Journalists in the Irish Times have voted overwhelmingly in favour of a motion which urges the paper's management to "urgently review the flawed investment and diversification strategy of the paper", including extensive losses from the free Metro newspaper, Gloss magazine and property website myhome.ie.

In what Times employees say is a thinly veiled criticism of managing director Maeve Donovan, who spearheaded the investments, all but one of the paper's 250 journalists agreed that ongoing investment in loss-making projects could impede the achievement of the objectives of the Irish Times Trust.

These include "the promotion of peace and tolerance and opposition to all forms of violence and hatred, so that each may live in harmony with his neighbour, considerate for his cultural, material and spiritual needs".

The journalists also feared the "flawed" investments pose a serious threat to employment, particularly in the wake of pay cuts at the paper ranging from 5% for those earning €40,000 to €100,000, 10% for those on over €100,000, and on up to a 20% cut for the managing director and editor Geraldine Kennedy.

The motion also comes as journalists prepare to vote this week on another cost-cutting plan aimed at stemming losses which are now estimated at over €1m a month.

Under the plan, which was agreed at the Labour Relations Commission last week, all journalists will move from a 32-hour week to a 37.5-hour week while night staff will move from a four-shift week to a nine-shift fortnight without any increase in pay.

Irish Times management took a tough line with the journalists at the talks, threatening to outsource sub-editing work and introduce compulsory redundancies unless they agreed to the increase in working hours.