EXCLUSIVE: APA has become the latest talent agency to confront the devastating impact of the coronavirus pandemic. The agency just sent an internal note to staff. They’ve been notified that across the agency’s offices in New York, Los Angeles, Nashville, Atlanta, Toronto and London there will be a series of pay cuts, along with some suspensions and furloughs (unpaid leaves of absence.) No one making below $100,000 will be impacted, and the hope is to prevent layoffs.
So right now, no layoffs and the furloughs and suspensions combined will impact no more than 10% of the staff. Those impacted will continue to receive their elective health benefits and the hope is this is all temporary and can be reevaluated at the end of April.
Still trying to find out specifics, but I’m told that the APA board of directors will make the largest financial sacrifice. The staff was informed during a mandatory companywide staff meeting today via Zoom led by the agency’s president and CEO Jim Gosnell, who issued the following statement following the meeting:
With the U.S. now the epicenter of the global pandemic, more than a quarter of the world’s population on lockdown, record unemployment, a public health crisis more dire than ever known in our agency’s 58 year history, and a financial impact worse than 9/11 and the Housing Crisis combined, APA like so many other companies across our industry and the world must take immediate and thoughtful action to ensure our company will traverse these unchartered waters and emerge as strong as possible.
To combat these unprecedented times, we are taking the necessary cost-cutting measures companywide to protect our business with minimal impact on our most vulnerable employees. While we have never in the history of this agency had a more difficult challenge to overcome, APA’s senior management team is 100% focused on overcoming the common hurdles we are all now facing. With courage and compassion, we will all get through this together.
As every aspect of our lives is being affected across the globe, we are constantly mindful of protecting our personal health and safeguarding our families. Our hearts go out to our colleagues in New York, now at the epicenter of this public health crisis in the U.S., as well as those in other APA offices across the country that now find themselves in hotspot zones. Our doors may be closed but our hearts and minds remain open. We know these circumstances are extremely difficult for everyone, but as we all continue to battle against this virus, APA remains steadfast and vigilant in our commitment to do everything we can to win for our colleagues, clients and communities who are always top of mind.