2024 is happening; Is this the lull before the storm?

The year is off to a (no adjective) start.  So far, 2024 is shaping up to be a “best of times, worst of times” sort of year. On the upside, we continue to experience a robust executive level market, are opening up new sectors, and started with a record January. On the flip side, there is a fairly skinny talent market across non-executive levels, several prominent agencies announced lay-offs, and we are seeing less FDA approval activity. Don’t get me wrong, 2024 is by no means the worst of times. There is regular hiring across the industry, laid-off folks are landing in new roles, there is robust M&A activity paying record multiples in the sector, and innovation in tech and finance that will transform the space that will require a new type of hiring.

It feels like the calm before the storm. We don’t know how the storm will land and how we will need to react, but we know it’s coming. It always does. Record investments in the space by a few dozen private equity firms point to a space with a lot of upside and efficiencies to be realized. We will do what we’ve always done. Prepare for the storm and ride that next wave.

SRA Recruiting Awards: Salmela Earns Diamond Level Agency & Megan Weizel Awarded Distinguished Recruiter Award

At the annual Sanford Rose achievement awards in Dallas in January, Salmela ended 2023 as a top 25 agency in the 182 agency network. Our own Megan Weizel ended 2023 as the 7th most productive recruiter in the network. We may be small but we are mighty with the highest productivity per recruiter within the network.

Musings Blog: The old adage “you can never go home again” is challenged in my latest blog.

Recent Placements:

• Chief Creative Officer
• President
• Chief Client Officer
• Controller
• EVP Client Partner; Oncology
• VP, Creative Director
• EVP Digital Innovation
• VP Medical Director
• SVP Growth and Acquisition
• Head of Growth

Current Salmela Search Projects:

Growth

• Director of Business Development - up to 250k base NYC/hybridCreative agency; PE backed
• Growth Driver Account LeadersNYCPE-backed roll-up
• Consultant/MBA types: Enterprise Cross-sellersNYCPE-backed independent
• Head of Business DevelopmentPE-backed independent

Account

• VP Managing DirectorNYC/hybridNetwork agency

Creative

• CCO: Global NetworkDigital-savvy conceptual leader

Strategy

• EVP Strategic PlanningLarge global franchise launch (big budgets, innovative client)Large independent global network
• VP Market Access StrategyNetworkBig pharma, big account

Executive

• Managing Director: Medcomms DivisionNYCGrowth Driver
• President - Independent Medcomms AgencyNJAgency growth and management
• President - Network AgencyNYCFuture of agency Leader
• Head of Market Access ConsultingPE backed consulting firmClient management and growth
• Head of Commercial ConsultingPE backed consulting firmClient management and growth
• Growth Driver Account LeadersNYCPE-backed roll-up
• Head of Talent AcquisitionNYCStrategic talent leader

Mergers & Acquisitions + Collaborations: Salmela is helping founders understand their options around M&A and agency-to-agency collaboration. We have several private equity clients interested in investing in pharma services companies. We would be interested in meeting Founders of independent agencies like these:

• True omnichannel healthcare agencies
• Medcomm Agencies
• Life science PR firms
• Creative agencies
• HEOR and market access consulting or advertising

Links to Resources and Our Thinking

Medical Advertising & Communications Agency Compensation Guide

Case Studies

Musings of a Headhunter

Photo by Kajetan Sumila on Unsplash