The job market has never been easy to navigate. But right now — between tightened marketing budgets, agency consolidation and economic headwinds — it’s as convoluted as ever.
Job seekers say they’re seeing hundreds of roles for brands and agencies describing wanting a unicorn of talent that can do everything from social media content creation to event marketing management. Hiring processes seem impersonal, powered by AI-powered screening tools. Sometimes, after passing some of these hurdles, candidates say they end up being strung along for weeks or ghosted.
But recruiters say agencies and brands are inundated with applicants. There are too many people in need of work and not enough jobs. Brands and agencies are tasked to do more with less, navigating shrinking client budgets that make it harder to account for overheard costs.
The industry seems to be embracing a new disconnect between job seekers and employers. It’s neither a talent market nor employer market, according to Mandana Mellano, founder and executive recruiter at Peony Talent, the boutique talent recruitment and advisory practice that has worked with hold cos like WPP and IPG as well as independent agencies like Zambezi, The Variable, and TILT.
“It almost seems like a fear-based market, which is unfortunate,” she said. Candidates are desperately trying to land their next gig while employers are unsure of how to hire in a flooded talent market, she added.
The U.S. Bureau of Labor Statistics reported the unemployment rate remained unchanged at 4.2% last month. But employment in advertising, public relations and related services is in a slump. Last May, the Bureau reported 497,4000 working in those fields, based on seasonally adjusted figures. This May, that figure dropped to 488,600.
Talent frustrations
The drop may seem incremental, but is perhaps indicative of broader shifts in the industry, like the ever-present pressure to do more with less — or an adoption of AI tools in service of “efficiency.” The push to cut costs has meant fewer full-time hires, more reliance on AI screening tools in the hiring process and hiring freelancers or junior talent willing to work for less.
“It’s a lot of hesitancy of committing, particularly at senior levels,” said Barbie Koelker, a B2B tech marketing leader, who has been on the job hunt for more than six months. “There’s hesitancy to commit to marketing.”
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The job market is not easy to navigate. But with tightened marketing budgets, agency consolidation, and economic headwinds, it’s convoluted.