MullenLowe Lintas Group slashes staff salaries by 6-12% to weather COVID-19 storm
The company said that the move is a result of the series of lock-downs during the pandemic and their impact on client businesses
With major events being put on hold, businesses have shut down and with a significant portion of advertising put on pause due to the COVID-19 pandemic, agencies and holding companies have had to find ways to cut down costs. MullenLowe Lintas Group has also has implemented salary cuts in the range of 6-12% as COVID-19 setbacks continue to hit the Indian advertising industry.
In response to exchange4media’s query, a MullenLowe Lintas Group spokesperson said, “The series of lock-downs following the pandemic has impacted many businesses including our clients'. We are also not insulated from this situation. We have taken a number of measures to ensure the organization remains stable and resilient during these turbulent times. Salary cuts are part of those. These are unprecedented times and the situation will continue to evolve. Most important at this time is that we continue to help our clients connect their brands with their consumers in a meaningful way and help rebuild their businesses quickly.”
To be sure, the financial fallout of the crisis has deeply impacted agencies the world over. Furthermore, advertising holding companies all over are preparing for a drop in demand and some are telling their employees to expect staff cuts and furloughs. In the past couple of days, from IPG to Omnicom, several holding group CEOs have spoken about implementing executive pay cuts, suspended share buybacks, freezing new hires, forgoing award shows and more.
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