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What about Italy? Anyone working there?
Chief
Chief
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Every week, there's a post asking if there's going to be more layoffs. At wpp, at omnicom, at wherever.
The answer straight up is yes. Unfortunately there will be continual layoffs for the foreseeable future. These CEOs will run their agencies to the ground.
…and sail off on their yachts to Valinor.
Only way to control job security is to work for yourself
Rising Star
Nope, the industry is completely out of layoffs. Zero layoffs left for at least five years.
Surely that was sarcastic lol
Yes, there will be. I’m sorry but it’s what will happen.
After the ACQUISITION not merger, let’s be clear on that, Omnicom will be in the drivers seat and make most of the decisions. Especially with talent and how to combine teams.
It will be a bloodbath on the IPG side. IMO they will combine some of the media agencies, 6 is too many for one hold co, too confusing for clients during pitches and too much overhead.
It will be game of thrones next year.
The cultures are vastly different, the ways of working especially with how to manage clients are vastly different as well.
Omnicom is the worst holding company.
Unfortunately, there will be more layoffs - and more consolidation. What we are all experiencing is an industry going through a rough metamorphosis. The industry we knew is simply having to change to match changes in client needs/expectations, a massively evolving creative content & media landscape (hyper personalized messages & media context), and the technology that is needed to accommodate all of this. Every agency is trying to figure out how to be set up & operate in a way that sustainable and profitable. The uncomfortable reality is that going forward our industry will likely operate with fewer people - and we will all be competing for more client relationships of shorter duration, faster turnaround, and tighter financials.
100% agree, we are in a period of the biggest change in the industry since digital media and the internet.
We all have to adapt, fight and scrap for roles that are becoming more and more limited and more and more competitive.
The digital age bought upon an exponential talent expansion. You didn’t have to go to school for advertising or marketing degree to get in and move up.
Anyone could have started at the bottom and learned digital media.
Agencies hired by the boatload.
But now you have this huge talent pool all fighting for limited roles especially more senior ones. There is essentially an over supply of talent.
Yes, it will happen. Happened to me and honestly, once the shoe drops, there’s nothing to worry about anymore
Chief
I’m afraid what we’re seeing now is likely just the beginning.
Get your portfolio, resume and everything else prepped. Stay safe.
There will be blood
there has never been a merger or acquisition with layoffs for the next few years. don't ever let anyone tell your otherwise. 20 years experience here.
typo sorry: there has never been a merger or acquisition without layoffs for the next few years. don't ever let anyone tell your otherwise. 20 years experience here.
Yah most definitely. Layoffs to date at IPG have been to pad their books and sweeten the merger deal. Layoffs AFTER the merger will be about actual optimization and cost-cutting.
Layoffs will be both on Omnicom and IPG side prior to the acquisition. Both companies need to appear at their most profitable. If the acquisition is in Q4, expect the layoffs to come raining down prior to the start of Q4.
A big part has been failing to replace people that leave. We have to battle to get someone in. It’s why we’re all working so much.
One reason why.
Yeah, it’s also just bad for the industry in general when 2 of the biggest employers are holding back any hiring in an already shaky economy.
Of course. It’s not a matter of if but when
I’ve managed to avoid at least 10-15 layoffs at my company over almost a decade and I know the likelihood of keeping that up is getting smaller
Pro
Yes. Will definitely be more.
2400 layoffs this year already?!? I feel like any that I’ve heard about were quiet and based on being on “the mobility” list. (In creative dept, so you had a decent heads up that you might get laid off).
As long as the layoffs are under a certain amount they fly under the radar.. That’s why they’ve had countless small ones.
They started last January before they officially even announced. It’s insane.
I'm at IPG too and in my shop we've had whole teams go overnight. Our legal team in London was cut last week, as we've been placed on the same p and l as another shop. Same for our HR guys, and various finance people. It's going to keep continuing pre OMG acquisition.
All the “back office” stuff.
Bruh IPG is like 3 months away from disappearing entirely. get out while you can.