Despite months of evidence of display advertising’s increasing vulnerability, female-focused ad network Glam Media continues to claim it has detected no considerable retreat in revenue. The latest claim comes via an internal company memo obtained by Venturebeat that also happens to include news of a switch to “variable pay.” Instead of further layoffs—it cut 14 posts in September as part of what it said was a routine annual review—Glam is cutting salaries across the board with promises to supplement based on revenue. (A high-level source at Glam contacted us earlier and wanted to clarify: the job cuts were related to performance and so the company doesn’t acknowledge any layoffs this year. Instead, the source says that the company was at 110 staffers in 2007 and now has 170, so by that comparison, the workforce levels are up by 60.)

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This isn’t the first time Glam implemented this tactic. Earlier this year, the 12-person management team of 12 accepted a temporary 25 percent pay cut. Next year, management will take a 25- to 60 percent cut in compensation. Top sales reps, for example, will now only have about 25 percent of their compensation “fixed.” Before the change, 75 percent was “fixed.” Therefore, sales reps will have to drive more revenue in order to make up the lost compensation.

Meantime, Glam says that despite wider economic weakness, it is claiming that the bad times haven’t visited the company just yet. “Q4 was the strongest quarter we have had,” the memo says, adding that the company will end the year with “triple digit ad revenue growth rate year over year.” Elsewhere, Glam says it is expecting “very bad times in Q4.” In any case, considering the near-daily layoff news, it’s heartening to read that Glam is looking to hire several high-level product managers in Silicon Valley and plans to staff up at its international units.