Working with an organisation that lives and breathes talent and innovation, we have been conducting some in-depth research at Rethink to better understand the ever-shifting dynamics of the industry and continue to offer high-quality governance to all our clients.
Our research is focused on some of the the key industries we specialise in, such as Media, Broadcast and Entertainment, with the main headlines below:
One of the key trends that have been accelerating ahead of 2023 is more significant investments than ever being made into DE&I and entire leadership teams being held accountable.
Hiring numbers are up, specifically on highly specialised positions. Companies now realise they need their workforce to look like the communities they are serving, as well as creating an environment where people feel empowered and valued.
The Media & Broadcast industries are struggling to retain talent, with more women leaving the broadcasting business than joining. Our research indicates this is still a post-pandemic wave set to continue beyond 2023.
And because these companies have focused on entry-level positions recruitment, there isn’t enough talent, let alone diverse talent, in more senior positions.
We’ve all been there – you open your LinkedIn and over 50% of posts by your network relate to someone announcing they’re moving to a new company.
This is clearly a phenomenon that has gained significance over the past 12 months. Our research shows that “long working hours, highly-pressurised environments, and the difficulty of combining family life with work cause poor wellbeing, contribute to a lack of inclusion, and ultimately lead to people voting with their feet and leaving the industry.”
Within the Broadcasting, Media and Creative industries, there’s an increasing trend in hard-to-fill vacancies, due to:
Sector specificity - The rapid growth of the interactive Media sector has posed challenges for the development of management skills and effective teamwork.
Geographical limitations –predominantly a London phenomenon, over 36% of Broadcasters and Publishers face such challenges as for many, aspects of the job including remote working is unattainable, with staff needing to always be on set.
Another key trend set to continue for years to come is shifting towards retaining talent aged over 50, to adapt to the current production boom. This could not only unlock over 35,000 highly skilled employees, but add experience and mitigate the age gap across the Broadcast and Entertainment industries.
From these candidates’ perspective, this points to the emerging trend of ‘unretirement’. Research indicates there are two main potential catalysts:
In a highly competitive talent market like today’s, a compelling employer brand is key to attracting the best talent. Businesses with excellent employer brands receive 50% more qualified applicants and is indicative of the business case for investing in the Employer Value Proposition.
Also, HR automation and a more targeted focus on soft skills seem to take centre stage, as we are approaching 2023. With intelligent machines taking over the physical, cognitive and repetitive tasks, the demand for people skills is set to increase across all industries (McKinsey). This can place HR teams under pressure, as the recruitment processes will have to be adapted to accommodate these priorities.
All these trends are set to continue beyond 2023 and we hope they can help your planning for the year ahead. By using new approaches to talent pooling and priding ourselves with a highly skilled team within your industry, Rethink has been able to help our clients overcome many challenges this year.
Are you interested in some of the solutions we have applied with our clients and the results they are bringing in? Please get in touch here.