What?! UTA is Cutting Salaries of its Workers amid Mass Shutdown?
A tough yet fair decision!
The coronavirus pandemic has affected business operations throughout the world. Among the businesses, the entertainment industry has taken a massive hit. The United Talent Agency is one of these industries. To deal with the ongoing pandemic, UTA is cutting salaries of its employees. However, their way of enforcing the cut is somewhat commendable.
UTA Employees Take a Salary Cut Amid the Ongoing Crisis!
COVID-19 coronavirus (SARS-CoV2) has put the entire world on hold. As we mentioned above, the entertainment (along with sports) industry has been severely impacted. Films that were about to release during the spring season have been postponed indefinitely. Production of movies and shows in development has been halted until further notice.
So, to deal with this stoppage of operations, industries are taking different measures to minimize losses. United Talent Agency is among these industries. We have recently learned through Variety that UTA is cutting salaries of its workers. One of the UTA spokesperson said:
In addition to aggressive cost-cutting measures, this includes asking our colleagues at every level to take pay reductions, structured so our most senior colleagues make the largest financial sacrifice. The understanding and support we’ve received from our colleagues has been incredibly gratifying, as is their recognition that these difficult steps are intended to ensure the long-term strength and viability of our company.
UTA houses multiple divisions such as podcasts, sports, talent, bureau of speakers and independent film sales.
A Fair Decision…
Sources indicate that the pay cut will be according to the income bracket of an employee. Jeremy Zimmer (CEO), along with Jay Sures and David Kramer (co-presidents) broke this news to the employees. These three will also be giving up their salaries for the remainder of 2020.
The decision of UTA cutting salaries in the wake of coronavirus pandemic is a fair one. At least, it’s better than certain companies’ decisions of downsizing.
Did you find the United Talent Agency’s decision fair? Let us know in the comments!