Media Companies repeat mistakes of previous economic downturns
Media Companies are starting to cull their graduate in-takes in the face of the economic downturn according to Paul Farrer, Chairman of pfj which also operates The Graduate Recruitment Company brand.
“Following the lessons of the last two economic downturns media companies had vowed to maintain their strategy in recruiting fresh graduate talent to insure against skills shortages that are so costly in a growth economy. Sadly the handbrake is already on and it looks like the cost cutting CFO’s are gaining dominance around the Board table and a huge potential source of energy and innovation is being quickly turned off. I know all companies are probably looking to make savings as revenue streams come under pressure, but surely there is a place for compromise between short term need and long term strategy. Otherwise in just a few years we will again be facing an extreme skills shortage due to the lack of talent rising through the ranks because we turn the supply off now.”
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