Fact is, a tipster reported 10% paycuts. The final to number was 6%.
ReplyDeleteFor all we know corporate was originally going with 10% and later backed down to 6%. There's no way we'll ever know because corporate will not communicate with employees.
Hell, the blog comments might even make their way into executive conversations and change what happens to some degree. We have no way of knowing.
Maybe the July 8 layoffs will hit 3,000 people instead of 4,500. Maybe they'll hit 6,000. Maybe they'll happen before or after July 8. You can't take these numbers as absolutely solid, but you can sure bet mass layoffs are coming.
That's the value of the blog.
The value of the blog...
ReplyDeleteis what?
The sky is falling! The sky is falling!
and no matter what, Jim will try to claim he Broke the News first...
Love this! Why can't I think of things like this!
ReplyDelete9:14:
Because nobody wants to tell the Emperor he is not wearing any clothes.
6/23/2009 9:18 PM
Hopkinism:
ReplyDeletehttp://www.youtube.com/watch?v=Jxvgj0PIf8M&feature=related
Apparently it's back in vogue!
Basic math folks - it's not 12% for the rest of the year.
ReplyDeleteForgetting about furloughs for the moment. If you are making $50K/year and your pay RATE is dropped 6% on January 1st, then your total year compensation drops by $3K, or 6% of $50K.
BUT
Your pay rate is changing on July 1st. You've already been paid $25K of the $50K, which means you will lose $1,500 for the remainder of the year. In other words, for 2009, it's an effective 3% cut.
For 2010, it's 6%.
Regardless, it still sucks...
Well... this is just great. Now MY newspaper company will likely cut wages for an already underpaid bunch.... if we don't just fire employees insteed.
ReplyDeleteIt seems that every time Gannett sneezes, other newspaper chains wipe their noses. Everything Gannett does, from layoffs to furloughs, my company does about 4 weeks later!
Damn!
Except at my company, all the advertising people are exempt from furloughs AND layoffs. They will likey be immune to the wage cuts as well!
Damn Gannett! hahahahah
To Jim at 5:50 p.m. get over yourself, please. You complain of wacky, too many hours? Puh-leeze. Many of us work those now. You complain of not getting enough pay? You're obviously well off enough to foot $15K toward the IRE, so quit your bitching. "Can't wait until July 10." Go now if it's so bad.
ReplyDelete"Hell, the blog comments might even make their way into executive conversations and change what happens to some degree. We have no way of knowing."
ReplyDeleteYes, you do. They won't. Ever.
Jim took care of that when he flipped out at the shareholders' meeting.
yes 6% is 6%. They cut salary's for employees by 4-6%. The other 4% plus may come from layoffs not yet done.
ReplyDelete"salary's"
ReplyDeleteSecond-grade writing skills -- they're absent here.