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Layoffs at Walmart corporate 😬😬
Bowl Leader
Thought this was interesting. Across 160 teams of researchers, just about all failed to make good life outcome predictions on things like GPA, evictions, layoffs, and others. Data followed 4.5k families across 15 years, with 13k features (varied over time). Haven't looked at it directly yet, but will be turning the docs and data inside out... In the meantime, authors claim this as showing the limits of ML. Oh, and it's published in PNAS, so you know there's some big publication energy there.
https://www.pnas.org/content/117/15/8398
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Where can I get good sativa 🍃? Dm me pls 😔🙃
Bowl Leader
Ok last one for real
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Any advice for your LAST day in office?
Pro
Best campaigns since the pandemic began?
Romper? I barely know her!
Crossmedia, any opinions?
Are you looking for a new job? Why?
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Losing accounts
Chief
Non execs turning 45 and making too much money.
Just kidding.
Not really
Gotcha
Chief
Losing accounts. New CEOs. New CMOs. New CCOs. New CFOs. Reorgs. Economic downturns. Agencies merging.
You can almost always count on it when a new boss rides into town.
Both my boyfriend and I have worked in the industry for 6 years. He's been laid off 3 times and I've come close to it.
The first time he was laid off because the agency lost a big account he was working on. After that he was laid off a couple of months after starting new jobs, because the agencies involved figured it was cheaper than hiring a contract worker/freelancer. He's a dev and I think this is much more common in tech.
A few years ago, I went through a "redundancy process" but ended up keeping my job. There was absolutely no warning - one Friday morning, management suddenly started pulling staff into meetings where they told them to pack up their things and go. Supposedly the agency had been having problems for a while, but they'd never communicated that to the staff so it was a complete shock, even to the heads of departments. In the end, they laid off almost everyone who had been at the agency for less than 2 years (which in the UK is when you become eligible for redundancy pay). Not long after, our holding company announced "record profits" and we all realised they had dropped the staff to quickly make up the money and look good for the shareholders.
Omg that sucks… thank you for sharing!
Pro
100% of the money an agency has to hire/pay people comes from clients.
-Win clients = hire
-Lose clients = fire
-Clients significantly cut budgets = fire
-Clients significantly change WHAT they are buying from your agency = remix of staff, ie: need less of X type skills and more of Y type skills
-Client procurement put the screws to the agency so they want same amount of work for less money = slow down of hires, reduction or delay of bonus/raises/promotions, overworked, longer hours, etc
Also, what ACD1 wrote above
4th quarterly earnings if agency costs are out of whack with income; recessions or major cog (cost of goods in manufacturing) increases that require marketing clients to ring fence their budgets and give back budget to the Center; really, any economic downturns or uncertainties that means our clients are pulling spend… I’ve been thru them all - sometimes as a casualty and sometimes as a survivor. In this era, I just think it’s almost inevitable at some point. Three things to keep in mind if it happens: 1. Without exception you’ll land something better than where you were before 2. Have enough tucked away to ride it out and 3. Taking 3 to 6 months off from a regular work routine is restorative! Don’t worry about what hasn’t yet happened or could happen next week or next year. Just know you’ll be ok whatever happens. Life has a way of working out…
100% what acd1 said. Sometimes is not strictly about the money. Reorgs happen. Out with the old in with the new.
Specially when leadership changes.
A new toxic CCO that wants to spice things up. Gut’s Gaston Bigio was famous for cutting half of the creative department of any agency he would join, and after a few months bring in his friends.
I didn’t either kinda happens out of nowhere when starting out. I was laid off twice in one year no bueno! If you’ve been in the biz I’m sure there are signs.
Rising Star
💲💲💲💲💲💲💲💲💲💲💲💲💲💲💲💲💲
Chief
Layoffs in January to pay bonuses to the
C-Suite in April. Another fun activation from BBDO NY.
Don’t know. Been here 9 years and they’ve never happened
Hitting revenue goals. If the agency doesn’t, they do layoffs to lower expenses.
Thanksgiving and Christmas are always nail biting. Enjoy!