27 min
Agency salary and compensation trends in 2024 (featuring Nicholas Petroski) The Chats with Chip Podcast
-
- Marketing
In this episode, Chip talks with Nicholas Petroski, founder of Promethean Research.
Chip and Nick discuss digital agency salaries and the findings of a recent research report on the topic. They delve into the importance of balancing billable hours, the impact of pricing on agency profitability, and the role of benefits and stipends in attracting and retaining talent.
They also touch on the need for standardization of job titles in the agency industry.
Key takeaways
* Chip Griffin: “You need to be thinking about pricing and salaries hand in hand if you’re going to be running a healthy agency.”
* Nicholas Petroski: “You’re not going to compete with the large tech companies on salary. The lifestyle that you offer for your employees, that’s what you’re competing with.”
* Chip Griffin: “I encourage owners to think as early as possible in their evolution, even when they’re just hiring one or two employees, to start thinking about the hierarchy of titles and how you’re going to compensate them so you don’t create a problem down the road.”
* Nicholas Petroski: “If you’re pushing that utilization rate to crazy high numbers, either A, they’re lying to you. Or B, you’re working them so hard that they’re not going to be doing quality work anymore.”
Resources
* 2024 Digital Services Salary Guide (use discount code “SAGA” to purchase the guide for $100)
* Connect with Nick on LinkedIn
* Repeatable Revgen Guide for Digital Agencies
* Digital Agencies & AI Report
* Digital Agency Industry Report
* Agency Revgen Review Service
About Nicholas Petroski
Nicholas runs Promethean Research, a boutique consultancy that helps digital agencies grow more reliably with higher margins and simpler operations. Since 2015, he’s been helping digital firms better understand their industry and chart more effective paths to success. Prior to co-founding Promethean, he worked as an equity analyst at a Wall St. firm where he covered the enterprise software and semiconductor industries. Before that, he spent a bit of time in corporate finance. When he’s not in the office, you can find him backpacking around the Midwest or making fancy firewood in his woodshop.
Related
* CWC 26: Nick Petroski of Promethean Research
* The rising salary demands of agency employees
* Be smart about titles at your agenc...
In this episode, Chip talks with Nicholas Petroski, founder of Promethean Research.
Chip and Nick discuss digital agency salaries and the findings of a recent research report on the topic. They delve into the importance of balancing billable hours, the impact of pricing on agency profitability, and the role of benefits and stipends in attracting and retaining talent.
They also touch on the need for standardization of job titles in the agency industry.
Key takeaways
* Chip Griffin: “You need to be thinking about pricing and salaries hand in hand if you’re going to be running a healthy agency.”
* Nicholas Petroski: “You’re not going to compete with the large tech companies on salary. The lifestyle that you offer for your employees, that’s what you’re competing with.”
* Chip Griffin: “I encourage owners to think as early as possible in their evolution, even when they’re just hiring one or two employees, to start thinking about the hierarchy of titles and how you’re going to compensate them so you don’t create a problem down the road.”
* Nicholas Petroski: “If you’re pushing that utilization rate to crazy high numbers, either A, they’re lying to you. Or B, you’re working them so hard that they’re not going to be doing quality work anymore.”
Resources
* 2024 Digital Services Salary Guide (use discount code “SAGA” to purchase the guide for $100)
* Connect with Nick on LinkedIn
* Repeatable Revgen Guide for Digital Agencies
* Digital Agencies & AI Report
* Digital Agency Industry Report
* Agency Revgen Review Service
About Nicholas Petroski
Nicholas runs Promethean Research, a boutique consultancy that helps digital agencies grow more reliably with higher margins and simpler operations. Since 2015, he’s been helping digital firms better understand their industry and chart more effective paths to success. Prior to co-founding Promethean, he worked as an equity analyst at a Wall St. firm where he covered the enterprise software and semiconductor industries. Before that, he spent a bit of time in corporate finance. When he’s not in the office, you can find him backpacking around the Midwest or making fancy firewood in his woodshop.
Related
* CWC 26: Nick Petroski of Promethean Research
* The rising salary demands of agency employees
* Be smart about titles at your agenc...
27 min