to managers-3rd edition

Dear managers,

I always appreciate your dedication for the company.

As we all know that in recent times, we as a family have not been seeing good growth for our firm.

We, the senior management, do realize that we all have put our best of effort but due to economic

conditions and other factors we could not realize the potential that we were looking at.

In last year, Not only reduced the sales by 7% year-on-year but also reduced operating income by 12%

due to the increases in price of raw material ; pulp

As a way forward, after a three day discussion at the board level, we have decided not to cut any jobs.

We believe that we are a family and thus the company should support its contributors, which is you,

in bad economic times. But, having no job cuts puts more load on the company’s bottom line which is not a good indication in the long run.

Thus, I request you all to support the firm as well in the following decision (which is temporary) that

would be effective until further notice.

We foresee the following policies to change as soon as our performance improves over a period of

time.

Following are the policy changes that will be effective from next month onwards.

1.      Abolition of paid vacation.

2.      No bonuses in this year

3.      Salary cut about 3-5%. The ratio will be determined according to the rank of position.

This policy will apply to all employees including president.

If we have chance to talk face to face, we can discuss more, but next meeting for all Southeast Asian managers will be held in three weeks, so I have to announce this bad news by e-mail.

After reading this mail, please tell your employees immediately to protect morale from rumor or gossip..

If you have any questions about these matters, please contact me by email.

I will respond in good faith.

I hope that as the company's situation has improved, so we can talk such a crisis as memories in the near future.

Sincerely yours,