Marketing owns one of the highest turnover rates of any professional field. To quote Elliot Schimel, writing in AdWeek, “Talent is leaving the advertising industry in droves, and agencies have no idea how to stem the flow.”
And this problem isn’t confined to rank-and-file agencies. The average tenure for a CMO is just 40 months — the lowest it’s been since the height of the Great Recession in 2009.
This is a complicated problem stemming from high stress, high-demand work, stagnant salary growth, and instability.
People leave jobs for any number of reasons, but they stay in jobs for just a few: They’re happy, they’re challenged, they’re supported, and they’re rewarded.
Transitioning from implementation to a coaching model can provide your agency employees with the stability and growth opportunities that are likely to keep them at your company.
They’ll be seen as trusted experts, and higher profit margins equate to higher pay.
As coaches and trainers, your employees will be fully invested in your clients’ success, much the same way teachers invest in their students.
When a sports team’s coach gets interviewed after winning a championship, they always say the same thing: “I’m just so proud of my players. They’ve worked so hard. They deserve this moment!”
Coaches and trainers are inspired by their clients’ efforts in the same way. It creates a rewarding environment employees don’t want to leave.
Agency stability provides incredible rewards and opportunities for your employees. With steady revenue and growth, and a consistent client base, they’ll have more predictable schedules, higher salaries, and more chances for advancement. Rather than being the task-completers who always are responsible for client success, they’re the experts who empower success.
With higher profit margins, coaches and trainers have time to prepare for their meetings with clients. They can provide a higher level of service without worrying about profitability.
A more relaxed pace means less burnout.