July 1, 2002

S&P Layoffs Announced

        For the first time in five years, S&P announced a reduction-in-force affecting four Guild-covered employees--one at 55 Water St. was announced late Friday afternoon and another three today at its President Street location.  The job classifications targeted include two clerks, a duplicating machine operator and a unit head.  The company cited economic reasons for the downsizing.

        According to the provisions of our Contract, the company must impose a 60-day freeze on outside hiring in the affected or comparable titles and will accept voluntary resignations of employment of any employee in the job titles specified in the layoff notice, up to the total number of positions to be eliminated in each title.  Those employees, whose positions are to be eliminated will, while employed, be given every reasonable opportunity to qualify for any vacancy as it occurs.  Other contractual rights such as bumping into a previously held position also apply.  The Guild will work closely with the employees and Human Resources to ensure management honors all the provisions of the Contract.

Looking For Volunteers

        If a Guild member seeks to leave the company--for whatever reason and holds one of the affected job classifications--please contact Ed Fannon (3-3804) or Marilyn Bissell (3-3365) for a confidential evaluation of your particular situation. Any employee who would like to explore a severance package even if they don't hold one of the affected job titles should also contact us.  In the past, Human Resources has worked with the Guild to move people around to "save a job." 

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07/01/02