The new 2½-year contract includes minimum salaries of $50,000, annual cost-of-living increase of 3% for employees earning under $65,000 during the first year of the contract and for those making under $75,000 in the second year of the pact. The new deal means that some employees will receive 26% pay raises.
Fast Company’s “permalancers” – permanent freelancers – will become full-time employees now that the contract has been ratified, and individuals hired at a “day rate” will have the opportunity to become full time after 12 months and start at an equivalent salary/rate.
The company has also agreed to match 50% of 401k contributions – up to $2,000 – for employees with at least one year of service and earning less than $120,000.
The contract also requires management to interview at least two people from diverse backgrounds for any open position. It also provides for 45 days of sick leave and 12 weeks of parental leave.
“This collective bargaining agreement demonstrates Fast Company’s commitment to a welcoming and innovative workplace for Guild-represented employees,” said WGA East executive director Lowell Peterson. “It shows that newsroom employees who form a union can build upon what they love about the place they work and win real gains at the bargaining table.”
Said Eric Schurenberg, CEO of Mansueto Ventures, Fast Company’s parent company: “I’m very proud of my colleagues on the Fast Company editorial team and in management for a collegial and professional negotiation. The result is an agreement that is true to the attributes we stand for and have always exalted in the companies we cover: innovation, inclusion, diversity and creativity. It’s a real accomplishment, and puts Fast Company in the position where it has always been most at home: leading innovative businesses into the future.”
The Fast Company bargaining Committee said in a statement. “We’re so happy to ratify this contract and want to thank management for their good faith negotiation. We are excited that Fast Company is now strongly living up to the ideals we espouse in our editorial.”