Ad Agency Staffers : Start sharping your resumes people… jobs are about to get scarce
September 18, 2008
This is part 3 of a financial series from Tribble Advertising Agency (here is part 2) and here is Part 1
With headlines like these : Morgan Stanley Shares Plunge 30 Percent as it Seeks China bailout and stocks crashing, WaMu appears headed for sale it sends shivers down most of our spines. When the government announced the printing of 40 billion dollars to bail out AIG .. it triggered a massive reaction on Wall Street.. and Main Street…. The funny thing was the non-reaction from Madison Avenue.
They can keep pretending the market is not crashing.. or that it’s not trading at 1999 levels…
For example, Omnicom Group Inc. (OMC) has been dropping like a rock .. at the time of this article, WPP Group plc (WPPGY) is in big trouble
Virtually every advertising agency stock has taken it hard.. but there is no recession… how did Draft say it? “It’s great to be on top” ?
Yes the industry is set for perhaps one of the nastiest downturns we have ever seen in our adult lifetimes… even industry Vet, George Parker puts a recovery at 1/2 a decade from now..
Meaning that jobs will be scarce for advertising agencies… and the chances are you agency will be FAR less picky on what they take on… IE: they’ll take ANYTHING they can get.. regardless if it’s a fraction of the minimum spend they would of taken 2 years ago.
Start sharping your resumes people… jobs are about to get scarce.
If your agency starts losing clients, and taking on firms with tiny budgets, you are looking at layoffs.. period. The problem is there is going to be alot less money going around for advertising overall.
Even on the interactive side, traditionally we only get roughly 10% of the ad budget… but that 10% … remember it’s a smaller pie… so that 10% can mean 6% or less in today’s dollars.
It’s ugly… it will remain ugly for years…
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