Agency holding companies consolidating agencies consolidating cubase 4
Unfortunately, the easiest way for these folks to advance their economic status is to jump ship and go to another agency for a loftier title and a bigger paycheck.
Too often this pattern is then repeated every two to three years.
The need for application developers, coders, data scientists, user-experience architects, social community managers and content curators and creators is now just as important as attracting account managers, copywriters, art directors, media planners and buyers.
By comparison, management consulting firms have been able to more successfully manage their talent pipelines, attracting the best and brightest of our university graduates, developing that talent, retaining their personnel and achieving billable rates that are much higher than their agency counterparts (or should we say competitors).
Whether viewed in the context of attracting, developing and or retaining ambitious, gifted employees, talent management is a major challenge for all professional service providers, perhaps none more so than for advertising agencies.
As the industry has evolved over time, the ability to attract entry-level talent has become more difficult.
These are the frontline troops, the doers and problem solvers.
While compensation is a concern for this group, they are also looking for “more challenges” and “leadership experience.” Often times, they cannot satisfy their desires in this area at their agency and when they leave, many don’t stay within the industry.
More significantly, many would argue that these talent issues have negatively impacted client/ agency partnerships, resulting in shorter tenures and more shallow relationships between personnel on both sides of the aisle.
Agencies have reduced their on-campus recruiting presence, starting pay levels are not as competitive as other professional services firms, such as management consultants and agencies are viewed by many candidates as “sweat shops” with low pay, long hours and little loyalty.
Sadly, once a young graduate joins an agency, some of these perceptions too often mirror reality.
With the multitude of agency’s within their networks, holding companies may ultimately have to consider consolidating and integrating some of their agency brands to create scale, introduce a broader range of services and to provide meaningful career development opportunities for their associates.
Beyond building compelling brands/ cultures, agencies will likely have to rethink their staff compensation programs, which over time have become very polarized, with top managers earning significant salaries and more junior personnel laboring at lower salary levels with few perks.