Dentsu Aegis Network announces cost-cutting measures with staff to take 10% pay cut
Dentsu Aegis Network, which employs over 700 people in the North, has brought in a series of cost-cutting measures to combat the impact of coronavirus.
The international arm of Japanese agency conglomerate Dentsu owns agencies including Carat, gyro Manchester, iProspect, Amplifi and Fetch.
Around 400 staff are based at its offices on Portland Street in Manchester with the remainder split between Leeds, Newcastle and Edinburgh.
All employees will take a 10% pay cut, with executives taking an unspecified higher amount.
Dentsu is also following WPP in introducing an immediate freeze on hiring and a delay in salary reviews this year. Some staff are also reported to have been furloughed.
A spokesperson for the holding company said in a statement: "Since the coronavirus outbreak Dentsu Aegis Network’s primary priority has been to protect our people, preserve and nurture our client relationships and to support the local economies and communities in which we operate.
"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."