In the last three recessions I remember the figure thrown out that somewhere between 35% and 45% of the people in integrated marketing communications got out of the business. I suspect that similar figures will be used for this one.
In the past, when people moved and changed jobs, they were lost from our database and probably lost to the statisticians of the industry. Thus far, in the last three months, I have called or contacted about 200-300 people in the $150,000-250,000 wage bracket. A goodly number are without jobs but a large number of them are consulting and are running their own business. They are having success because they can circumvent corporate head count rules.
The larger question to me is what happens to the people who drop out of the industry? My supposition is that account people and brand management would be the easiest to move because they are trained in analysis, project management and are pretty good salesmen. People in research and media seem to be able to live off the land, selling their services back to small agencies and companies. Creatives seem to find another way of channeling their talents into the arts or communications. The people in trafficking and production just seem to find another product or service to facilitate. The people in budgets and finance always have a skill that is in need.
I hope they all find a home…and Godspeed.Visit Website