CHICAGO: Edelman has launched a “strategic review” of its workforce, as it closely monitors the global economic environment.
“We continue to grow and deliver industry-leading work,” an Edelman spokesperson told PRWeek. “However, we want to ensure that we are optimizing our business in order to continue to operate from a position of strength amid current headwinds.”
Along with the review, Edelman is instituting a hiring freeze and limiting travel for non-client activities and firm-sponsored events.
The spokesperson would not comment further.
Edelman’s move comes as interest rates mute consumer demand and investor confidence, while layoffs sweep across the U.S. — particularly at tech companies. DoorDash, Amazon, Meta, Twitter, HP and Lyft have imposed job cuts in recent weeks. Edelman reported a global revenue of $1.06 billion as of June 30, according to CEO Richard Edelman. The agency grew 15.4% globally on a constant currency basis to $985 million last year, with the U.S. up 15.5% to $613.1 million, according to PRWeek’s Agency Business Report 2022.