Research on behalf of the Institute of Practitioners in Advertising (IPA) suggests that this has been to the detriment of the advertising industry. It found that many highly qualified university students would have preferred a career in advertising because it suited their aptitudes, personality and lifestyle aspirations. But they felt obliged to take the ‘City shilling' because starting salaries were £5,000-£15,000 higher and they urgently needed to pay off student debts, which average £10,000-£15,000.
Now there's evidence that far fewer students are turning up to City and financial job fairs during the annual university milk rounds that help graduates find jobs when they leave. The number attending Warwick University's City and finance fair just before Christmas was 1,425, down from 1,988 in 2007. Oxford reported a 10-15% fall in attendance and Cambridge saw turnout drop by 14%.
This potentially provides the advertising industry with a fantastic opportunity to hire the talent that no longer sees the City as a golden opportunity. But talent in the advertising world also faces challenges and opportunities.
In Adland we talk about the "war for talent". Our debate has been about whether there really is a war or whether it is simply a question of being creative in locating this talent. Offshoring and accessing such talent on a global basis is already a reality for some.
Our industry's history shows that an understandable reluctance to hire junior talent in a downturn causes a major shortage of talent three or four years down the track. A careful balance is therefore required between short-term financial pressures and a longer-term need to keep the talent pool alive.
Not only do we need retention strategies for our current top talent, but we also need to reinforce the importance of hiring and retaining new and diverse junior talent. The IPA's Diagonal Thinking self-assessment tool, for example, identifies the linear and lateral thinking styles, and personality traits, which have been proven to be characteristic of people who do well in the advertising business, and is just one of the ways the IPA has worked to address this issue.
The self-assessment is free and available to anyone interested in an advertising career, regardless of their background, and can be found at www.diagonalthinking.co.uk.
We also need to identify and protect our top talent so that when the storm recedes our people remain with us as and are not lured to the competition. It is critical to know who they are and what engages and motivates them.
At Starcom MediaVest we are hiring graduates for 2009. We have had a high number of applicants and the quality is extremely impressive. We know that a talent pipeline is key for our future capabilities and provides our business with increased flexibility.
Times are tough but we have to be brave. And as my sailor friends tell me, we have to look for the break in the waves. Life is all about opportunities and as the lure of the city recedes for the moment, the opportunities for advertising increase. We should make the most of it.
Liz Nottingham, HR Director at Starcom MediaVest Group
Should employers still be recruiting in a recession?
During the boom years, many of the brightest and best graduates were lured by the very generous initial remuneration packages, and the prospect of serious wealth, offered by investment banking, hedge funds, private equity, law, accountancy and management consultancy jobs.
