“The group, which had been planning to cut 780 jobs, or 5% of its workforce, has now said that 900 people have left the company – through a mixture of natural attrition and job losses..”
The economic meltdown has not spared any industries or sectors, but, market research has been especially hard hit. For some reason, some “C” level executives believe that research should be cut when times are down. In fact, there is never a more important time to learn what is, or is not driving your business whether it is product, service, employee, or brand/message related.
Sadly, mass layoffs at the big boys in the market research industry have become the norm and not the exception. This is one more reason why I am glad that Powerfeedback is the size that we are. We can handle ANY client need, yet, not have the massive legacy costs, overhead and bureaucracy that these mega firms have to swim through.
“Analysts at Altium Securities said though the company’s marketing division, Aegis Media, has continued to secure new business, market-research unit Synovate has found life more difficult and the company is accelerating cost-reduction measures there.”
Based on the above snippet from the Wall Street Journal article regarding Synovate, I wish them much luck as they and their clients will surely need it in the days to come.
