MEDIA
Buffalo News offers buyout incentives
The Buffalo News announced Monday it will offer voluntary resignation incentives to about 10 percent of its workforce in an attempt to reduce operating expenses. Newsroom and outside advertising representatives will not be affected.
“Like all other news organizations, our business is under financial duress,” said Dottie Gallagher- Cohen, senior vice president of marketing at The News. “We are trying to reduce expenses in the least painful way possible.”
Managers delivered formal letters to 107 eligible employees across most departments. Employees must decide by Oct. 3 whether or not to take the buyouts. Those taking the incentives will be off the payroll by Dec. 31.
Far fewer than those approached with the offer are expected to accept it. No further action will be taken if the eligible employees turn down the incentive.
“They will still have a job. It is entirely voluntary,” said Gallagher- Cohen.
The amount of money being offered varies on an individual basis and has been calculated according to each employee’s rate of pay and years of service to the company. The baseline offer is $60,000.
“This is how we can continue to manage the business in the smartest, most thoughtful way for our customers and employees,” said Gallagher-Cohen.
