The Ad Tech Job Market in 2023: Navigating Changes and Challenges
01 Feb, 20235 MinutesThe Ad Tech industry has experienced unprecedented growth and transformation in recent years...
The Ad Tech industry has experienced unprecedented growth and transformation in recent years, with new technologies and market trends reshaping the landscape. As a result, the demand for skilled professionals in this domain is on the rise, making the recruitment process more competitive than ever.
We delve into the key changes and challenges of the Ad Tech job market in 2023 using data from this year's salary and benefits survey, as observed by our Senior Consultant, Foluso Oyeleye. We will also provide actionable insights and strategies for companies looking to attract, hire, and retain top talent in this dynamic industry. From leveraging cutting-edge recruitment technology and embracing remote work to fostering diversity and inclusion, we'll explore innovative solutions for navigating the rapidly evolving Ad Tech recruitment landscape. So, whether you're an employer seeking the best candidates or a job seeker looking to make your mark in the Ad Tech space, this post will equip you with the essential knowledge and tools to excel in today's competitive market.
Demographics: Addressing the Gender Gap in the Ad Tech Industry
Foluso Oyeleye observes that "even though the Ad Tech market was already male-dominated, it seems that over the past year, this has further increased. Moving from 68% to a whopping 79%, the workforce only consists of 21% females." The widening gender gap in the industry poses a significant challenge that needs to be addressed. Increasing gender diversity is crucial, as diverse viewpoints can foster innovation and creativity, ultimately driving business growth.
To harness the benefits of gender diversity, companies could implement the following strategies:
Foster Inclusivity: Create a welcoming and supportive workplace culture that values employees of all genders and backgrounds.
Targeted Recruitment: Partner with women-focused job boards and networking groups to attract more female candidates.
Mentorship Programs: Provide guidance, resources, and networking opportunities through mentorship and sponsorship initiatives for female employees.
Work-Life Balance: Promote flexible work arrangements and a healthy work-life balance to appeal to a broader pool of candidates, including women.
Skill Development: Invest in the learning and development of female employees, demonstrating commitment to a diverse workforce.
Set Goals: Establish and transparently share specific goals for gender diversity and inclusion, fostering a sense of accountability.
Spotlight Role Models: Showcase successful women in the Ad Tech industry to inspire others and challenge stereotypes.
Pay and Bonus: Addressing Employee Satisfaction Amid Declines
Foluso observes, "compared to last year, there has been a decrease in pay and bonuses. The number of employees that received a bonus declined by 14%, which has had a knock-on effect on employee satisfaction." Given the current economic climate, businesses must find alternative ways to maintain employee satisfaction and motivation. Strategies include offering non-monetary benefits, providing flexible work arrangements, investing in career development opportunities, and fostering a culture of recognition and open communication.
Navigating a Candidate-Short Market in Ad Tech
The AdTech market currently faces a candidate-short situation, with more job openings than job seekers. Foluso states, "although this is not as disproportionate compared to 2022, it is still prevalent." Consequently, companies need to prioritize improving their retention rates. According to Sphere’s 2023 salary survey, 55% of respondents plan to make a career move in 2023, driven mainly by pay concerns and lack of progression opportunities.
The salary survey also reveals that the representation of those aged 18 to 29 has dropped from 46% to 27%. Foluso shares, "as a recruiter, I am constantly speaking with junior candidates that are looking for new opportunities because their company lacks a clear progression structure." To retain this young workforce, businesses need to improve their progression offerings.
Finding a New Role: The Value of Recruitment Consultancies in the Ad Tech Industry
The survey results emphasize the importance of recruitment consultancies in helping professionals find new roles in the Ad Tech industry. A significant 59% of respondents found their last position through a recruitment consultancy, while 19% obtained their last job through personal connections. Foluso underscores the advantages of leveraging the expertise of recruiters, explaining that "they already have multiple relationships with these businesses and can connect and support you with your search."
At Sphere Digital Recruitment, we believe in fostering warm, personal connections with both job seekers and employers in the Ad Tech space. Our dedicated team offers a range of benefits to support you throughout the recruitment process:
Genuine Industry Expertise: Our specialized team has a deep understanding of the Ad Tech landscape, enabling us to truly comprehend the unique requirements, trends, and opportunities in the sector. We share this knowledge with you to ensure a seamless recruitment experience.
Personalized Job Matching: By taking the time to understand the needs and aspirations of both job seekers and employers, we at Sphere Digital Recruitment can provide tailored recommendations, creating strong and lasting connections between candidates and organizations.
Exclusive Opportunities: Our team often has access to job openings that are not publicly advertised, giving candidates a wider range of opportunities and increasing the chances of finding the perfect match. At Sphere Digital Recruitment, we take pride in connecting you with these exclusive opportunities, helping you achieve your career goals or find the ideal candidate for your organization.
The Ad Tech job market in 2023 presents several challenges and opportunities for both employers and job seekers. By addressing the gender gap, improving employee satisfaction, and navigating the candidate-short market, businesses can attract and retain top talent. Additionally, leveraging the expertise of recruitment consultancies can significantly enhance the job search process for candidates and help employers find the right talent for their organizations.
Get in touch with Flo today for more information foluso@spherelondon.co.uk
