Memo: Metroland West offering voluntary buyouts as they experience “rapid revenue declines”
Metroland West includes both the Hamilton Spectator and Waterloo Region Record.
The following memo was sent to Metroland West staff from Neil Oliver, V.P & Group Publisher, Metroland West on Mar. 31, 2016.
Good Morning,
As you are aware we faced many financial challenges last year and as a result offered a VDP in May and again in November. This was necessary in order to realize cost savings to offset significant revenue losses.
Unfortunately, we are again experiencing rapid revenue declines and we are facing a challenging economic forecast for the remainder of the year. Therefore, we are in a position to offer another Voluntary Departure program in order to reach our cost reduction goal.
This program will be offered to all regular full-time and part-time staff excluding sales representatives, pressroom staff and mailroom staff. The program is designed to eliminate positions. Any position that is eliminated through this program will not be replaced and this will be a condition for accepting applications. Please note that those individuals accepted for the VDP will not be eligible for rehire.
Please note that this offer will be limited to a maximum of 25 employees across Metroland West. As a result, we are implementing a short window of time that this program will available. If you are interested in details related to your particular situation, including pension information, please contact your Regional Human Resources Manager.
The attached package contains details of the program. If you wish to be considered for the VDP, applications must be sent to your Regional Human Resources Manager no later than 5pm April 15, 2016. The company will advise of the acceptance or rejection of the application by April 22, 2016. Resignations will take place by April 30, 2016.
Yours truly,
Neil Oliver
V.P & Group Publisher
Metroland West
