Bob Bakish addressed staff in a global town hall event on Wednesday morning to announce the cuts.“In an effort to manage company assets conservatively during this economically challenging time, we have come to the difficult but necessary decision to forego merit increases for all employees this year,” Bakish said, according to multiple individuals familiar with the meeting.Merit pay is unscheduled increases in compensation based on performance, and is separate from bonuses.
A Viacom-CBS spokesperson had no immediate comment on the matter.Sources said there’s also a feeling more staff reductions may shake out by the end of the year, which will come as part of the recent recombination of CBS and Viacom, and not as part of pandemic economic.
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