Competition for Top Skills: Strategies High-Level Corporations Employ to Attract Potential Employees
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The COVID-19 pandemic has brought about significant changes in various industries, and the advertising sector is no exception. The shift towards remote work, digital marketing, and the rise of ecommerce are just a few of the transformations that the pandemic has catalysed.
Employment Habits
The pandemic has led to a major pivot towards digital marketing within the advertising industry. With people spending more time at home, brands have sought innovative ways to reach consumers, leading to a surge in influencer marketing. Traditional ad campaigns have often been paused or cancelled, with influencers and content creators stepping in to fill the content gaps from their home setups [4].
Moreover, the pandemic has accelerated the adoption of artificial intelligence in advertising workflows, disproportionately affecting younger and entry-level workers [2].
Furloughs and Layoffs
The pandemic has had a profound impact on employment in the arts, entertainment, and recreation sector, with a national decline of about 15% [1]. Within the advertising industry, there has been a significant shedding of younger workers in staff-level positions, with a decline of over 10% since early 2022 [2]. This indicates that furloughs and layoffs have disproportionately affected less experienced employees.
The Great Resignation
The pandemic-induced labor market disruption has reshaped workers’ attitudes towards employment, contributing to labor shortages and voluntary departures known as the 'great resignation.' Although the advertising industry has not been singled out for mass resignations, the decline in young workers coincides with a broader tightening of the labor market from 2022 to 2024 and ongoing shifts in worker preferences and demands for flexibility [3].
The overall tight U.S. labor market and shifting job matching efficiencies have altered employment dynamics, motivating some workers to leave or change industries.
The Impact on the Advertising Industry
Many advertising agencies implemented layoffs in response to global uncertainty in 2020. The 'great resignation' was a significant trend in the advertising industry in 2020, with the pandemic leading to a high rate of employee turnover [2].
The pandemic has had a major impact on the global economy, causing significant disruptions and changes in various industries, including advertising. The rise of ecommerce, the shift towards digital marketing, and the accelerated adoption of artificial intelligence are just a few examples of the transformations that the advertising industry has undergone.
In conclusion, the pandemic has significantly disrupted the advertising industry, leading to notable impacts on employment habits, furloughs, layoffs, and contributing to the 'great resignation' phenomenon. The industry continues to evolve as it adapts to the changing landscape brought about by the pandemic.
References
[1] BLS.gov - Employment, Hours, and Earnings from the Current Employment Statistics survey (National) [2] Ad Age - The Great Resignation and Its Impact on the Advertising Industry [3] McKinsey & Company - The Great Resignation: How the pandemic is reshaping the world of work [4] Forbes - How Influencer Marketing is Thriving Amidst the Pandemic
- Finance experts predict that the accelerated adoption of artificial intelligence in advertising workflows and the digital marketing shift during the pandemic may create new job opportunities in these areas for career-development oriented individuals, particularly at entry-level positions.
- Business students and professionals interested in career-development should consider education-and-self-development opportunities related to digital marketing strategies, artificial intelligence, and job-search skills, as these areas are likely to be in high demand within the advertising industry following the transformations catalyzed by the pandemic.
- The 'great resignation' trend in the advertising industry presents excitement and challenges for both job-seekers and career-development-focused professionals, as it may lead to new job openings while also increasing competition in the job market.
