ICM Partners Cuts Support Employees, Implements $20 Hourly Wage for Assistants – Variety

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ICM Partners is slicing about 40 assist employees positions in a downsizing effort that coincides with the corporate’s determination to boost the hourly wage for all assistants to $20.

ICM Partners disclosed the adjustments at a company-wide assembly held Friday. Company leaders additionally pledged that 50% of its new hires shall be what it described as “numerous candidates.” ICM’s agent coaching program shall be expanded to incorporate extra entry-level staffers with a give attention to selling candidates from marginalized backgrounds to the rank of agent.

The choice to trim the ranks of assistants and different assist staffers comes as the corporate prepares to regularly reopen its Century Metropolis workplaces to staff. In taking a look at the right way to unfold staffers out to adjust to social distancing suggestions, company leaders realized that given within the period of smartphones and video convention calls, brokers not want as many assistants and assist staffers as they as soon as did.

Sources stated company leaders confused that the choice to boost the assistant wage to $20 an hour will greater than offset the financial savings from the employees cuts. Lately, most ICM assistants have been making round $15 an hour. With the employees cuts, ICM can have about 200 assistants.

ICM’s structural determination comes at a time when all main gamers in Hollywood are grappling with the financial downturn spurred by the coronavirus outbreak. The trade’s largest expertise companies have been within the eye of a storm because the battle with the Writers Guild of America over the best to symbolize writers has dragged on for greater than a 12 months.

The cultural reckoning over racial inequality that has erupted through the previous month can also be placing companies underneath the microscope. Brokers are key gatekeepers for artistic expertise, which suggests the monitor file of companies with shoppers from marginalized communities and their very own hiring practices are underneath extra scrutiny than ever.

ICM Partners famous that the company has achieved the targets of its pledge from 2017 to advertise girls amid the #MeToo awakening of “50-50 by 2020.” At current, per ICM, girls function heads of not less than half of the company’s departments whereas not less than half of the brokers promoted to associate standing since late 2017 have been feminine.

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