The Pink One will pass out some pink slips, though more in form of buyouts than actual layoffs, reports Reuters, citing an internal memo sent out today by FT CEO John Ridding. The company has already done some redundancies in its library/research division in October. For those interested in a buyout, they have Dec 19th as the cutoff date. It also is freezing salaries for employees who earn more than $50K a year or the equivalent, which means most of the mid to senior journalists at the company. That freeze decision could be reviewed if conditions improve later. Also, FT is offering some employees the opportunity to work three- or four-day weeks, which of course means lower salary.
From the memo: “We continue to perform well against the competition, taking market share in advertising, readership and circulation…But with our customers and advertisers being affected we need to prepare for difficult times. We need to act early and decisively to reduce costs so that we can sustain our investment and our success.”
Updated: The full memo after the jump
Subject: 2009 pay policy and other measures
Every day we report, with unrivalled authority, the impact and repercussions of the global financial crisis. As you