""Our existing clients were spending less money, some of those were retracting the projects that they had planned, and that obviously led to a revenue hit," said one exec whose role was cut in the layoffs and who spoke on condition of anonymity."
""Like everyone in marketing, our business is dynamic and we are constantly making shifts in our resources, redesigning roles and structures," said a spokesperson. "At 8% we have one of the lowest churn rates in the industry. Currently there is a very small number of roles affected in the U.S. and U.K.""
""Back then I could walk out of a job and walk into five interviews the following day. Now, I can't get the interview," they said. "It's a tough market.""
Brandtech group media agency Jellyfish eliminated as many as 50 roles at the end of October following a slowdown in client spending. Clients scaled back planned projects, producing a revenue hit that prompted resource and role redesigns. Jellyfish noted ongoing shifts in resources and structures, reported an 8% churn rate, and said only a very small number of U.S. and U.K. roles were affected. Industry-wide agency headcounts have fallen, with major holding companies cutting thousands of jobs amid weaker demand and ongoing cost reductions ahead of mergers.
Read at Digiday
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