TALKING BIZ NEWS EXCLUSIVE
American City Business Journals, the owners of 40 business weekly newspapers across the country, announced Wednesday a 5 percent pay cut for employees making more than $35,000 a year and a freeze on existing salaries, according to an internal memo obtained by Talking Biz News.
In the memo, chairman Ray Shaw stated, “The start of 2009 has been the softest stretch that ACBJ has had during the 20 years I have been involved with the company. While thereâ€™s no question that we will remain profitable and rebound from this downturn, it is important that we take steps to cushion the impact of the slowdown as much as possible without harming the quality of our publications, online activities and other services.”
The freeze in pay will take effect on June 1. Each employee affected by a salary reduction will be given two additional paid personal days to be taken by the end of 2009
Later in the memo, Shaw stated, “We are temporarily modifying our policy regarding unpaid sabbatical leaves. Employees with five or more years at ACBJ may apply for a maximum two months leave, with one week each month being charged to vacation. Recommendations are to be made to publishers or unit operating heads with final approval from Charlotte. Certain management members will be excluded from such leaves.
“No open positions will be filled without my permission.
“Please contact your publisher or unit operating head if you have any questions about these matters.
“I thank all of you for what you contribute to make our company the exceptional place it is. We will emerge from this rough patch stronger than ever.”