Keep Your Jobs, But Leave The Money At The Door

There will be no AIG accusations at the Boston Globe this year. While the company deals with the downturn in revenue, they have agreed to cut bonuses for 200 managers and executives, reports the Boston Globe.
In addition, the paper will rescind the 10 unpaid vacation days, but will still cut salaries across the company by five percent. As most would say right now, this is bad, but at least there are no layoffs…yet.
While Globe owners, Time Co. have been in negotiations with Boston Newspaper Guild, which represents about 700 editorial, advertising, and business office employees, union leaders say the discussion has focused on pay and benefit cuts. They refuse to debate issues not directly related to cost cutting initiatives. These topics include eliminating job guarantees for 190 veteran Guild worker and the end of seniority rules when laying off employees. The union would rather focus on getting the paper financially situated for possible sale.
According to the paper the bonus cuts currently implemented for the Globe does not affect Times Co. or at its other New England newspaper, the Worcester Telegram & Gazette.

Publish date: April 16, 2009 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT