Morale Amongst Media Employees Hits All Time Low
The wave of cost cutting and redundancies in the media sector has left employee morale at an all time low, according to new research from recruitment agency TMP/Hudson Global.
The survey, which analysed the current and projected recruitment plans of 3,100 companies in the UK, shows that one in five respondents believe employee morale is at rock bottom, with half believing it is no better than average.
In addition, one quarter of media businesses seeking to reduce overheads have targeted employee related costs such as training and development, bonuses and remuneration. The research paints a fairly bleak picture of the industry, suggesting it is undervaluing and overworking its significantly reduced staff.
The study suggests that media companies that have cut staff training initiatives, bonuses and other staff benefits may well be succeeding in cutting costs, but could pay for their treatment of staff in the long run.
Sue Campbell, UK head of media recruitment at TMP/Hudson Global, commented: “Media companies need to be more aware of employee morale and the pressures employees are under. Although retention is not so much of an issue at the moment due to the depressed state of the market, it will be in the future.”
According to TMP/Hudson, there may well be an outflow of skilled executives from the media sector over the medium term, just when their expertise is needed the most for the survival and prosperity of businesses within the industry.
The survey also revealed the sector is facing a skills shortage, following a high number of staff cuts over the past six months. Only 14% of media firms have a long term strategy in place to tackle the challenge of this skills shortage, which is expected to be exacerbated by recovery in the industry.
On a brighter note, only nine per cent of media firms predict staff cuts in the next six months and 43% of respondents are predicting a turnaround in the sectors fortunes in the first half of 2004.
Earlier this month the IPA’s latest quarterly Bellwether report quashed hopes of an improvement in fortunes for the advertising industry by revealing that marketing budgets were revised down again during the second quarter of this year (see Bellwether Reveals Continuing Uncertainty For UK Marketers).
TMP/Hudson Global Recruitment: 0207 187 6000 www.hudsonresourcing.com
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