Media Buying Briefing: How to retain and empower agency talent when there’s more work than ever

By Michael Bürgi

Judging from the mostly positive 2021 financial results issued by both agency holding companies and independent agencies, there’s a lot of work to be done on behalf of clients this year. Most agencies of all stripes — media, creative, social, etc — won new business that will need to be serviced and grown.

Consultancy Agency Futures, which helps agency owners build their businesses, recently surveyed staff and management at a number of Worldwide Partners independent agencies, finding that 69 percent ended 2021 with positive business growth — 31 percent grew by more than 20 percent. Further, more than 40 percent of the agencies surveyed said they expect to grow their business by more than 10 percent in the first half of 2022.

Client demand only continues to grow, according to Agency Futures’ research. Six in 10 clients have shortened deadlines on projects, and the average timeline of a client’s expectation has shrunk from more than a month to 2-4 weeks, while projects now outweigh retainer business by 55% to 45%. While budgets are going up for 45% of clients, and 65% of agencies have increased staffs, the work is intensifying in ways that put pressure on people.

This reality comes amidst the Great Resignation, when more employees are leaving the agency world than ever before. So what’s a media agency, or any agency for that matter, to do to ensure they’ve got the personnel to deliver on that growth without burning them out?

“From new business to M&A, agencies’ value is more determined by talent and cohesion than ever,” said Agency Futures CEO Doug Baxter. “Independent agencies are resurging, and they need to create exemplary work environments to sustain the momentum.”

One broad, if somewhat obvious, answer revolves around making the environment for those remaining employees as positive and supportive as possible. There are many ways these efforts take shape, from offering financial rewards and guidance to mental wellness counseling, to increased freedom to balance life and work duties.

From a holding company POV, Publicis CEO Arthur Sadoun recently announced anyone in the holding company is free to work anywhere else in the world. And Baxter pointed to Red Havas’ “very strenuous” efforts to foster flexibility among employees about where they want to work, taking up charitable causes, finding time for their own work and seeking deeper training.

A lot of more granular efforts are shaping up among independent agencies, thanks to their smaller size and greater flexibility. John Harris, CEO of Worldwide Partners, pointed to several examples within that federation of agencies that reinvent classic molds of employee support:

China-based digital and media agency Hylink connects employees with personal financial consultants so they can continuously adapt retirement plans to their individual needs.
U.S.-based food and agriculture agency Curious Plot has established three core working hours where teams stay online to collaborate in real time, with the rest of the day spent completely at employees’ discretion.
U.K. full-service agency Ardmore gives employees and their families 24/7 access to counseling via a free wellness …read more
Source:: Digiday

Author: Aaron