In an email to The Washington Times staff this morning, president and publisher Tom McDevitt announced an elimination of merit raises, saying the paper is not immune to “economic forces.”
A longtime reporter we spoke to said this was “better than getting laid off or having a 15 percent pay cut. It’s all oddly relative.”
McDevitt’s email below:
Dear TWT Colleagues,
I am sure you are aware of the various difficulties our industry is experiencing. In addition to significant layoffs and buyouts, many newspaper employers have been forced to decrease their employee’s salaries and eliminate or reduce employment benefits.
Although the substantial evidence of our progress continues to grow, we are not immune to those same economic forces. The course of events with the economy is having an impact on The Washington Times as well. That is why we are making every effort to wisely reduce costs and grow revenues through a range of innovative programs.
Consequently, one of our significant cost saving measures for this new fiscal year will be to maintain compensation at our current levels by eliminating merit raises. We ask for your understanding in these difficult economic times.
We will also use this opportunity to align our performance management process with the ending of our fiscal year. This means that we will transition everyone to a common review date in the first fiscal quarter of FY10, evaluating performance based on the FY09 goals of the company. You will hear more about this in the coming weeks.
Thank you for you understanding and, most of all, thank you for all you do each day to move The Washington Times forward, serving our readers, advertisers and partners.