Innovative Artists Institutes Pay Cuts For Agents & Administrators Amid Coronavirus Crisis, No Layoffs
EXCLUSIVE: With expertise businesses’ earnings all the way down to a trickle amid complete Hollywood manufacturing shutdown, Revolutionary Artists has turn out to be the newest firm to implement cost-cutting measures in a bid to remain afloat in the course of the tough occasions.
In an announcement to Deadline, proprietor and president Scott Harris confirmed that the company has “instituted wage reductions for our brokers and directors, on a sliding scale.” He revealed that he had already reduce his pay to zero a while in the past. The company govt committee and probably the most extremely compensated brokers “are taking the biggest reductions,” he mentioned, declining to supply particulars. I hear the highest brokers and executives might be taking a 50% pay reduce.
Assistants’ salaries won’t be impacted, Harris mentioned, including that “it’s our intent to retain 100% of our present staff,” which means that there are not any layoffs deliberate right now.
COPYRIGHT_BP: Published on https://bingepost.com/innovative-artists-institutes-pay-cuts-for-agents-administrators-amid-coronavirus-crisis-no-layoffs/83710/ by Hilda Workman on 2020-04-03T00:26:37.000Z
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Right here is Harris’ assertion in its entirety:
In response to the affect of the worldwide well being disaster, Revolutionary Artists is taking measures to climate this unprecedented storm. It’s our intent to retain 100% of our present staff and to take action we’ve got instituted wage reductions for our brokers and directors, on a sliding scale.
A while in the past I reduce my pay to zero, and that would be the case for nonetheless lengthy it takes to recover from this hurdle. Our govt committee and probably the most extremely compensated brokers are taking the biggest reductions. Our assistants won’t be impacted by these present measures, and all staff will after all proceed to obtain their well being advantages.
Whereas these choices are usually not with out ache and problem, we’re proud to maintain our exhausting working and devoted employees collectively at such a precarious time. We’re targeted on persevering with to conduct the enterprise of our company, whereas encouraging everybody to prioritize their well being and properly being. We sit up for a time we will unite in particular person and proceed the work that we’re obsessed with doing.
Revolutionary Artists, run by Harris, together with the company’s govt committee, joins a lot of different businesses which have instituted wide-reaching pay cuts, together with UTA, WME and APA.
Recognized for its sturdy expertise division, Revolutionary Artists just lately signed a franchise settlement with the WGA.