DNEG, the prominent visual effects company known for its work on films like ‘Dune’ and ‘Tenet,’ has shed light on its cost-cutting measures following recent reports of pay cuts of up to 25%. In a statement to The Hollywood Reporter, DNEG explained that they’ve been actively consulting with their employees worldwide to address the challenging situation. Their measures include options such as reduced working hours for reduced pay, compensating lost wages through additional paid leave, and allowing employees to spread the impact of salary reductions over an extended period. The primary goal is to minimize workforce reductions and ensure readiness for future productions.
The initial report of pay cuts, as reported by Deadline, raised concerns, prompting the U.K.’s Broadcasting, Entertainment, Communications and Theatre Union (Bectu) to schedule an “urgent meeting” regarding these cuts.
DNEG, an Oscar-winning company for visual effects in films like ‘Dune,’ ‘Tenet,’ and ‘Interstellar,’ is headquartered in London and has a global presence, employing thousands of individuals across various countries.
The company’s statement emphasized their commitment to preserving jobs and maintaining the quality of their work. They’ve asked higher-earning employees, including senior executives and creative leaders, to temporarily accept pay cuts to safeguard as many jobs as possible during this challenging period. These measures come in the midst of industrywide layoffs, furloughs, and salary reductions due to the ongoing WGA and SAG-AFTRA strikes.
In conclusion, DNEG is implementing solutions aimed at sustaining jobs and supporting its employees during these tough economic times. They’re positioning themselves to resume work on new projects once the disruptions caused by the strikes have passed.