Brands Reconsider Marketing Hiring Amid Cost Worries
Recent findings from IPA Bellwether reveal a shift in brand sentiment towards potential job cuts in the upcoming quarter, indicating a slowdown in marketing recruitment efforts due to cost considerations.
More brands are expecting job losses for marketing in the second quarter of 2024 than last quarter.
According to exclusive data from IPA Bellwether shared with Our Website, 18% of brands are predicting job losses, which is an increase from 14.8% in the previous quarter.
On a more positive note, nearly 3 out of 10 (29.5%) companies are looking to hire more staff this quarter, offering some hope for job-seeking marketers.
In total, the number of businesses expecting to increase hiring in the next three months has decreased to 11.5% from 14.8% in Q1. This is the lowest it has been since the third quarter of 2022.
Survey participants mentioned that intense competition is posing challenges for companies, leading some to hold off on hiring due to worries about costs.
It looks like brands are playing it safe for 2024, according to an executive recruiter who spoke to Our Website at the end of 2023. While economic situations can shift rapidly, most recruiters anticipate an improvement in the near future.
Joseph Fitzgibbon, the founder of Growth & Company, characterizes the current market outlook as a "continuing warming up."
Editor's P/S:
The latest IPA Bellwether data paints a concerning picture for the marketing industry, with more brands expecting job losses in Q2 2024. This is particularly worrying given that the previous quarter had already seen a rise in anticipated layoffs. While it is encouraging that some companies are still looking to hire, the overall trend suggests a cautious approach to staffing in the face of challenges such as intense competition and cost concerns.
However, it is important to note that industry experts believe this situation is temporary. Economic conditions can change rapidly, and recruiters are optimistic about an improvement in the near future. As such, job-seekers should not be discouraged and should continue to explore opportunities in the marketing field.
