Marketing recruitment intent slows as cost concerns put brands off

Exclusive data from IPA Bellwether shows more brands are expecting job losses this quarter compared to last.

More brands are expecting job losses for marketing in the second quarter of 2024 than last quarter.

Almost a fifth (18%) of brands predict job losses, compared with 14.8% the previous quarter, according to IPA Bellwether data shared exclusively with Marketing Week.

However, it’s not all doom and gloom for job-seeking marketers, as almost three in 10 (29.5%) companies expect to recruit more staff this quarter.

Main media budgets down as brands ponder economic recoveryAll told, this means the net balance of businesses predicting hiring levels to rise in the next three months has dipped to 11.5% from 14.8% in Q1, the lowest since 2022’s third quarter.

Those participating in the survey expressed concern that strong competitive pressures are causing headwinds for brands, meaning some are refraining from hiring due to cost concerns.

It seems brands are taking a risk averse approach to 2024, as one executive recruiter predicted at the end of 2023 to Marketing Week. Though economic conditions can change quickly, and recruiters broadly speaking are expecting things to pick up.

Indeed, Joseph Fitzgibbon, founder of recruitment firm Growth & Company, describes the current market outlook as a “continued warming up”.