Business-to-Business (B2B) media and entertainment (M&E) news and content firm exchange4media group has announced a temporary cut in salaries. “In our assessment it will be another month before we get some idea about the future course of economic activity as right now we are all rightly focused on dealing with this epidemic,” the group told its employees in an official communique. BrandWagon Online has seen the email.
In its communication, the group also stated that with the ad volumes dipping across various mediums, it looks highly unlikely that economic activity will restart in the industry before the month of June which makes a quarter of full impact. “For us this means subdued and very little trade marketing spends, low participation by agencies and brands in our events. We are expecting the situation to start picking up by the end of Q2, so roughly five and a half months from now,” the company wrote.
Moreover, Nawal Ahuja, co-founder and director of the group as well as Annurag Batra, chairman and editor-in-chief, exchange4media group have decided to take a full salary cut for this year and further on “till the situation stabilises.” The group has also suggested that it will undertake ‘significant pay cuts’ for the next few months for all the employees.