The latest Sentiment Survey, published by IAPI, shows that 66% of respondents expect their agency to perform better in 2024 than 2023 while 28% reckoned that performance levels would be broadly in line with last year. Just 6% are predicting a worse performance.
According to the survey, optimism levels for those working for “integrated agencies” were higher with 80% of those surveyed predicting a better outcome in 2024 than 2023. This compares to those working for media and digital agencies, of which only 51% and 50% respectively predict the coming year will be better than the last. In addition, 11% of media agency respondents and 10% of digital agency respondents believe 2024 will be a worse year.
In all, a total of 473 people from the advertising industry took part in the survey which was carried out in March 2024.
The survey also shows that 72% of respondents expressed pride in working within the advertising, media, and communications sectors.
“This sentiment is particularly strong among experiential agencies, where 89% of employees feel proud of their work,” the report notes.
Job security and longevity also emerged as significant themes, with 81% of respondents feeling secure in their current roles, and 62% planning to remain in the industry for at least five years. This sense of stability is especially notable among senior managers, leaders, and directors, notes the survey.
While broad optimism prevails throughout the industry, 33% of respondents report being consistently stressed at work and this increases to 40% at management level. Significant contributing factors to high stress levels are the short turnaround times expected, and pitching which, according to more than half of all leaders, was a major contributor to their stress levels.
Nor surprisingly, many within the industry are also finding the going somewhat tough with financial pressures mounting. According to the survey nearly 90% of employees are experiencing reduced disposable incomes over the past year. In addition, 72% of starter level respondents are struggling to make ends meet.
In the post-Covid era work-life balance and hybrid working models would appear to be working well for the industry, with two-thirds of respondents saying that they have a good work-life balance. A significant 75% still believe they have fun at work, reflecting the most positive aspect of agency life. However, 64% of respondents find maintaining agency culture challenging in a hybrid work environment.
“The 2024 Sentiment Survey underscores the resilience and optimism that define our industry, even in the face of significant challenges,” says Charley Stoney, CEO of IAPI.
“It is heartening to see such strong pride and commitment among our professionals. However, as with all Irish industries, we need to address the rising stress levels and financial pressures to ensure a sustainable and supportive work environment. Our collective focus on sustainability and DEI initiatives will also be crucial as we navigate the year ahead.”
A full copy of the research is available to download on IAPI’s website.
