Sent: Wednesday, September 17, 2008 9:35 AM
To: Post Office
Subject: Staff meetings today at 10:00am, 2:30pm and 6:30pm in Studio B
The recession that has hit Las Vegas continues to deepen, driven by a housing market that has yet to hit bottom, a further tightening of available credit and the impact of national economic conditions overall. The playing field in Las Vegas has radically changed in the last eight months. Companies across all business sectors are tightening their belts and we feel the impact. A significant recovery is not expected for at least a few years. With revenues expected to be much lower during this period, we must be proactive to keep our expenses in line. We need to change the way we operate to ensure we remain a leading news organization delivering quality journalism on multiple platforms and delivering efficient, effective service to our advertisers.
Today we began a re-organization of positions and duties that result in 17 employees leaving the company. Another four employees were offered the opportunity to move to other open positions. We deeply regret that these talented, dedicated employees and their families will be impacted. Approximately 60% of our expenses are invested in payroll and benefits. Unfortunately there is no way to achieve significant change without impacting people.
To assist those affected during this transition, we will provide a generous severance package that includes 12 weeks of pay, plus an additional two weeks for each full year of service, and full pay for the current week. We are providing personal, family and financial counseling at no cost. We are providing employment counseling at no cost and have provided a letter of recommendation for potential employers. These individuals are eligible for re-hire as these actions are driven by the economic conditions.
This has been… and will be…. a gut-wrenching experience for all of us. It will take time to deal with the emotions caused by seeing our friends impacted this way and working through realignment of duties. It’s difficult to see it now, but these changes will keep us strong and competitive, ready to grow when the Las Vegas economy recovers.
I have scheduled three staff meetings to ensure you each have an opportunity to ask any questions. They will be held in Studio B today at 10:00am, 2:30pm and 6:30pm. Individual department meetings will be held today and tomorrow.
Thank you for your understanding as we move past this difficult period.
If you are contacted by any media organizations, please refer them to me.