SYDNEY: Employees in the Australian advertising and media industry
are resigning at an alarming rate, according to a new report by
PricewaterhouseCoopers (PWC) and the Media Federation of Australia
(MFA).
PWC and the MFA surveyed 900 employees in the industry regarding
benefits, salaries, performance-related incentives, training and staff
retention issues.
The results reveal that although employees enjoy high salaries and cash
incentives, staff loyalty is dwindling. The lure of cash bonuses is
doing little to convince employees to stay, leaving managers at a loss
to figure out how to hold onto their staff. Turnover is particularly
high among junior staff and middle management, with a 25 per cent
turnover rate among middle managers, 50 per cent for junior media
assistants and 38 per cent for junior strategic planners.
The attrition rate lowers further up the corporate ladder although chief
executive officers and managing directors are still jumping ship quite
frequently - at the rate of 10 per cent and 17 per cent
respectively.
The survey results do not bode well for the future of the industry, and
the recent collapse of Ansett is expected to put further pressure on
turnover levels.
MFA president, Peter Cornelius, said one reason for the high turnover is
a lack of employee training programmes. "Most agencies don't train
staff, which is an area for the industry to focus on."
He suggested employee share offers as an option in reducing turnover,
given the apparent unsuccessful attempts to woo staff with cash
bonuses.
Melbourne and Sydney boasted the highest average salaries in the
industry.
