Digital Domain announces company-wide pay cuts for its employees.
Visual Effects industry blog VFX Soldier reports that Digital Domain has announced company-wide pay cuts for its employees. There is no word yet if company's executives will also be affected by the pay cuts.
Made during a meeting with Digital Domain workers on November 16, the announcement was reportedly met with heavy criticism in regards to both the pre-Thanksgiving holiday timing and a deadline for employees to agree to the new terms.
Digital Domain employees have until this Monday to accept the pay cuts or lose their jobs even though many of them are on productions and term contracts.
Below is a previous letter obtained by the VFX Soldier blog that had been sent to some Digital Domain employees:
As you are aware, Digital Domain 3.0, Inc. and its wholly-owned subsidiary Digital Domain Productions 3.0 (BC), Ltd. (collectively, the “Company”) has been taking steps to improve the operational efficiency of the Company, out of necessity, since emerging from bankruptcy. Unfortunately, new economic pressures have changed the Company’s economic situation further, and actions taken previously were not enough to strengthen the Company’s financial position in the near term. As such, Company has determined that employee compensation reductions are necessary at this time.
We are informing you that your salary [rate] will be reduced by __%. Commencing on the effective date your position and salary [rate] will be as follows:
Title of Employee: _______________ Base Salary [Rate]: $_____ per hour Effective Date: January 7, 2013
In the event that you are employed by Digital Domain Productions 3.0, (BC) Ltd. as a temporary foreign worker, the Company reserves the right to adjust the Effective Date if a required approval from immigration authorities with respect to the adjustment in employment terms set forth in this letter has not been received by the Effective Date.
Please sign below indicating that you understand and accept the salary reduction terms set forth above and acknowledge that this constitutes an amendment to any Production Contract, Staff for Show Contract, or any other agreement under which you provide services to the Company. Please return the original letter to Human Resources. If you decide not to accept the salary reduction terms as set forth above, the Company will accept your resignation from employment effective on the last business day before the Effective Date.
Should you have any questions or concerns, please do not hesitate to contact Human Resources.