Almost 40,000 marketing jobs have been lost in UK, survey suggests

Coronavirus redundancies: 9% of marketers affected
Coronavirus redundancies: 9% of marketers affected

Nine per cent of respondents to CIM survey said they had been made redundant, while 20% have had to take a pay cut and 17% were placed on furlough.

Nearly one in 10 marketers (9%) have been made redundant during the coronavirus outbreak, illustrating the stark reality of the financial impact on brands.

That's according to a study carried out by the Chartered Institute of Marketing of 344 members around the world (240 of whom are based in the UK) between July and August.

A further 20% had to take a pay cut, and 17.5% were forced to use up their annual leave.

The body said that if these statistics were to be replicated across the whole of the marketing profession it estimates that there would be around 37,000 job losses and 83,000 people taking a pay cut.

Those figures are based on market-sizing work CIM carried out in 2018 with PwC, which estimated there were 415,000 people employed in marketing roles in the UK.  

The research added that 17% of respondents said they were placed in furlough as part of the government's Coronavirus Job Retention Scheme.

Despite the job losses and pay cuts, 87% of respondents said that they felt confident or very confident that the marketing sector would "bounce back" once the threat of Covid-19 is over.

The CIM's study also found that brand reputation is the top priority for marketers when it comes to coping with the financial downturn that the virus has led to.

Marketers are also aware that they want to highlight employee and public-safety messages in their communications. Promotions and discounts, meanwhile, are at the bottom of their list of priorities.

Chris Daly, chief executive of the CIM, said: "Despite all the commercial challenges, it is reassuring to see reputation ranked first. It is clear that the UK marketing community is not prepared to trade short-term gain for long-term pain.

"However, with the lockdown loosening at the start of July, it is a concern not to see more confidence in promotional activity. Marketers have worked hard to maintain customer engagement during lockdown, as restrictions now ease it is key they make the most of this opportunity to help drive the recovery we are all hoping for."

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