Amid the worsening business outlook globally, resulting in layoffs among various cost-cutting measures across Interpublic Group of Cos., IPG Mediabrands’ local CEOs across the markets are coming up with different ‘resilience’ strategies suiting their market scenarios in a bid to sail through the Covid-19 crisis.
India CEO Shashi Sinha interacted with over 700 staff across IPG Mediabrands India agencies — Lodestar UM, Initiative, Interactive Avenues, Rapport, Ansible and Magna Global — in a virtual town hall on Monday, and informed them about his steps to deal with the situation in a way that those measures protect both people and business. The agency’s strategy has ensured that there are no layoffs in India.
According to multiple sources, the media arm of Interpublic Group of Cos. has announced that its leadership team across the agencies came forward to take salary cuts.
The second resilient step announced by Sinha was that there would be no payout of business-linked bonus as there are least chances of achieving or exceeding the business targets in the current scenario.
The third and last step taken by IPG Mediabrands India is that it will not carry forward this year’s leave to the next year. The company has to keep budget provisions for leaves every year.
Sinha confirmed the development to BestMediaInfo.com. “We care for our people and our ‘resilience’ strategies to deal with the prevailing uncertainty have made sure our people at middle and junior levels are not impacted and no one loses a job. While the future strategy will be driven by the longevity of the Covid impact, we have put our best foot forward to protect both our people and businesses in the current scenario,” he said.
It may be recalled that Interpublic Group of Cos., one of the largest advertising holding companies and the parent company of IPG Mediabrands, had last month withdrawn its financial performance targets for full-year 2020 amid the increasing spread of Covid-19.