Millions of jobs will be wiped out within the next 5 years, and the rate of new job creation will be drastically lower than those eliminated.
This is the alarming conclusion of the World Economic Forum’s (WEF) The Future of Jobs Report 2023, released on Monday, 1 May, 2023.
It is anticipated that nearly a quarter of jobs will change by 2027, with about 69 million new jobs being created and 83 million to be eliminated according to the report. This equates to a net decrease of 14 million jobs or 2 per cent of the current employment!
The accelerated pace of digitalisation, adoption of new technologies, transition to a green economy, localisation of supply chains and the sluggish global economic growth are the forces driving the change.
The human-machine frontier is shifting gears at super high speed to a new terrain and creating massive structural churn. Tasks requiring reasoning, communication and coordinating – traits with a comparative advantage for humans – are expected to be highly automated in the coming months.
EMBRACING TECHNOLOGY RAPIDLY
Among the critical technologies advertising agencies should be investing in and harnessing include:
- AI and machine learning: These technologies can hasten the process of analysing data, making predictions, and automating tasks
- Automation software: Marketing automation platforms, chatbots, and social media scheduling tools can help streamline your workflows
- Data analytics: By using data analytics tools, you can gather insights into your audience, track the success of your campaigns, and optimise your advertising strategies.
CULTIVATING SKILLS AND RESKILLS
Some of the skill sets that agencies must stay focused on include:
- Data analysis: The role of data analytics is becoming increasingly crucial in the advertising industry to ensure the success of a campaign
- Social media: Social media platforms are constantly evolving at rapid-fire speed. It is absolutely essential to stay up-to-date with the latest trends.
- Design: Strong design skills are mandatory for creating compelling visuals and ensuring your campaigns stand out.
FOCUSSING ON CREATIVITY AND INNOVATION
Advertising agencies are competing at breakneck speed, and only agencies that are able to consistently churn innovative and extraordinary creative ideas will thrive.
To foster creativity and innovation within your agency, you must:
- Encourage collaboration: Collaborative brainstorming sessions can be an effective way to give birth to new ideas and insights.
- Foster a culture of experimentation: Encourage you team to try new things and experiment with different approaches. Walk on water!
- Monitor the latest trends: Stay on top of the latest trends and innovations in the industry.
BUILDING ENDURING RELATIONSHIPS WITH CLIENTS
Building an enduring relationship with clients is of pivotal importance in future-proofing your advertising agency business. In turbulent economic times, clients are more likely to work with agencies that they trust and have a rock-solid relationship with.
To build iron-clad relationships with clients, you should:
- Communicate regularly: Constant communication builds trust, credibility and ensures that your clients stay happy with your work.
- Be transparent: At all times, be transparent and brutally truthful with your clients about your processes and strategies.
- Ensure excellent customer service: Provide prompt and professional customer service to ensure that your clients stay happy and satisfied. This includes prompt response.
While disruptions will be across the globe, the new economic geography created by shifting supply chains and a greater focus on resilience over efficiency is expected to create net job growth with wins for economies namely, in Asia and the Middle-East.
Strong cognitive skills will be increasingly valued by clients, reflecting the growing importance of complex problem-solving at the work-place.
Analytical thinking and creative thinking will be the most valued skills over the next 5 years.
Future-proofing your advertising agency requires a combination of embracing and understanding the latest trends in technology, developing a diverse set of skills, focusing on creativity and innovation, and sustaining enduring relationships with clients.
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