Enough Really is Enough
So, word came down that Gannett wants to again prey on its beleaguered employees and prop up its profits (yes, the company is still very profitable), by making just about everyone take an unpaid one-week furlough.
There were furloughs last year. And the year before, to accompany several rounds of layoffs.
"Our top line revenues, however, while improving, remain short of where they were a year ago," said Bob Dickey, head of the community publishing division and head purveyor of crocodile tears.
"This is compounded by a still challenging and uncertain economy, as well as increasing expenses. To help us manage through these challenges, we have made the difficult decision to implement a furlough across USCP during the first quarter. This was, quite frankly, an option I had hoped we could avoid. Furloughs, while difficult, do allow us to protect jobs."
As Gannett Blog's Jim Hopkins points out, Gannett's board awarded $4 million in executive bonuses last year for savings achieved in 2009 because of furloughs.
It's not that the company is losing money. It's just not making enough money as it perceives institutional investors want it to make. Maybe it's a reason why the stock was up as I write this on Wednesday afternoon.
Judging by my local Gannett paper, The Journal-News, (a long-ago former employer of mine), it's obvious every day that the company long ago stopped caring about putting out even a pale imitation of a newspaper.
With the latest furloughs, Gannett shows it cares even less about its employees.