No company is safe these days as the US economy continues to spin out of control and the Republicans continue to hold up the Economic Stimulus Package. Vibe Magazine in an effort to respond to the time and not cause any layoffs has executed a new plan to keep money in employees pockets.
“Based on the financial climate and based on what’s going on, we needed to make a tough decision,” said Steve Aaron, CEO of Vibe Media Group. “We decided not to follow the old-school textbook of restructuring and instead look for ways to keep the talent in place.”
Vibe has done the following:
1. A 4-day work week is now in place.
2. 10-15% salary pay cuts.
3. 10 Issues of the magazine per year instead of 12.
4. Combined Web and Print Staff into one unit.
5. Increased price for flagship magazine.
Some very smart and savvy moves from the magazine. And their website is doing very well against the competition.
A look Vibe.com vs Complex, The Sournce, XXL, and King…clearly show Vibe.com winning with some good competition from XXL. My favorite magazine Complex is coming in 3rd place. King Magazine is 4th and The Source doesn’t seem to even chart.