- More than a third of 350 senior media and entertainment executives from around the world said in a recent survey that without reinvention, their company won't exist in five years. The EY survey, published Jan. 7, found that 50% of the executives say that if they are to succeed in this landscape, they can't rely on traditional business models.
- Three approaches were identified: pursuing operation excellence and agility; rebooting innovation strategy and approach; and accelerating talent and skills development. At companies with revenue between $250 million and $500 million, 61% of executives said they believe the gig economy is relevant to their talent strategy compared to just 20% for those with revenue above $5 billion. And 49% said the best way to address talent issues is to upskill their existing workforce.
- There are three drivers of change that are constant in media and entertainment industry disruption, according to the report: the dynamic, competitive landscape; the pace of technology change; and shifting consumer expectations and trends. "By prioritizing three levers of action, media and entertainment companies can address their short-term challenges, while simultaneously preparing for long-term value creation," the report suggested.
In the 21st century workplace, reinvention is inevitable, experts say. Organizations "must prioritize reskilling their workforce to keep pace with the digital transformation," according to Rebecca Henderson, CEO of Randstad Global Businesses and executive board member. "Automation, AI and technological advancements have shifted how businesses operate and are redefining what skills are most important for talent to possess," Henderson said in an emailed statement to HR Dive Jan. 10.
According to a statement from EY Global Media & Entertainment Sector Leader John Harrison, the EY survey shows that there's "no single path to reinvention" but in the media and entertainment industry, upskilling talent, innovation and operation excellence is pivotal.
The need for reinvention is not unique to the media and entertainment industry, however. The auto industry, for example, appears to be at a crossroads, too. U.S. Department of Transportation Secretary Elaine Chao announced AV 4.0 — the newest autonomous vehicle guidelines — Jan. 8. "Automated vehicles will someday advance traffic safety as they transform surface transportation," Chao said at the Consumer Electronics Show, HR Dive's sister publication, Smart Cities Dive, reported.
But according to an Accenture report, "Out of the 199 automotive companies ... with annual revenues in excess of $1 billion we studied, only a quarter are succeeding at scaling digital innovation," researchers stated. "We call them the Automotive Champions."
As the need for upskilling in both technology and soft skills in the workforce persists, L&D professionals say employers are beginning to focus on varied approaches to learning, including the personalization of the experience. "Teaching people based on their individual needs will certainly be a trend in L&D in the upcoming year, as it's a win-win for both business and employee development," Paul Mumma, CEO of Cerego, recently told HR Dive.
To that end, human capital leaders must adopt reskilling programs, Henderson said. And chief people officers (CPOs) will need more support themselves. In a recent survey of 520 CPOs from HR People + Strategy, the Society of Human Resource Management's Executive Network of HR leaders, and Willis Towers Watson, the executives attributed their lack of tech skills to the absence of C-suite support.