Effective measures to retain talent in advertising agencies
Attrition rate in the advertisement industry is at a whooping high of 30% according to reports by AON and Forbes.
LinkedIn Survey has cited that:
- 54% of people in the advertisement industry have cited lack of opportunities for advancements
- 45% – unsatisfied by rewards and recognition
In the advertising industry, the churn in talent is not necessarily associated to pay. Employees working with agencies who are engaged, are the ones who have developed a strong sense of belongingness to their organization. This sense of belonging is derived from the thriving culture at their organization. This culture translates to a feeling of being looked after and knowing that one is being taken care of.
An important parameter which cannot be overlooked, is bringing in a long-term career vision for the employees working with agencies. Companies need to work on career progression paths across all streams that will provide a transparent view of all the possible roles across the different career streams and the competencies associated with each role. Not only will this enable cross-function movement, but also, provide flexibility and multiple opportunities for career advancements.
The pandemic situation invariably got people accustomed to a flexible way of life. While plenty of companies across industries have continued with remote working, in an agency, working remotely poses a challenge as the collaboration quotient is extremely high. Agencies need to balance this by providing opportunities to flex certain work hours and certain workdays.
A robust reward and recognition model goes a long way in engaging the workforce. Knowing that the work is recognized and rewarded is a very important retention tool and organizations must invest in building a full-fledged reward program if it does not exist already.
Policies that are drafted in this industry cannot be a one-size-fit all standard ones. Policies drafted for agencies must have people at the centre of its focus. They need to be well thought out, bearing in mind the dynamics at play and must be revisited time and again based on the need of the hour.
Lastly, underlying all the retention methods is the empathy that leaders can extend to their teams. This will be a culture differentiator amongst organizations. Open communication, listening with a broad mind and showing genuine interest in the well-being of their team members will make all the difference.
At Experience Commerce, we have embarked on our journey of talent & cultural transformation. As is true for any service industry, where people remain at its core, definite and meaningful measures will continue to play an undeniable role in retaining talent.
Source: 4A’s and LinkedIn’s survey