Now up: McClatchy

Well, duh, on the part about attracting employees.

What I"m saying is, as someone who manages a multimillion-dollar budget myself, if I am told I have to cut X expenses via freezing pensions and no longer matching 401K's, why in the world would then I turn around and bump up pay? My expenses have failed to be reduced.

At this low point in the economy cycle, my concern isn't so much attracting new employees as it is fighting to make the budget work to keep the employees I have, because I need and respect every one of them. If one leaves and I have to hire a replacement---should I be allowed at that point---I shluld have a decent pool of affordable talent to find out there. Yes, yes, I know this thing can cycle in the other direction where it becomes an employee's market, but that simply ain't the case now.

If that sounds cold, so be it, although I can assure you I'm not a cold person. The board or publisher says cut, I cut.

 

Take this for what it's worth...
Myrtle Beach had been in negotiations with at least one paper -- Wilmington (N.C.) -- on printing the Sun News since at least October, if not sooner. Apparently Charleston came into the picture at some point, too.
Regardless, the fact they waited this long to do this shocks the hell out of me. Both papers -- Wilmington and Charleston -- are printed less than 90 minutes away. And to cut 47 employees (the approximate number in the press room), I would have thought McC would have jumped on this sooner.

 

Myrtle Beach just lost its Coastal Carolina reporter, and it's my understanding that he won't be replaced, thinning an already small staff. Someone please correct me if I'm wrong.

 

If a company drops 401(k) matching, how many employees suddenly update their resume.

 

One thing ... returning to 401k matches when feasible: When does anybody think that's going to be?

You know, it makes me feel guilty, because I'm in this same position, but it's of my own choosing because of my spending habits. I have very little in my 401k, but could have. All of that has been my own choice, living a lifestyle of my own design. (Well, that and college/child support).

So when I bitch about my finances, I have to take a deep breath. These same problems are being foisted upon others through no fault of their own. I got no bitches coming.

 

Correct.
A columnist, the preps reporter and the golf writer are having the duties split between the three of them.

 

I really just wanted to get MU to post again so he wouldn't get stuck at 6,666. That's like Super Satan or something.

 

I'm sure a couple Newspaper Execs hold that title right now.

 

To go . . . where? Please update your resumes and leave. Might buy me a few extra months.

If the state of the industry has not already started people updating their resumes, a 401(k) match isn't going to make much difference.

When my employer drops signing my paycheck --- which could come any week --- is when I polish my resume for the next step in my career: Stock boy at Target.

 

Y'know, that's odd, because I saved diligently, haven't had all that much fun in life, pushed hand-me-downs on the kids, and eat a lot of soup and macaroni 'n' cheese. But when I looked just the other day, what d'ya know, I had very little in my 401k too.

Stupid economy.

 

Mrs. Editude is convinced that the 401(k) industry is a big scam, and she's been beating that drum long before our balances took a considerable dive.

 

Can't agree with Mrs. E, sorry. If you live within your means and get the company match, it's a pretty good deal when you retire.

Keep in mind, and I know this sounds dumb right now -- all those 401(k)s in existence are buying company stock at extremely low levels, and if the economy rebounds -- a pretty bleak outlook right now, I know -- then the companies that are still around will rebound, too. And you'll have a lot more shares of the match.

I know that's moot for some people, but it's not nonexistent.