Salem Employees Take Pay Cut
Five percent for all, execs cut 10%
Updated 4 Hour(s) 42 Minute(s) ago
By Kevin Peterson
Salem Communications says every full and part-time employee will take a 5% reduction in pay beginning next week and some executives are even taking a 10% reduction, according to Salem VP/general counsel Christopher Henderson. "Like all radio groups, we are cutting costs to improve the bottom line," he says.
Salem has already reduced staff by approximately 10% over the last 18 months. Henderson adds, "These pay reductions were in lieu of additional staff reductions."
A silver lining to the story is that Salem is giving employees a couple more paid holidays in 2009 as a small way to thank them for their patience in working through this time.