We heard about a sadly not fake memo Steve Forbes sent out this afternoon to everyone at Forbes who hasn't been laid off announcing unpaid furloughs and pay-cuts. [Updated: More details after the jump.]
Everyone is being forced to take a week off without pay (when their manager tells them to, we're told) while the pay cut is 10% for everyone making more than $100,000 and apparently only on their pay above six figures. Here's a press release quoting Forbes' memo (Have the full text? Please send it our way):
Forbes confirmed today that people were laid off across all areas of the company. In making the announcement, Steve Forbes, Chairman and CEO, told employees:
"This is a very painful message. It is no secret that the economy is in a deep contraction and the media business in particular has been especially hard hit. While doing better than our peers, our business has been adversely affected."
"This has to do with both the unprecedented environment we find ourselves in today and the need for ongoing reorganization of the company in response to the enormous technological changes affecting media."
At the end of the internal memo he said, "These are serious and unfortunate steps, but we believe they are necessary and sadly unavoidable."(*)
Other measures to be taken include: suspending 401K matching contribution; salary reductions for anyone making over $100,000, amounting to 10% of the increment over $100,000. Also, employees will have a week long furlough with no pay.
Contact: Monie Begley
email@example.com *(quotes are excerpts from internal memo)