We have some difficult news to share with you today. Given continued declines in our company’s revenues and federal funding constraints, we will be reducing employee compensation. Employees will be affected by this decision based upon position (faculty or non-faculty) as well as form of pay (salary or hourly). We regret any hardship this reduction may create for you or your family.
Here is how the reduction in compensation will work for you:
If you are receiving this memo, you are an hourly employee, and the compensation reduction will take the form of voluntary unpaid time off. Hourly employees are highly encouraged to take five unpaid working days during August and September. Any unpaid time off must be arranged through your supervisor and/or campus president to minimize disruption to students and operations. Vacation pay cannot be used for the unpaid days off taken.
By volunteering to take unpaid time off, you will be helping the company manage through the next several months as it transitions most of its campuses to new owners and teaches out others. The sales process for the schools is going well, and we expect to have more information to share with you in a few weeks. As the company makes this transition, your understanding and cooperation are greatly appreciated – as is your ongoing commitment to our mission of changing students’ lives. Thank you.
If you have any questions about the above, please ask your Campus President, department head or HR leader.
Ken Ord
Executive Vice President and Chief Administrative Officer
Corinthian Colleges, Inc.
6 Hutton Centre Drive|Santa Ana CA 92707
www.cci.edu