. Omnicom and its peers have begun cost cuts because of those immediate and future impacts on advertisers.
"Overall, while we have a diversified portfolio of service offerings, clients and geographies, demand for our services can be expected to decline as marketers reduce expenditures in the short-term due to the uncertain impact of the pandemic on the global economy," Omnicom said. Omnicom said it's taking cost-cutting measures, including through voluntary pay cuts and by cutting pay for agency leaders and senior execs.The company has halted hiring, frozen salary increases and eliminated or reduced the number of freelancers it works with. Its agencies have also implemented reduced work weeks and furloughed or laid off "many" of its staffers.