Drawing from extensive interactions with agency owners, Managing Directors, c-suite stakeholders, and senior leaders, I can offer you insider insight into the evolving priorities and strategies within the industry.
This quarter, I has identified several key trends and forecasts for the future:
Trends:
Holiday Hell
“We as an industry really need to get a handle on our ‘holiday hell’. This is the challenge we face every year, where it feels like the entire industry just grinds to a halt over the summer holidays because everyone is away on holiday. This stagnation has also now expanded into September because this is when those people without children, or the more senior ‘empty nesters’ go away. We must find a way to better plan for and manage this. It’s not okay for us to just accept that 8 weeks of the year are essentially lost productivity.”
Face-to-Face Interviews Resurgence
“Face-to-face interviewing is making a comeback as agencies recognise the value of personal interactions. Candidates were initially hesitant to travel, but the balance of power has gently shifted towards employers, so they are now insisting on in-person meetings after an initial online chemistry session or similar. These meetings benefit both parties; employers can assess the cultural fit, whilst candidates can meet the team and get a real feel for the company. Overall, I feel that face to face is an essential part of the recruitment process at some point and gives everyone a more complete picture.”
Salary Settlements
“Salaries are beginning to stabilize after a period of significant increases. Many employees are finding themselves in roles where they are overpaid relative to current market rates, which then leads to issues when they want to move onward to more experienced roles, which now pay the same or only slightly more than they are already earning. Employers are now driving compensation discussions, often setting out what they are willing to pay rather than aligning with candidate expectations.”
Forecasts
MD/Agency Leader Roles
“I’m seeing a growing trend of experienced agency owners and senior leaders looking to hand over the reins of their businesses. Many of these experienced professionals had planned to transition out pre-pandemic but ended up staying on to steer their agencies through the turbulence. Now, they are once again looking to pass the baton, often seeking internal successors but also considering external candidates to take on MD or c-suite leadership roles. This is creating opportunities for talented individuals to step into established leadership positions without having to build the agency from the ground up”
Mergers & Acquisitions (M&A) and Venture Capital (VC) Interest
“The event industry will experience a surge in M&A activity, as seen again with the recent news of companies such as CloserStill Media investing in PNE and Identity acquiring Smyle. This trend underscores the increasing globalisation of our industry, as investors recognise the long-term potential of events and are keen to inject capital into successful models. I view this as a very encouraging step for our industry as VCs are only drawn to sectors that are showing real growth and potential for a return on their investment.”
Medium and Long-Term Planning
“Employers are beginning to shift their focus back to medium- and long-term planning instead of merely reacting to immediate hiring needs. The rise of master service agreements (MSAs) and longer-term contracts is contributing to greater stability within agencies, allowing them to plan for the future with more confidence. We will see more agencies making this shift over the next six months which is great news for both employers and job seekers.”
The next recruitment report will be published in January 2025. Stay informed and stay ahead – subscribe to my newsletter for the latest updates and trends shaping the industry: : Recruitment Report
