The Talent Feeding Frenzy
And What it Means
By Tony Stanol, President of Global Recruiters of Sarasota
Covid has produced extraordinary movement in the supply and demand for talent. Most of us have never seen anything like the talent feeding frenzy that has been unfolding since 2020. Many of my recruiting colleagues say it was similar during the Dot Com Bubble, but this is worse.
Some call it The Great Resignation. But are people really just opting out of the workforce? Not necessarily. In the advertising industry, people are hopping to new jobs like never before. Ad Agency Employment Hits an All Time High according to Ad Age.
We’ve noticed this when searching for candidates. Many have moved jobs within the past year and we disqualify them because our clients are often suspicious of opportunistic job hoppers. By the way, this puts a target on their backs should the industry do some belt tightening. Last in, first out. Plus, they’re often commanding salary increases at or above +50%.
I believe the red hot talent market has a sociological parallel with the skyrocketing real estate prices. Houses are selling for well above their asking price the day they’re listed, with multiple back-up offers. The pandemic shook people to the core and caused them to rethink their priorities. Do I really want to live in this studio apartment in Hoboken with two room-mates when I can work remotely from the Berkshires or a Florida beach?
Covid gave us the gift of the Remote Work and Work from Home Phenomenon. Over the years, Millennial candidates screamed for more flexibility and work/life balance. These are foreign concepts to a Boomer work ethic. In the past ad agencies were loath to provide such benefits to all but their most tenured employees but today they are extending more flexibility to everyone. With a few exceptions this has gotten the job done.
So what does this all mean? Here are my key takeaways: Flex with the new realities. Ad agencies that insist that employees come to their office regularly or even live in the same market are losing employees and potential candidates.
Last year I recruited for a hot independent creative shop, usually an attractive opportunity. However, the agency insisted that employees live in the city where the office is located. I talked to over 150 candidates who found the agency attractive but didn’t want to relocate. People have gotten accustomed to working from home.
This is indicative of the current competitive demand for talent. And because of this demand I often need to coach my clients to broaden their search. Does this position really need to be on site? Can you shorten your “must have” list?
Also of prime importance is the need to hasten the hiring process. I lost a Strategy Director to another offer when an agency interviewed her 10 times (!) only to ask her to complete a two week project. I’m not sure the old adage “hire slow, fire fast” applies today.
Zealously instill and preserve corporate culture. Loyalty goes out the window when people only interact on line. Establish what your corporate culture is and make sure it permeates the organization. Zoom Happy Hours are so 2020.
More than one-in-three American labor force participants (35%) are Millennials, making them the largest generation in the labor force, according to Pew Research. They insist that their work has meaning and they align with the values of the organization.
According to Carmine Gallo’s “The Storyteller’s Secret”, real estate and casino impresario Steve Wynn instilled in his workforce a little something called self-esteem. “Getting employees to see themselves as the hero of their own customer story is the magic to creating an unbeatable culture.”
Let’s make advertising sexy again. I’m a cheerleader for the ad industry but it needs to take a good hard look in the mirror. Too often, employees are being asked to do more with less and are getting fried. One CSO I know left her agency career for a private equity firm. She said it was like going from being a triage surgeon on the battlefield to being a Beverly Hills cosmetic surgeon.
It’s no longer as cool to tell people at a dinner party you’re the Creative Director on the Twizzlers business compared to someone working at Tik Tok. Give your employees reason to brag. Boost their self-esteem and you’ll bolster your business.
Face it: in the war for talent, talent has won.
