As part of the restructuring of its parent company, Dow Jones, The Wall Street Journal is looking for employees to take a “substantial” number of buyouts, according to a memo from Wall Street Journal editor Gerry Baker.
We are seeking a substantial number of employees to elect this benefit, but we reserve the right to reject a volunteer based on business considerations. Employees will be required to sign a separation agreement and release of claims in a form provided by the Company in exchange for the accompanying severance benefits.
The Wall Street Journal underwent staff reductions in 2015, when fewer than 30 people were laid off. Those cuts came after a round of buyouts that presaged an earlier reorganization with digital orientation as its stated goal.
The last day to volunteer for buyouts is Oct. 31, according an information sheet accompanying the memo. Employees in the United States are eligible to receive 1.5 times their severance, which is based on years of service with the company, up to 18 months of salary.
Here’s the full memo:
As I told you earlier this week, we have begun an extensive review of operations as part of a broader transformation program. There will be, unfortunately, an impact on news department staff in this process. In order to limit the number of involuntary layoffs, we will be offering all news employees around the world — management and non-management — the option to elect to take an enhanced voluntary severance benefit. The terms are described in the attached FAQ.
We are seeking a substantial number of employees to elect this benefit, but we reserve the right to reject a volunteer based on business considerations. Employees will be required to sign a separation agreement and release of claims in a form provided by the Company in exchange for the accompanying severance benefits.
Any employee interested in volunteering must send an email to HR from your company email account to VoluntarySep@dowjones.com by 11:59 pm ESTon October 31, 2016 stating as follows: “I [NAME] elect to be considered for the WSJ News Department voluntary severance benefit.”
Any questions about the program can be directed to Christine Glancey or Matt Murray.
I regret of course the need for such a move and I appreciate deeply the dedication all of you continue to show through challenging times.Thanks to your hard work, the news department continues to produce world-class journalism every day and I’m confident this process is the right one to set us on the right footing for renewed growth in the years ahead.
Gerard Baker
Editor in Chief The Wall Street Journal
