Changing times, changing workforce
Meanwhile, turnover rates at agencies are manageable for most, hovering between 1-20% for 56% of our VIPs.
0% – 3%
1-20% – 56%
21-40% – 34%
41-60% – 0%
61-80% – 6%
81-100% – 0%
Agencies have long lamented a leadership talent crisis, but as it turns out, their retention issues have less to do with the top and more to do with the middle: The business is hemorrhaging middle managers who long to escape the siloes and a lack of control over their work.
To stem the outflow of entry-level and less-senior staff (and foster loyalty), some agencies are turning to specific benefits to appeal to millennials, like student loan assistance.
But staffing concerns don’t end at a simple headcount. Some clients are demanding that agencies meet diversity quotas as a condition of partnership.
General Mills and HP have both made highly public stipulations, with General Mills only willing to consider agency partners with 50 percent women and 20 percent people of color in their creative departments.
No surprise that agencies have some work to do:
61% of agency VIPs say their agency would fail to meet such a quota if judged today.
On top of all that, hiring might become even more difficult within the next 5 years, as many agency pros see “role consolidation” in their future.
71% believe their job will be combined with another job.
27% expect their job to remain the same.
2% think automation will render their job obsolete.
Time to hit Skillshare.