How Are We Dealing with the Impact of Economic and Technology Disruption?
It’s not just about the data. Well, it is, but it’s actually about what the data tells us. Our annual Creative Industries Salary Census is now available, and it corroborates many of our suspicions and intuitions about the current state of the marketplace. By analysing over 350,000 data points from 4,140 professionals, 150 brands and agencies, and ongoing data from our online salary benchmarking tool, we can provide the most comprehensive look into current career, salary/day rate and workplace trends.
What about value?
Financial pressures are continuing to squeeze businesses and workers alike. Despite some relief with easing interest and inflation, the grip is still too tight for comfort. The cost-of-living crisis has meant that many have continued to experience lower living standards for the third year in a row.
The longevity of these pressures has led to a disconnect between pay and perceived value, affirmed by the census. While 43% of creative industry employees received an increase in the past year, the majority (53%) still feel their compensation doesn’t accurately reflect their skills and experience. This disconnect stems from the listed economic burdens having diminished the real impact of these pay increases.
For business leaders, this presents an ongoing challenge: how do you keep your team motivated whilst ensuring the lights stay on?
Staying relevant
Further, the impact of the rapid rise of generative AI and large language model (LLM) technology on the creative sector has really come into effect over the last few months. Last year’s census showed that only 10% of employees have started to regularly use AI, which has since jumped to 60%. Yet, only 13% of businesses currently feel equipped to navigate the shift to AI. The widespread use of AI underscores two core priorities of businesses: the dire need for reskilling to ensure the workforce can effectively adapt to these tools, and the necessity for a clear AI adoption policy.
The appetite for change among employees is strong. We found that 72% of employees identified learning opportunities as a key factor in choosing their current or future roles. With 70% of workplace skills predicted to change by 2023, it’s encouraging to see workers eager to acquire the required new skills.
The future of work
Living through times of unprecedented change and uncertainty makes it hard to make justified claims about what the future of work will really look like. What we do know is that we’re in the middle of a cosmic shift; to ensure the future is fair and just, we need leaders willing to make bold, thoughtful moves. Because yes, it’s still possible to make gains in this challenging environment.
An important thing to note is that the past year has been relentless. As a society, we are in a mentally fragile place. This is reflected in the census data, which shows that mental wellbeing plays a central role in workplace satisfaction, with individuals across demographics ranking it among their top five priorities. Still, most businesses (59%) offer little to no mental health support. This has led to 50% of freelancers describing their mental health as “fair” or “poor”, and 34% of permanent employees believing that changing jobs could improve their wellbeing.
During these turbulent times, leaders must prioritise trust, communication and empathy. For those willing to keep pushing, they will reap the benefits and rewards later down the line, not only when it comes to attracting talent but driving innovation and future-proof growth.
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