Compensation Survey Results and Upcoming MFM Events Worth Noting
The finance community is marking a couple of anniversaries during March that all involve some unwelcome surprises. It's been three years since the COVID-19 pandemic upended the world, and one year since Russia launched its war on Ukraine. Inflation is rearing its ugly head higher than any period during the last 40 years. Finance professionals need to take an even more of a proactive role in helping their companies navigate the unpredictable waters.
One of the consequences of the events of the past couple of years -- particularly with the pandemic -- is a major shift in employment trends. As has been widely reported, many individuals had to reinvent their careers, and a surprising number opted to leave the workforce for good, leaving a dearth of positions in numerous industries that companies are still struggling to fill.
That makes recently released results from a compensation survey from the Content & Connectivity Human Resources (C2HR) association noteworthy -- particularly because MFM and C2HR have several corporate partners in common. C2HR serves members from 50 companies across media, entertainment and technology. The results show that companies are preparing for slower hiring, increased turnover and possible revenue decreases in 2023. In its analysis, C2HR also points to a slew of unknowns that may affect employee hiring and retention in the near future.
Media/entertainment is one of the industries in the midst of the compensation swirl. Content developers fared very well in terms of pay increases, and connectivity providers experienced a bit of a salary bump in 2022. However, since the beginning of January 2023, major companies including Disney, Netflix and Amazon have laid off thousands of workers.
Results from the survey, which was fielded from March to April 2022, also show that employees with more secure positions are focusing on work-life balance issues, demanding greater pay transparency and a larger range of benefits. All of these factors will keep MFM member companies on their toes for the foreseeable future.
You can find and download C2HR's 2022 Compensation Surveys here.
We hope that offering you information like this compensation study, which you may not have read about elsewhere, is useful. MFM wants to know about other ways it can better serve its members and increase its value. We welcome your ideas, suggestions, critiques and thoughts. Better yet, if you'd like to be part of a team or task force to further improve the association, please let us know. Just e-mail us at info@mediafinance.org to start the conversation.
As always, MFM will offer several Town Hall webinars and Networks meetings in March. The webinars will cover Media Issues in the 118th Congress (March 15) and Data Delivery with ATSC 3.0 (March 22). Further information about them, and on the five Network meetings scheduled for March, is available on our Calendar of Events. And of course, the CFO Summit will take place from March 15-17. The 2023 Annual Conference is just around the corner, too.
It's a busy time for media and entertainment finance professionals, and we're proud to help supply more arrows for your quivers.
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The opinions expressed here are the author's views and do not necessarily represent the views of MediaVillage.com/MyersBizNet.
Krista Van Lewen
Krista Van Lewen is a public relations professional and former journalist with more than 30 years of experience in entertainment, technology, nonprofits and other sectors. She serves as MFM's PR counsel and as a content contributor on behalf of the assoc…
