Scoop: Insider to raise minimum salary for full-time U.S. employees to $60,000
Insider Inc. will boost its minimum salary to $60,000 annually for U.S. employees, while increasing its minimum severance package to eight weeks, according to a memo from company executives obtained by Axios.
Why it matters: Insider has been able to dodge many of the financial headwinds from the pandemic that plagued other media businesses.
- In an interview with Axios earlier this year, CEO Henry Blodget said the company hired 130 journalists last year, and did not have to lay anyone off.
Details: Insider will also convert its salary+bonus compensation for most editorial staff to only salary, per the memo from CEO Henry Blodget and chief people officer Margaret Bowani.
- "Editorial employees who currently receive a bonus will have their salary increased by the amount of their target bonus," the memo reads.
- Some employees earning just over $60,000 will also get a modest raise to account for the new higher minimum.
- The company is also increasing minimums in the U.K.
- Fellowship and intern programs will remain the same.
The big picture: Many media companies have had to lay off employees amid the pandemic, mostly due to advertising headwinds.
What's next: "The minimum-salary and bonus changes will take effect on April 1st," per the note. "The minimum severance change will take effect immediately."