Joshi had written a letter in May 2020, announcing salary reductions, yesterday he reversed it "All these pay-outs will be effected along with the October 2020 payroll."
Managing director of Network18 group Rahul Joshi has written a letter to all the employees which has pleasantly surprised each one of them. The parent company of TV18 (CNBC-TV18, Viacom18, HistoryTV18, FYTV18), Network18 had announced salary reductions in May, 2020 owing to the pandemic induced global economic crisis. Yesterday, the managing director has reversed it.
His letter to the employees read, "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."
Then came the massive surprise for the employees, "Five months on, I’m happy to bring some good news to add to the festive cheer. First, the breaking news for Network18. The reduction in compensation effected in May 2020, is now reversed and with retrospective effect. All these pay-outs will be effected along with the October 2020 payroll."
Joshi added, "So, in effect, the salary reductions didn’t happen at all—you’re not only going back to the old salary but being paid arrears from the time it was cut. Furthermore, we paid out the variable salary in July and will roll out promotions in the coming weeks. If you recall my earlier mail, we had spared 70 per cent of the organisation from any salary cut in the first place."
An employee of the network reacted to the email, "Unexpected and unprecedented." Reliance was about to sell the media business to Sony and the discussion was in the advanced stages. But eventually, the Ambanis decided otherwise. Instead of selling it to a rival, they promised to be a more formidable competitor in the media and entertainment landscape.
Back to Joshi's letter, "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."
It is not only Network18, but Reliance Industries has roll back salary cuts in other businesses too. "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." added Joshi.
He concluded his letter, "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."