Apr 14, 2009 02:37 PM
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Tue Feb 9
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This memo just went out to Hachette employees, notifying them of company-wide pay cuts and an increase in hours.
Message from Alain Lemarchand, President & CEO, Hachette Filipacchi Media U.S.
Dear colleagues,
Today's business environment requires decisive and quick action for the welfare of the company. This includes a number of difficult decisions on my part, some of which impact you personally. In this case, I deliberated long and carefully before coming to the conclusion that one of the steps that needs to be taken immediately is a cut in base salaries. Effective April 27, 2009, the salaries of all exempt employees will be reduced by 6% and the salaries of non- exempt employees by 3%. In addition, we are changing the regular work day from 7 ½ hours to 8 hours. For non-exempt employees, overtime will continue to be calculated on a weekly basis and will be paid for all hours worked over 40 hours.
I understand that this economy has already had an impact on each of you and that this represents another loss. I am sorry for that. We hope that taking this measure across the company will save headcount in the long run. I know you join me in wanting this company to remain competitive in this challenging marketplace. I want to assure you that once the economic picture improves, we will reevaluate this decision.
I thank you for your continued dedication to your work. Your professionalism and contributions are essential to the ultimate performance and success of HFM U.S.
Alain Lemarchand
Send an email to Hamilton Nolan, the author of this post, at Hamilton@gawker.com.
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