Stubbornly low advertising spend has led to an increase in senior leaders being made redundant.
Several high profile media and agency executives have been re-entering the job market over the last month including chief marketing officer Nikki Clarkson, chief revenue officer Kurt Burnette, CMO Melissa Hopkins and other long serving senior managers.
Recruiters report large numbers of senior marketers on the lookout for their next opportunity.
Application numbers for a head of marketing role increased by more than 50% in the last year and over 150% from the year prior, according to data analysed by iknowho.
The tough employment market often sees senior-level candidates apply for more junior roles, but this almost never works out.
Employers, worried about retention, shy away from hiring "overqualified" candidates, iknowho lead talent partner Sheryn Small told AdNews.
“Perhaps they’ll get bored and will leave when the job market improves,” Small said.
“As hard as it is, candidates are better off conserving their time and energy to focus on applying for appropriate roles that really speak to their level, experience and interest, or being open to shorter term contract or consulting type roles.”
Contracting is a great solution for senior talent as they focus on project-based work with an agreed end date and even better concerns over office politics don’t come into play.
Particularly for creative agency work contract roles are in high demand, many senior leaders are finding relief with interim contracting, consulting and advisory roles until the job market improves.
These roles also have less risk than launching a new business, Aquent Australia talent specialist Kate Verran said.
“To pursue this path effectively it's crucial to craft a profile that highlights your hands-on expertise, whether you’re returning to an individual contributor role or providing strategic guidance to clients,” Verran said.
“And to compliment your resume, create a profile overview presentation or document to highlight your approach, showcase your impact, and celebrate your professional journey success.
“It's worth noting that this period presents a unique opportunity for SMEs and startups to enlist seasoned strategic minds in advisory or consulting capacities, offering a rare chance to leverage expertise of this calibre.”
Receiving a redundancy can be tough but it can also be a gift, DMCG Global executive partner Simon Hadfield said, it can allow talent to shake things up, possibly head in a different direction and often force a person out of their comfort zone.
Senior candidates can also use their unemployment time to upskill and enhance their knowledge through postgraduate study.
“Consider training in emerging areas like AI, automation, technology, and performance marketing to stay relevant,” founder of Talent Run Amy Lee said.
A redundancy can also be a catalyst to start your own business, give a side hustle more attention, consider lateral moves to client-side roles or in-house positions, move out of the city or simply dig out the backpack and train it across India (Hadfield highly recommends the latter).
Above all developing a personal brand should be the top priority
Leveraging a talent’s own network can set them up for a senior role by reaching out to both professional and social contacts.
But to extend a professional network wider creating a personal brand on LinkedIn, at events and volunteering can help chances of being discovered and shortlisted for opportunities.
“Reflecting on your career and determining what you can offer in your next role is a good starting place - are you known for exceptional leadership, expertise in new business, strong client relationships, or strategic thinking?” Lee said.
“Also ensure your LinkedIn profile is current, and consider creating an elevator pitch. Engage in thought leadership by contributing to trade publications or participating in relevant panel.
“Volunteering with industry bodies like Advertising Council Australia can also enhance your profile.”
Rather than throwing talent a list of vacancies or freelance gigs, Creative Natives senior design and creative recruiter Mikhaila Warburton likes to help overhaul a candidate's personal brand.
“Your LinkedIn should be set up to attract the various levels of roles you're open to, candidates should update key words in the about section to increase searches from headhunters,” Warburton said.
“What’s your ‘hook’ on your resume, folio, site, LinkedIn that says hey market this is who I am, how I add value and what I am open to - we spend time doing an audit of their assets like these as often they’re outdated or need to be opened refreshed to today’s market demands.
“Then I like to take a much wider approach to their job hunt and find out what their life goals are first, then dive into skills and job hunting priorities.
“You can clearly see from taking this wider approach of freelancing, certain sectors of the market or even starting your own gig is viable.”
Of course partnering with a specialist recruiter can also provide senior talent with a strong advocate who can highlight strengths to potential employers.
Recruiters can also offer valuable insights, such as market trends and salary expectations, to help candidates prepare.
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