Marketing Hiring Slows. Is A Recession On The Horizon?
Recessions are never easy to predict—except in hindsight. However, the most recent CMO Survey, published in February 2019, points to CMOs’ fears that a recession is approaching fast. In past blogs we highlighted CMOs’ focus on market penetration as a low-risk growth strategy and their precipitous 21% drop in optimism about the U.S. economy. These are not the indicators of aggressive executives focused on growth. They are the indicators of leaders covering their flanks.
What’s the latest red-alert for marketing leaders? Hiring is slowing for the third survey in a row. Specifically, in February 2018, the CMO Survey found that CMOs expected to increase marketing hiring by 7.3% in the year following. Now, 18 months later, hiring growth has stumbled to a more moderate 5.1%.