EMAP Inform Freezes Pay
Over at Emap Inform, the division where all the mags are, MD Simon Middleboe is freezing the pay of anyone earning over £50k. He his following a trend here and is not the first business media company to take such a view. I think this strategy is unprecedented in previous recessions howver, and is a sign of how tough trading must be. Emap of course is owned by APAX and GMG and has eye watering debts.
Although it is hard to see that the saving is huge (I estimate that not paying anyone in EMAP a pay increase this year would avoid cost increase of around £1m in a full year) it is symptomatic that every penny is starting to count. Intersting that the pay freeze policy only applies to the magazine division which sends an interesting signal. If you are in magazines - you are on your own.