Saga Is The Latest To Cut Pay
February 26, 2009 at 5:24 AM (PT)
SAGA is the latest radio company to institute pay cuts to deal with the economic crisis, laying out a 5% companywide cut, effective MARCH 13th, in a memo to employees. Pres./CEO ED CHRISTIAN wrote the company is not "endangered or in jeopardy," but that SAGA is "challanged as we never have been before."
Declining ad revenues were citing as the reason for the cut, with CHRISTIAN explaining, "despite aggressive sales initiatives and significant cost reductions already implemented, we need to build in additional expense savings to offset the severe revenue shortfalls we are experiencing and anticipate will continue."
CHRISTIAN writes the moves are not permanent, and he hopes pay levels can be restored.
SAGA will add two additional floating holidays to help offset the paycuts.