Internal email sent to employees of Network 18 announcing salary cuts
You can read about all the cutbacks in Indian newsrooms so far at https://link.medium.com/Waf8GJraY5
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To:
From: Rahul Joshi
Date: Wed 5/27/2020 7:39 PM
Subject: With a heavy heart…
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Dear all,
I’ve seen the best of times, I’ve seen the worst of times. I recall when I was a student in 1991, the economy came back from the brink; in 2008, when I was a young professional, there was a V-shaped economic recovery after the dramatic collapse of Lehman Brothers and the global financial meltdown.
I must concede I have little clue how the world will change after the Novel Coronavirus, a life-altering event whose sweep cannot merely be captured by the term ‘black swan.’ Many large businesses are reeling under the weight of the lockdowns needed to fight this dreaded virus. Our revenues have been hit but we have spared no expense covering the biggest story in a generation — while keeping our staff safe and healthy.
I never thought I would be writing a mail like this and, believe me, I put pen to paper with a very, very heavy heart. But these are exceptional times and such times call for extraordinary measures.
As you all know, in our business the biggest cost is manpower. In order to keep the wheels of business in motion, I’m forced to implement a salary cut effective May 1, 2020. I have agonised over this for weeks with my top team, delayed the inevitable, and tossed and turned over many scenarios before arriving at what I think is the most humane way of going about this exercise.
The guiding principle was to make this exercise painless for the vast majority, many of whom are out on the field covering a story that exposes them and their families to great risks. The other big consideration was to make the process equitable and fair.
This is what we will do:
We are NOT REDUCING the salaries of those earning up to Rs 7.5 lakh annually. This covers a vast majority of our colleagues in the news business — -about 70%.
Those earning above Rs 7.5 lakh annually will have their salary reduced by 10%.
The top leadership of the company has volunteered to take deeper cuts. It is a real privilege to lead this committed team and in turn be led by them. Many of them are very hopeful that the doomsayers will be proved wrong and our business will bounce back. I get my confidence from their infectious enthusiasm.
It is very critical that we continue to focus on achieving our revenue and rating targets, which will enable us to grow aggressively in the future. We plan to introduce a special incentive scheme to make good the cut, or a part of it, if the business roars back in the second half of the year. It will depend on the management team being able to meet pre-agreed targets in a very tough year.
As you know, the appraisal process is on and will conclude in a week or so. Once we collate the performance ratings and the data, the variable payout for FY20 and the promotions will happen as planned. We expect to complete this process by July.
The revised compensation letter will be visible in ESS by 28th May, 2020. You are requested to confirm your acceptance of the revision to enable processing of salaries. Your detailed CTC statement will be available for your reference by 29th May, 2020.
My dear colleagues, I can only say sorry to those of you getting impacted by these salary cuts. But to the leadership team, I also owe a debt of gratitude — -after all, they are bearing the biggest brunt.
I’m confident we will bounce back soon. For inspiration, I conclude with uplifting words from the American poet Emily Dickinson:
“Hope” is the thing with feathers…
That perches in the soul…
And sings the tune without the words…
And never stops… at all…
Stay safe, and take care.
Rahul
