Aquent reveals marcomm, creative industries to ride out downturn

Turnover rates in markets including Australia, China, Japan, Korea, Malaysia, New Zealand, Singapore and Taiwan had also normalised from the last Aquent Orange Book in 2006/07 as staff look to hold on to their jobs in uncertain times.

When compared with the last edition, all countries reported lower average turnover rates, with the exception of Hong Kong (23 per cent in 2007 versus 18 per cent in the last survey). On average, staff turnover was highest in Hong Kong and Malaysia (21 per cent), while Taiwan and Singapore scored 19 and 18 per cent respectively.

In Singapore, average employment length was two years and advertising agency account management and media agencies saw highest turnover on 25 and 19 per cent, respectively.

The survey, based on over 5000 responses from across 18 cities in the region, was collated by the end of the first quarter this year. Aquent directors for Singapore and Asia respectively, James Koh and Steven Pang, however cautioned that while some metrics had since changed with the global economic downturn and possible recession looming, other trends including acute shortage for digital talent remained.

Koh noted that while hiring was candidate-driven 10 months back, clients and companies now have the upper hand as they would be looking to restructure, and performance would be a key driver as companies look to “trim the fat” and “become more lean”.

Pang said that while none of his clients have put in place hiring freezes, the next two months will be essential as bonuses and salary increments are discussed. Most companies are also adopting a “wait and see” approach as things can change overnight, added Koh.

Expectations for pay rises have also been hit, with bullish earlier projections from seven to 12 per cent for the Singapore market coming down to just two to five per cent now. Pang added that most markets are unlikely to see double-digit increases but increments would cover inflation.

Discretionary bonuses, internal company training, career development and flexible work practices are leading companies’ strategies for retention. More than 30 per cent of companies surveyed are set to increase freelance, contract or temporary staff in the coming year as well.

Digital fields that would see greater demand include search, social network marketing and data analytics as companies cut marketing spend on traditional advertising and move online.