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There are winners and losers in recessions. Some agencies will blowup and hire, others “restructure”
Depends on your agency, clients and your role. Some agencies, clients and roles are better at weathering a storm.
For any given economic environment I would think layoffs would be more likely end of year vs Jan.
It’s definitely happening. Agencies are all getting ready for a recession.
Generally lay offs will be based on projected revenue that hasn’t been met, or projected revenue that is smaller than previous revenue in any given quarter/year. Staff costs are the biggest outgoing for nearly all agencies - so unfortunately for an agency to remain in the green, staff cuts often are made. Of course agencies will also use this as an excuse to get rid of underperforming staff too. As everyone knows, it’s a cut-throat industry.
Chief
Hopefully just you
If you’re with a holding company layoffs are most likely to happen at the end of the quarter, when HCs report numbers and earnings. So if you make it to the break you’re probably fine. At least till April.
There will be lots of layoffs. But the good news is that agencies usually take care of that BEFORE the holidays. So, if you make it through this week, you’re probably good for another six months.
No
Chief
Just you.
No
Rising Star
Thought they laid everyone off before the holiday parties already.
I hate to say it but a lot of economic results come in as the year ends and scopes are finalized. So staffing costs can be an issue into q1.
Yes. It’s in the air.