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He mentioned voluntary corporate salary reductions, but no specific mention of his $17MM annual compensation -- an increase of 3% from last year, BTW.
I'll withhold judgment to see how this all shakes out, but that number is ringing in my head with every friend I see let go.
My CEO responded immediately saying that there are currently no expected layoffs or salary cuts as of now. I know Mullen has been having a rough week but the email shouldn’t have said anything. When i read it my stomach dropped
@LPD1, did you get that retraction letter yet?
I work for an IPG agency. It was nothing specific and no names. Just general measures that network is or might have to take during these times, .
I didn’t see this, but maybe I missed it? R/GA has been transparent about the actions they’re taking but haven’t seen anything about layoffs or furloughs.
Huge got it as well. They had meetings with us to warn of impending cutbacks.
We had pretty big cuts at mullen this week
What actions are RGA taking @RGA1?
Isn’t VMLY&R part of WPP?
It is. Assuming they haven’t updated their profile since it’s now VMLY&R.
The one question people should ask is, how healthy was the agency before Covid19?
It’s much the same with the virus itself. For the most part, those that have compromised systems and are weaker to begin with, have the hardest time surviving. So agencies that were struggling and looking at downsizing back in January are simply executing the actions that were inevitable before this health crisis.
And Yes, we’ve seen very healthy people lose the battle as well. But much more rare. With little rhyme or reason.
McCann hasn’t said anything about layoffs or furloughs...any one know anything? This email made me so nervous.
No insights on IPG, but it sounds like all the big holding companies are laying people off and furloughing right now.