Ad agencies utilise modern biz model geared for WFH to share cost benefit with clients
For most Sri Lankans, since March 2020, the economic impact of the COVID-19 pandemic has led to a largescale effort to promote workfrom-home (WFH) along with the categorisation of ‘essential workers’. Leaving several industries, including recruitment, retail, travel and tourism, automotive and real estate and construction drastically affected.
However, for many forwardthinking communication practitioners, who already follow modern agency business models, have been able to translate the positives of WFH to their clients, financially as well as through brand equity.
With the increased use of agile workforces and modern business models seen in the last decade, globally, working under current WFH due to the COVID-19 regulations has proven effective for several industries in Sri Lanka.
News Publisher Founder Fiona Nanayakkara noted, “Adopting a modern business model [even prior to the COVID-19 pandemic] has allowed many customers to reap the benefits of lower agency rates (associated with lower overheads), access to global consultants and industry experts as well as a move away from the typical ‘9-5’ mentality and shortcomings. We hear the term gig economy a lot in the past few months but this is nothing new to us. In a bid to provide our clients with quality services - our model is very much enmeshed in utilising what we consider the gig economy on a more corporate scale.”
Both News Publisher and Quire believe that by striking the right balance between maintaining physical office spaces and being equipped to manage agile working, they have thus far continued to be successful in service and staff management.
Director Strategic Marketing Ianthe Yatawatte Raj noted, “Part-agile-working allows for a win-win-win for staff, company and client. The absolute traditional business model that requires ‘staff in seats’ from ‘9-5’, is soon becoming obsolete. The modern model allows clients access to a revolving door of industry experts (both local and globally-based) and insight whilst not having to load agency rates with recurring overheads and outgoing costs. With processes already in place to measure productivity and quality for agile working, we are able to request the majority of our staff and consultants to WFH, due to the prevailing conditions, resulting in zero lapses, complete connectivity, productivity, rate reductions to assist SMES during financially trying times, all whilst guaranteeing job security and personal safety for staff. It is absolutely necessary that Sri Lankan businesses shift from micro-managing and policing staff to empowering them and being held accountable to implement and monitor productivity. This is exactly where agile working, even in the part, tests many businesses.”
According to the Employers Network for Equality & Inclusion (UK), 63 percent of managers linked growth in revenue directly to flexible working. According to The Agile Future Forum and Mckinsey & Company, research stated the financial benefits of adopting agile working and their studies demonstrated benefits equivalent to 3-13 percent of workforce costs.
Furthermore, they believe that more extensive or innovative agile working practices could generate a further value of 3-7 percent of workforce cost and sales uplift of up to 11 percent.