ROANOKE TIMES NEWSPAPER ANNOUNCES WAGE FREEZE AND FURLOUGHS
Everyone knows we are facing difficult economic times in the U.S. The newspaper industry has been hit especially hard. Newspapers face decreased readership, increased costs, decreased ad revenue as more and more companies advertise on the Internet.
Well, the bad news hit Roanoke today as The Roanoke Times announced a company-wide wage freeze and a 5 day employee furlough to reduce expenses.
Why do I write about this news? Because many of those effected employees may be asked to sign (or have already signed) noncompete agreements. Others may be laid off or fired and presented with a severance package which should be closely reviewed and considered BEFORE signing.
My Take: Those employees (and there will be many) effected by these cutbacks should proceed cautiously if presented with onerous noncompete agreements and unfair severance packages.