On this week’s Pitches That Placed, we are highlighting a pitch incorporating strong data findings around pay cuts that landed a placement in Bloomberg Law. Bloomberg Law is a subsidiary of Bloomberg News which “is read by more than 325,000 subscribers.” Let’s see why this pitch worked:
Let’s take a look at the actual pitch that placed:
Subject line: VC Analyzed Pay Cuts and the Results are in
Hi ____ –
Are you working on a story around pay cuts? If so, XXX of XXX, recently sourced and analyzed both later stage (Series C+) venture capital and formerly VC-backed public tech companies to determine the following salary reduction figures as a direct result of the pandemic:
In today’s climate, companies are doing whatever they can to reduce burn, including reducing headcount (20% median reduction) and implementing salary reductions. At the top, we’re seeing 30% salary reductions on average for executives (with some even taking more than 50%) and 20% reductions for VPs. Additionally, all remaining employees are seeing salaries reduced by an average of 10-15% (however companies are treading carefully with reductions for certain salaries given PPP forgiveness restrictions).
In engineering dependent companies, we are seeing some companies take an even stronger stance to protect their talent and compensation by laying the greater reduction on top executives. Other examples of creative structures include offering employees equity with short vesting periods in exchange for opt-in salary reductions. At the end of the day, all companies are looking to save on costs wherever they can and are looking beyond just headcount reductions by scratching things like 401k matching, moving to flexible workspaces (once restrictions are lifted) and more.
Please let me know if this is of interest to you and if you have any questions.
Our PR bestie explains why it worked:
- “A topic Reade was closely following but was recently lacking data on”
- “Ahead of the curve as we knew other VCs / research firms would be coming out with detailed information about cutbacks and layoffs”
Do you have a pitch that landed your client exceptional coverage that you want to highlight? Email us at email@example.com with your pitch and 3-5 reasons why you believe it worked.
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