DATE: August 11, 2009Hat tip: email
TO: All Employees
FROM: Fraser Van Asch
SUBJECT: Wage Freeze Update
As you know from McClatchy’s recent earnings report, the company is making progress in weathering this difficult economy. Still, we continue to experience a challenging revenue environment and must remain disciplined in our cost control efforts.
With that in mind, we plan to extend the current wage freeze for all employees (including corporate) at least through December of this year, with the hope of restoring merit increases sometime in 2010, as business conditions warrant. As we finalize budget plans this fall, each McClatchy operating unit will determine when the freeze will end.
We know this hardship weighs heavily on everyone, but we are determined to successfully manage through a recession that has few precedents. We remain committed to lifting the salary freeze as soon as financial conditions allow.
Meanwhile, thank you for the contributions you’ve made toward helping us achieve our goals. We’re all in this together, and your hard work has helped the company position itself for better days ahead.
Please contact your manager if you have questions.