Journal Imposes 6% Pay Cut On Managers, Execs
April 6, 2009 at 8:58 AM (PT)
JOURNAL COMMUNICATIONS has imposed a 6% pay cut for managers and executives in exchange for 10 additional days off. All JOURNAL divisions are included in the cuts, including JOURNAL BROADCAST GROUP.
ALL ACCESS has learned all full-time employees may be affected, as we're told if you're under contract, the company is asking for you to volunteer for the cut.
THE ASSOCIATED PRESS reports that Chairman/CEO STEVEN J. SMITH wrote in an e-mail to employees, "There is a high probability that this environment will continue for at least the balance of 2009. As we manage for the long-term success of the company, we must identify constructive ways to continue to reduce costs." SMITH said that the company's "current intention is to restore employee compensation in 2010. Of course, the decision depends upon the business conditions at that time."