Here’s some late-Friday-afternoon-in-August news for you: Boston Globe chief executive officer Mike Sheehan says the paper will be offering buyouts to some employees. Sheehan says the buyouts will be “voluntary in nature, the terms of which are generous by any standard.”
No numbers are given in either Sheehan’s memo (posted earlier at Universal Hub) or in a follow-up from editor Brian McGrory (exclusive to Media Nation). “There’s no set number we’re trying to achieve,” McGrory writes. “Most significantly, it’s not meant as a cost-cutting exercise in the newsroom. In fact, when all is said and done, I don’t expect staffing levels here to change much, if at all. We’ll see growth in some areas as we’ll see cutbacks in others. Hiring will continue.”
But, McGrory adds: “That’s not to say there won’t be difficult moments in this process. We’ll undoubtedly be saying goodbye to talented colleagues who have committed themselves to this great institution.”
(Update: Craig Douglas of the Boston Business Journal reports that layoffs are possible if the Globe doesn’t achieve its buyout goal.)
First, Sheehan’s email to the staff:
Over the past two years, there have been a number of significant changes at the Boston Globe: a new owner, a new editor, and new leadership in a number of departments. Since January 2013, we’ve added a number of new people as well — 250, to be precise. These key hires are helping us create a media property whose commitment to excellence in journalism is second to none in New England, and on par with the best in the business globally. They’ve allowed us to improve the quality of our offerings across the board and to introduce initiatives like Address and Capital in print, a re-imagined boston.com, plus Betaboston.com and Crux, the new Catholic digital site which will launch in a few weeks. On the business side, our efforts are paying off — after the first six months of 2014, our circulation and advertising revenue are both ahead of plan, which reflects the enthusiasm of readers, visitors, and advertisers.
Our mission of creating award-winning journalism that’s “aggressively interesting” is only realized if we create a business model that’s sound and eminently sustainable. To reposition our business for the future, we have decided to offer some employees a buyout, voluntary in nature, the terms of which are generous by any standard. These employees will receive a letter at home over the next few days outlining specific terms.
We will continue to adapt and change, to stay ahead of the market and our competitors. We will continue to recruit and hire and explore new initiatives. But we will do so with financial discipline and rigor.
While the letters will be detailed and thorough, if you have any questions, feel free to ask me, your supervisor, or anyone in Human Resources.
All the best,
And here is McGrory:
Following up on Mike’s note, I’d like to offer my assessment on what this means for the newsroom.
Thankfully, this newsroom has embraced necessary change since the dawn of boston.com in 1995, right up through the new sections and sites we’ve introduced over the past year, with our most ambitious undertakings yet to come. This innovative spirit has allowed us to be one of the most successful papers in the nation in terms of digital subscriptions. It has allowed us to deliver our stories and images to readers in bold new ways. It has allowed us to rack up awards of every stripe. It’s also allowed us to beat financial forecasts over the first half of this year.
But change, as you well know, rarely comes easy, or at least not easily enough. It means making difficult decisions on what facets of our journalism we need to curtail to allow more investment in what we believe is most important to our readers. In other words, we can’t keep doing things just because we’ve always done them. We need to be ever bold in the way we think about the journalism ahead.
With that in mind, this buyout is different than many that have come before, in terms of what it means for our operation. For starters, it’s more generous (the details will be in the packets). There’s no set number we’re trying to achieve. Most significantly, it’s not meant as a cost-cutting exercise in the newsroom. In fact, when all is said and done, I don’t expect staffing levels here to change much, if at all. We’ll see growth in some areas as we’ll see cutbacks in others. Hiring will continue. The goal of this buyout is flexibility, to allow us to devote people with just the right talents to the areas where we need them most.
That’s not to say there won’t be difficult moments in this process. We’ll undoubtedly be saying goodbye to talented colleagues who have committed themselves to this great institution.
My take, no spin, is that this is an exciting endeavor — certainly fortuitous for those inclined to leave for retirement or a new venture, and absolutely for the newsroom at large, as we continue to strategically invest in the excellent journalism that you produce every day. I’m available, as always, to talk this through, and so are your department heads. Don’t hesitate to come by.