What will the new working year bring to creative and media companies and their employees?
Exactly one year ago, I predicted here that power would return from worker to employer in 2022, and now there is growing evidence that this has happened.
The “mass layoffs” of employees looking for new jobs, careers and post-pandemic lifestyles are over. Fears that he will be replaced by a “mass layoff” have not yet materialized.
Workers have become more cautious as the cost of living rises and employers slow down hiring and in some cases even lay off employees.
This will set the tone for the first half of 2023. PR and advertising companies have had a lucrative 2022, but their employees – and these are talent-based companies – will themselves demand pay increases simply to maintain their existing lifestyle.
In fact, the pressing issue for companies is getting employees to work in a country frozen by public sector strikes. This is a major issue for executives who remain hesitant about the PR and advertising markets in 2023.
you want to grow; support and develop your talent; but brands and large corporations may cut budgets in the face of a recession driven by consumer demand.
They believe that large agencies are particularly vulnerable to clients who limit their spending on annual fees, which often make up the bulk of their marketing budget.
These budget cuts are more enticing in a year without major “media games” like the Summer Olympics, the World Championships, the European Championships, or (probably) a general election.
Business deals also largely ground to a halt as high fees were denied by some city officials. However, despite this usual winter gloom, there are also signs that 2023 could be filled with opportunities.
In late December, a survey of UK companies by Lloyds Bank showed that 63% believe they will be more successful over the next 12 months, while 52% predict higher earnings.
Most encouragingly, nine out of ten respondents said they plan to invest in their business to spur growth.
Such sheer demand for growth is the classic fuel for creative businesses to thrive, and I predict they will thrive in the second half of 2023 if there are no more black swans such as global conflicts or pandemics.
Danny Rogers is the editor of the Brand Republic Group.
Source: I News
I am Moises Cosgrove and I work for a news website as an author. I specialize in the market section, writing stories about the latest developments in the world of finance and economics. My articles are read by people from all walks of life, from investors to analysts, to everyday citizens looking for insight into how news will affect their finances.