Hey News Director, your newsroom is leaking, how are you going to plug the holes?
Bureau of Labor and Statistics say that ~ 594 people in my TV News network will be terminated or laid off in the next 12 months. Another 1,188 will voluntarily quit. That doesn't include the talent that don't renew contracts
Your newsroom is leaking, how are you going to plug the holes?
The cost of attrition and replacing Producers specifically, is going up and it will put increasing pressure on your payroll. It can cost you $5,000 or more in recruiting, onboarding, and training costs to back fill your leaks.
If I was a VP/GM I would be focused on two areas:
1. The most important, retention. More than half the people that leave are citing poor management or toxic culture as the reason. I would be investing in leadership training and resources for my first and second level managers.
2. Make investments in my professional network and talent pipeline. There are a number of industry resources like TalentBlvd.com that have visibility to the pipeline you don't have. I would be leveraging relationships with trust partners and moving away from a transactional mindset. You simply can't wait for the phone to ring.
TalentBlvd.com was launched two years ago to specifically address these two areas of opportunity; leadership training and pipeline management. The TalentBlvd team believes that industry leaders investing in these two disciplines will be the survivors of the TV News Director "Hunger Games"
The best time to make these investments was probably pre-pandemic, but the second best time is right now.
DM to learn more about TalentBlvd.com and please follow TalentBlvd on LinkedIn, as well as Instagram, Twitter and Facebook.
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