Unemployment is rising. Are more layoffs coming? Should I even bother to look for something if they do come?

likeupliftingsmart
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This question is the same as asking “a crash is coming, should I wait to invest in the stick market?” People have been waiting for an any-day-now market crash for years.

More layoffs are definitely coming. Might be next week, next month, next quarter, or next year. There will always be more layoffs coming (at least there will be, so long as we live under capitalism). If you wait for them to happen before you apply to something, you could be waiting for much longer than you expect.

It’s better to apply for the market that exists than to wait for the perfect one to materialize.

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The ad biz was ahead of the general economy with shrinkage and layoffs. Expected with rising interest rates as clients are less likely to spend on growth investment like marketing. This has been going on over 3 years.

So, if the economy officially craters, it’ll be business as usual for us. So yes, possibly more layoffs, but also possibly a plateau before a bit of an uptick.

Marketing is the first thing to be cut, but also the first thing to be boosted when rounding the corner.

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This reads like rage bait. Yes layoffs are coming. Omnicom just swallowed another holdco and announced $1.5B in savings - that is unprecedented. WPP just announced $500M in savings - hard to believe that goes deep enough considering earnings. Regardless of your role, everyone should pay attention to how money changes hands. Unfortunately none of us are safe.

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What are your plans?

Is this headline from 2022?

funnylike

Why not? I have 7 interview processes open

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Keeps them away from gay bars

funnylikesmart

More people will be let go for sure. How many people will be rehired, even after things stabilize? I worry our industry will shrink due to 'efficiencies' and AI. As well as our over-bloated, self-proclaimed value as an industry. Thinking the party may be over soon. Don't want to sound all doom and gloom on a Saturday. It's martini time!

likesmart

“Overbloated, self-proclaimed value as an industry”

Nailed it.

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I am a product of being laid off last October. Im sure the company that I worked for will continue to lay off more people. I've applied to 60ish jobs and have only had 1 interview. And was finally just offered a freelance opportunity. All we can do is keep trying.

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Why not? I have at least two remote opportunities in the pipeline. Laying off & rehiring is normal unfortunately.

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No

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