Japanese holding group Dentsu Aegis Network (DAN) has flagged pay cuts for thousands of its employees across its fleet of agencies including Carat, Merkle and more.
Employees across the network can expect to have their pay slashed by 10 per cent, with higher cuts in place for senior managers.
A DAN spokesperson said: “As a result of COVID-19 business impacts, we are activating a set of cost saving measures across the company to ensure business continuity and to safeguard our people’s livelihoods around the world.
“We consider our people to be our greatest strength and are doing everything we can to ensure we have a healthy and sustainable business for them and our clients, after this crisis passes.”
Meanwhile, other agencies have also announced pay cuts for its staff in an attempt to curb the economic downfall of COVID-19.
As reported on B&T yesterday, Publicis Groupe is set to slash the salary of global chairman and CEO Arthur Sadoun (pictured) by 30 per cent amid a $850 million cost-cutting plan in response to the growing coronavirus crisis.
Executive chairman of the supervisory board Maurice Levy will also have his salary cut by 30 per cent, while management board members will lose 20 per cent of their pay.
The pay cuts are part of a €500 million (AU$854m) cost reduction plan as the holding group and its agencies deal with the economic blow of the novel coronavirus.
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