Network18 reverses paycuts and restores compensation of employees
Network18 has announced that payroll cuts initiated in May 2020 to brace for the impact of COVID-19 will be reversed with restrospective effect meaning that not only will salaries be restored to pre-COVID levels but also they will be paid arrears from the time it was cut. This news was broken to employees in an internal memo shared by Network18, CEO and MD, Rahul Joshi. He also announced that promotions will be rolled out in the coming weeks.
He said, “Hope” is the thing with feathers… On May 27, when I wrote to you all announcing salary reductions, I had ended my letter with these words from the American poet Emily Dickinson. Five months on, I’m happy to bring some good news to add to the festive cheer...
The message from your company is clear. Despite the unprecedented times, no matter how hard the journey has been and the fact that we are still not out of the woods, your company has taken a bold step to restore salaries, and retrospectively. The vision and ambition of the organisation needs to be matched in equal measure with love, care and compassion.
The gesture of the company has to be reciprocal to the contribution and the sacrifice that you have displayed working from the field, working from the office and working 24x7 from home to put us back in the reckoning. I thank you all, once again, for supporting us during the adversity brought on by the coronavirus pandemic.
While the business environment is looking better, it is still very challenging. The West is seeing a resurgence of Covid-19, although treatments have improved dramatically and vaccines are only months away. I am confident that we will redouble our efforts and help Network18 rebound bigger, bolder and smarter."