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They still need people to do the job in the meantime, so they’ll continue hiring people and over promoting their staff to avoid them to leave. The are trying to create a there’s-nothing-to-worry-about fake environment, boosting their confidence.
👆CD1 nailed it above.
They already announced there will be $750 million in layoffs. They’re merely looking to fill temporary gaps until the hammer drops.
They're winning business, and if there's ONE actual reason why Omnicom would spend so much money no this acquistion, it's IPGHealth. This is not a foreclosure auction. Omnicom knows that even their biggest health shop, Biolumina, is a fraction the size of FCBHealth alone, not to mention Area 23. I'm not saying *anyone* can guarantee their job security, but that's true for literally the entire industry. In this scenario, while no one's 100% safe, IPGHealth is safer than any other division of IPG because it's pretty much the only sector bringing in real money.
ACD2 that’s what I was told when I joined area23 years ago.
They’re hiring people at a lower salary for the same or more amount of work and laying off people who have higher salaries.
Interesting because I was laid off at the beginning of the year and just this past month saw my exact title and job description listed at $20k lower than I was making and $10k lower than when I was first hired.
My team specifically just won like 25-30% more work depending on how it all shakes out, the agencies won’t stop trying to win more business even with the merger.
That won’t matter. If you can be replaced with someone cheaper, you’re out.
Every healthcare account runs on billable hours in order to capture the budgets. That takes bodies with open hours to bill. Unless there’s going to be massive overlap, or we jettison accounts, the only people who can be let go are those who make no money for the agency. I just don’t understand where 750M is going to come from. Maybe those that don’t actually bill to accounts?
The layoff people who make a good buck and hire people to replace you for a lower salary. Thats where the savings is coming from.
You are wise to be cautious. Don’t forget, when layoffs happen or work declines, the last one hired is the first one fired.