The Kansas City Star today said it will offer more buyouts to the newspaper’s employees.
In an e-mail to employees, Publisher Mark Zieman said the offer was made “because the economic downturn shows no signs of easing, and because many employees have expressed interest in a voluntary program if the paper needed to consider further restructuring.”
Zieman did not cite a target number for job reductions. But he noted that the newspaper “may need to make additional involuntary reductions to augment the voluntary program.”
The paper’s voluntary buyout offer has two options. One offers two weeks of base pay for every year of service, with a maximum of 26 weeks of base pay, and includes three months of medical benefits. The other option offers up to 24 weeks of base pay, plus 12 months of medical benefits.
In June, The Star — in an action matched by other newspapers in the McClatchy newspaper chain — shed about 10 percent of its workforce via involuntary buyouts. Last January, 24 Star employees took a voluntary buyout offer.
Even though The Star enjoys growing online readership, it is struggling to contain costs during a drop in advertising revenue. The Star is the fourth McClatchy newspaper to offer buyouts this month. The Fort Worth Star-Telegram, the Lexington Herald-Leader and the Modesto Bee also offered buyouts to their employees this month.
On Bloody Monday, the Kansas City Star announced it was cutting 120 positions. In January, 24 employees accepted buyouts.
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4 comments:
The economic down turn shows no sign of easing? So getting rid of employees will help the down turn...it just adds fuel to the fire especially if there are "involuntary reductions" AKA lay offs. My advice to the Star employees is try for a max of 40 weeks like the other McClatchy papers are offering or 38 weeks and 12 months of benefits.Perhaps the restructuring should start at the top with "involuntary reductions" starting with the CEO.
Anonymous, you make a good point, Gary Pruitt needs an "involuntary reduction."
Great idea about the 40 week thing but how do you get the Star to do it?
They need to sell all assest and divide up the money. Gary ruin the papers but still collect his millions. What does that tell you? Collect 26 weeks and run as fast as you can while the money is still there.
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