The new-age media industry is characterized by a proliferation of digital platforms, social media influencers, streaming services, and content creators.
These emerging channels have revolutionized the way content is produced, distributed, and consumed, creating an unprecedented demand for diverse skill sets and expertise.
To achieve media goals and propel new initiatives, the competition for exceptional talent has turned intense. A recent survey revealed that Media companies consider hiring and retaining qualified talent as a key element of success in 2023.
However, there’s a crisis.
Nearly half (48%) of advertisers, agencies, ad tech firms, and media owners see the industry facing its worst-ever talent crisis, with agencies reaching a high of 54%. The key areas experiencing talent shortage include Data and Analytics, eCommerce/retail media, and Program/Project Management.
Increasing talent management budgets alone is insufficient to address the evolving needs of the industry. HR needs technology.
In this blog, we will delve into the intricacies of AI-driven workforce planning for building a new-age media workforce in 2023.
Emergence of New-Age Media Roles
A multitude of new-age media roles have emerged in response to the changing landscape of the industry and the rapid advancement of technology.
Over 29% of Media talent requires new-age skills such as Content creation and management, Data analytics, UI/UX, Engineering, Design Thinking, and Audience engagement.
Here are some top in-demand media roles:
- Marketing Manager
- Content Strategist
- Data Analyst
- Customer Success Manager
- Video Content Creator
- UX/UI Designer
- Audience Insights Manager
- Influencer Manager
- Augmented Reality/Virtual Reality (AR/VR) Developer
- Podcast Producer
As the media landscape continues to evolve, these roles will likely continue to evolve and adapt to meet the industry’s ever-changing demands.
Workforce Planning Framework for New-Age Media Talent
The media industry is at a rapid pace in 2023 and to keep up with emerging technologies and skillsets dominating the landscape, it’s critical to leverage AI. Based on the skillsets and roles we discussed above, it’s obvious that the Media industry requires hyper-skilled talent that is proficient in digital tools and technologies.
In order to achieve this goal, media companies have to follow a six-step workforce planning framework.
1. Understand your organization
Before integrating a new-age workforce planning model, gaining insights into your company’s culture, team dynamics and employer-employee relationships is critical. Ensuring that employees can align with your organisation’s culture is necessary.
2. Define your organization’s strategic objectives
It is also necessary to understand your organization’s strategic goals. This will help you identify the skills, knowledge and abilities required to achieve organizational objectives.
3. Evaluate your existing and future workforce
Assess your employees’ strengths, weaknesses, skills, interests, and potential. This assessment will help identify critical media skills and competencies your company needs to benefit in the future.
AI can help identify skills gaps and areas that necessitate investment in hiring or L&D. Workforce planning tools use a variety of data in evaluating the workforce, such as:
- Internal data: Demographic information, employee skills and competencies, job role data, financial metrics, and business performance data etc.
- External data: Job postings, industry trends, labor market data, and critical industry benchmarks etc.
4. Predict workforce needs
Utilize AI/ML algorithms in a workforce planning tool like Draup to predict future workforce needs with precision. This involves identifying trends, patterns, and anticipating future requirements based on insights.
For instance, a media company aiming to boost profits by 50% should consider the size of the workforce as well as the skills required to achieve such a goal.
5. Develop a workforce plan
Based on AI-generated insights, create a comprehensive workforce plan outlining actions necessary to acquire the right talent to achieve strategic goals. This plan should include strategies for talent acquisition, training and development, as well as succession planning.
One-to-three years into the future is the most common time horizon for which organizations create workforce plans. About 88 percent of workforce planners use Employee Development approach as a response to skills shortages.
6. Evaluate and adjust your plan
Continuously monitor factors such as future workload, shortages, and skills imbalances to determine appropriate hiring methods and meet urgent needs by making adjustments.
By following this six-step strategy, organizations can effectively address skill gaps, stay ahead of competitors and adapt to evolving industry requirements.
Strategies to Build a New-Age Media Workforce
1. Engaging with Millennials
By 2025, millennials will be 75% of the global workforce. To engage millennials, organizations must understand their values and work philosophies. Prioritizing growth, purpose, and providing clear career paths can help attract millennials while regular feedback, coaching, and fostering a sense of community can help retain them.
2. Mainstreaming the Gig Workforce
Freelancers are increasingly prevalent in the workforce. Organizations can benefit from their specialized skills and flexibility while controlling costs. Establishing clear processes for onboarding, communication, and collaboration is essential. Integrating them effectively optimizes the talent pool and adapts to changing needs.
3. Fostering DE&I
Diversity and inclusion are crucial for adapting to workforce demands. An inclusive environment that values different perspectives fosters engagement and attracts qualified talent. DE&I helps source underrepresented talent and builds human connections that bring productivity to the workplace.
4. AI-driven Reskilling
Reskilling is vital in a rapidly evolving media landscape. Traditional training may not suffice in 2023. Technologies, like virtual reality and augmented reality, enable adaptive and immersive training tailored to individual needs. Identifying skills gaps and providing targeted training equips employees with new-age digital skills is the need of the hour.
Talent intelligence platform like Draup eliminates workforce challenges to help talent management teams build a strategic plan to meet future business goals. This analytics-driven workforce tool identifies and closes workforce gaps and assists in making more intelligent business decisions to accomplish business goals.