From Richard Thompson on pay cuts for journalists in Memphis.
In his Feb. 5 column for The Memphis Flyer, Bruce VanWyngarden didn’t bury the lead.
“I just took an 8 percent salary cut — and so did almost everyone else here at Contemporary Media, Inc., which publishes the (Memphis) Flyer, Memphis magazine, Memphis Parent, MBQ, and various other specialty magazines,” Contemporary’s associate publisher and editorial director self-reported in the column.
It’s the first such pay cut in CMI’s history.
Some employees at the lower end of the pay scale took a 4 percent pay cut and the company also suspended its 401(k) matching program.
His article focuses on how journalists are taking pay cuts but he is also focusing on profit margins for the papers.
Honestly, every single person I know has taken a cut in pay in the last six months. But as Chris Davis points out, it sucks but unemployment sucks more.
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