[Author’s note: The following is a memo I plan to send to my two daughters upon their college graduations, informing them that they are now officially responsible for their own lives – and phone bills.]
FROM: Senior Executive Team
Congratulations to the junior members of Jones Family Enterprises [henceforth JFE] on your recent completion of your undergraduate studies. The Senior Executive Team is confident that your long-term economic forecast is bright. We wish we could say the same for your near-term economic outlook. This memo is to inform you of an important decision the executive committee has made regarding your status on the JFE org chart.
After a series of challenging years in which JFE has experienced steadily declining economic growth and spiraling costs, primarily in the area of our educational assistance program, the senior management has decided to implement some immediate cost-cutting measures in order to preserve the organization’s long-term cash reserves. This decision has forced us to make difficult personnel decisions to improve efficiencies and eliminate waste.
Effective immediately, JFE is announcing a 50% reduction in force. As a consequence, we are forced to terminate your roles as fully-funded dependents of this organization and re-classify your status as “non-essential employees.” We considered all other viable options before coming to this decision, including a recommendation by our firm’s Co-CEO, Ms. Jones, to eliminate my position on the executive steering committee. But that recommendation failed to receive the necessary two-thirds vote required for passage by the two-person executive steering committee.