Myth-management.
The advertising sky is falling, the advertising sky is falling.
Isn’t it? Isn’t it?
Could be. Although economist Paul Krugman’s analysis might lead the curious to wonder if our recessionary demise might be a shade over-reported.
From last Tuesday’s New York Times: “Imagine that your picture of the U.S. economy came entirely from headlines and cable news chyrons. Would you know that real gross domestic product has risen 6.7 percent under President Biden, that America gained 4.5 million jobs in 2022 and that inflation over the past six months, which was indeed very high last winter, was less than 2 percent at an annual rate?”
No, I absolutely would not know that. Nor would I be aware of what his Nobel Prize-winningship calls “I’m okay, you aren’t syndrome”—the gaping disconnect between the 75% and 78%, respectively, of ‘mericans who appear to simultaneously believe the economy is schtupped even though their own finances are in decent shape.
But this I do know: adland and all its kissing media and technology cousins ain’t going to waste no damned breath sussing out whether we might be unnecessarily talking ourselves into the fecal dumper. Or even whether the proximate cause of all the agite is grounded in reality or prevailing myths.
We saw the first augurs in December, when the Department of Labor Statistics reported 3500 category jobs lost right before the holly jollies. Now, with the ad-job generating MAANG majors engaging in large-scale culling, you don’t need crystal balls to see the snowing pink slips.
Just listen to the hushed whispers in agency halls. Well, okay, post pandemic, take a gander at the wailing and gnashing of teeth on LinkedIn and Fishbowl.
My recommendation for the ad holding company zillion-plus salary club looking for a “hard decision, hurts us more than you, no, my comp not changing” way to spin the precipitate action: pay attention to the sea change over at Meta and how Zuck has grabbed all the bull by the shovel:
Capping the point that “Reality Labs, which is building a metaverse” (editor’s note: say again?), is not safe from more cuts,” he lands this fewer jobs equals more efficiency zinger: “it’ll be a more fun place for people to work because they can get more stuff done.”
Charming, no? Almost as much as Microsoft celebrating 10,000 rolling heads by popping the champagne on a $3 billion investment in Open AI and ChatGPT.
In fairness, as someone who’s danced the build-the-joint and survive the cycles three times, I get the sense of urgency that arrives at agency C-suites along with the first tremors of a weather helm. The long-term mission, as one of the most decent ECD’s in the business once told me is to grow the agency and create more jobs and there are circumstances “that means having to let people go.”
But, somehow, this time feels different and right now I’m sensing the faint stench of hypocrisy perfuming the air. After all, at the same time firms big and small are pre-emptively cutting creative HR and capabilities, we’re also preaching “stay the course,” “those who spend through a recession, thrive in the recovery,” and all the usual platitudes that are dusted off right about now.
I don’t know what Paul Krugman would advise. But, somehow, I think he’d be in favor of taking action based on a clearer sense of what’s really happening. Not the myths we might fear.