Talent agency Innovative Artists has implemented salary cuts for agents and administrators on a sliding scale as a means of avoiding layoffs brought about by the coronavirus, TheWrap has confirmed.
Owner and president Scott Harris said in a statement that he has cut his “pay to zero,” adding that the “executive committee and the most highly compensated agents are taking the largest reductions.” Assistants will not be impacted and all employees will continue to receive health benefits.
Read Harris’ statement in full below:
In response to the impact of the global health crisis, Innovative Artists is taking measures to weather this unprecedented storm. It is our intent to retain 100% of our current employees and to do so we have instituted salary reductions for our agents and administrators, on a sliding scale.
Some time ago I cut my pay to zero, and that will be the case for however long it takes to get over this hurdle. Our executive committee and the most highly compensated agents are taking the largest reductions. Our assistants will not be impacted by these current measures, and all employees will of course continue to receive their health benefits.
While these decisions are not without pain and challenge, we are proud to keep our hard working and dedicated staff together at such a precarious time. We are focused on continuing to conduct the business of our agency, while encouraging everyone to prioritize their health and well being. We look forward to a time we can unite in person and continue the work that we are passionate about doing.
The move follows similar actions by Endeavor, UTA, Verve, APA, and Paradigm as the talent agency business adjusts to the shutdown brought about by the pandemic. Earlier this year, Innovative Artists reached a deal with the Writers Guild of America, making them the third full-service agency to make a deal that would allow them to once again represent writers.
Deadline first reported the news.