2018 Q1 Market Update & Trends

By Miriam Hanna, Director at MadlinHanna Consulting

If the first quarter is anything to go by, 2018 will be another strong year for the PR industry. Large agencies have made significant senior hires, parent companies are consolidating their brands and there seems to be more business to be won with many agencies involved in more pitches than the equivalent time last year. On the in-house side, there has been movement in asset management, technology and real estate. Here are the trends we have identified so far this year.

Consolidation

Agency brands are coming together under their parent companies more and more. WPP have brought together Burson Masteller and Cohn & Wolfe, Ogilvy will be moving to one P&L in the UK and Redleaf have moved into the Porta offices with Newgate and other agencies. There is always gossip about agencies buying and selling but what’s obvious is the aim of the large conglomerates to ensure that they can offer all disciplines within their network. Whilst it makes strategic business sense, especially for those business owners looking to have an equity event, it does come with great risk if poorly managed. We do see people jumping ship before giving things a chance which we wouldn’t advise. A good internal communications plan is crucial for success. You don't want your staff hearing news about their firm for the first time in PR Week!

Flexible Working

More and more candidates are looking for flexibility. The challenge agency and in-house teams have finding good talent has forced them to more seriously consider how they go about offering flexible working. For some, it’s working a reduced number of days a week and for others, it’s having the option to work from home. Important to note that it isn’t just women or mums that have these requests. For example, at the mid-level, having the flexibility to stay at home in order to complete a technical task is hugely appealing. There is a perception that in-house firms are better at this but it really depends on the leadership of the business. More and more agencies are looking at ways they can make a flexible approach work and those that don't shirk at part-time candidates will open the talent pool up for themselves!

The In-House Debate

As has always been the case, about 8 out of 10 candidates we speak to want to move in-house. What constantly surprises us is how much the mid-level are having these thoughts. When there are Account Managers with 2-3 years experience saying they are tired of agency life there is something going wrong. We advise that they limit their careers too early if they go in-house too soon. There are always those that just don't like the commercial aspect of agency life and that is a good reason to move but are you ready for the internal politics and firefighting you might have to deal with when you become part of a business cost?

We have been very busy since the start of the year so please do get in touch if you would like a conversation about the next step in your career.

MadlinHanna Consulting is a recruitment consultancy specialising in corporate affairs, covering public affairs, corporate communications and financial PR. Contact us on 020 8088 4102 for more information or a confidential conversation.