Wednesday, April 1, 2020

Layoffs, Furloughs Hit Beasley Media Group

The Beasley Media Gorup has joined iHeartMedia, Entercom, Adams Radio Group and many others in announcing layoffs. 

The company announced Tuesday that 67 positions across the company have been eliminated, because of the trickle-down impact of reduced advertising revenue caused by the effects of the coronavirus.

Another 18 full-timers and part-timers were furloughed and all remaining full-time employees will have their hours reduced from 40 to 36.

In an email sent to employees, CEO Caroline Beasley explains details of the strategy while informing staff that she will also be taking a pay cut:
"We are all in this together and it starts at the top. As we get through this period, I will be forgoing 20% of my compensation throughout the end of the second quarter as we address the current situation. In addition, we will be implementing a 10% wage cut for salaried full-time employees and a 10% reduction in hours for full-time hourly employees. These cuts will be effective April 1st through the end of June, respecting any outstanding contractual obligations. 
"While it is not something we want to do, it is necessary in the long-term as we continue to move forward to get to the other side of the current economic situation. 
"In addition, we will be extending our work at home policy to April 6th. We will continue to provide you with timely updates as they become available. Please follow the guidelines provided by your respective local and state governments. If you have any questions, please do not hesitate to reach out to your immediate supervisor or market manager. 
"We appreciate your continued support during these unprecedented times. It is during times of uncertainty that we prevail. Most importantly, we wish that you and your family remain safe and well."
The hope is to bring the furloughed employees back, and bump full-time hours back to 40, at the end of the second quarter (June 30). But without knowing when this crisis will end that can only be a hope at this time.

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