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Embracing ESG for the Future Health of the Broadcast Media Industry

Writer's picture: Lisa CollinsLisa Collins

The broadcast media and entertainment industry stands at a pivotal moment. With the rapid pace of technological change and evolving workforce expectations, the industry's future health hinges on a robust and comprehensive approach.

 

Many companies are now embarking on their ESG journeys, and we are witnessing different levels of understanding and implementation. Research from outside the industry suggests a strong commitment to Environmental, Social, and Governance (ESG) principles. Integrating ESG into the core of business operations is not just beneficial—it is essential for sustaining and advancing the industry.

 

Companies should feel confident to discuss their progress in this area, no matter where they are in their journey. This is a continuous process, and there is no final destination. Those who share their progress are having a positive impact and encouraging others to start their journey.

 

The Imperative of ESG Integration


ESG factors have become crucial metrics for measuring a company's commitment to sustainability and ethical practices. As the broadcast media industry evolves technologically and faces intense competition for skilled talent, integrating ESG principles is no longer optional; it is a strategic imperative. Companies that fail to embrace ESG risk being left behind.

 

Environmental Responsibility


Environmental stewardship is a critical component of ESG. Younger generations are increasingly environmentally conscious, and companies that adopt eco-friendly practices are better positioned to attract and retain talent. This includes reducing carbon footprints, promoting sustainable production methods, and ensuring responsible e-waste management. Environmental responsibility is not just a trend but a necessary evolution for the industry's longevity.

 

The Need for a Cultural Shift in People Management


While ESG encompasses sustainability, it is crucial to remember that it also includes the social aspect, which involves people management. The broadcast media industry has been criticised for high working hours, intense pressure, and a challenging work culture. According to the Film and TV Charity's "Looking Glass '22" report, 78% of respondents reported having experienced a mental health problem, with 29% considering leaving the industry due to mental health concerns.

 

This highlights a significant area where the industry must improve. Companies must prioritise the well-being of their employees by fostering a healthier work-life balance, providing mental health support, and creating a more supportive work environment. Improving these aspects is not just about social responsibility; it is also critical for attracting and retaining top talent. By addressing these issues, companies can create a more sustainable and appealing workplace for current and future employees.

 

Social Responsibility and Inclusion


Diversity and inclusion are not only ethical imperatives but also business necessities. A diverse and inclusive workplace fosters innovation and reflects the broad audience that media companies serve. Ensuring fair practices, providing opportunities for underrepresented groups, and supporting community projects significantly enhance a company’s appeal to potential employees. Diverse teams bring varied perspectives, driving innovation and better decision-making, which is crucial in the fast-paced media industry.

 

Strong Governance


Strong corporate governance ensures transparency, accountability, and ethical business practices. Companies with robust governance frameworks gain the trust of stakeholders, including employees. Clear policies on anti-corruption, data privacy, and executive accountability are essential. Companies with strong governance structures are more resilient and better equipped to navigate industry challenges. In my view, governance is the backbone of a healthy organisation.

 

Addressing the Skills Shortage


The broadcast media industry faces a severe skills shortage, exacerbated by declining enrolments in media technology courses and a lack of awareness about behind-the-scenes roles. Integrating ESG principles can help address these challenges by making the industry more attractive to prospective employees.

 

Initiatives like Rise Women in Broadcast, Rise Academy, and efforts to support ethnic minority representation create a more inclusive environment. Additionally, the shift towards remote production and flexible working conditions can attract talent who value work-life balance.

 

Practical Steps Forward


Several practical steps can be taken to integrate ESG principles effectively:

 

1. Leadership Commitment - The integration of ESG principles must be led from the top. CEOs and senior executives play a crucial role in embedding ESG into the corporate culture. My work with the Media Tech Sustainability Series has highlighted the need for more leaders to embrace ESG wholeheartedly. Companies with a CEO leading on ESG are already seeing the benefits of overall growth within their organisations.

 

2. Resource Allocation - Leadership must ensure sufficient resources are allocated to ESG initiatives, including investing in sustainable technologies, diversity programmes, and employee training. I would love to see more special working groups and dedicated ESG roles and job titles emerging in the industry.

 

3. Collaborating with Educational Institutions -Updating curricula and providing practical training opportunities ensure graduates are well-prepared for industry demands. Apprenticeships and continuous learning programmes can also help bridge the skills gap.

 

Understanding the Next Generation


Understanding what the next generation values in a workplace is key to attracting new talent. Research shows that Millennials and Gen Z are particularly focused on working for companies that align with their values, including commitments to sustainability, diversity, and ethical governance. For instance, a recent study found that 75% of Millennials are willing to take a pay cut to work for a company that is environmentally responsible. Companies must listen to these perspectives and reflect them in their corporate strategies to remain competitive in the talent market.

 

Rise Academy and the HBS Broadcast Academy are great examples of organisations providing opportunities for young people not only to understand our industry but also to get hands-on with available technology.

 

ESG in Procurement


ESG considerations are increasingly becoming a part of procurement processes. This trend underscores the importance of a unified approach across the entire supply chain to meet global sustainability targets. Companies issuing RFPs now commonly include sustainability criteria, ranging from requiring detailed environmental impact assessments to demonstrating social responsibility in employee practices. Organisations prioritising vendors with strong ESG performance encourage suppliers to adopt ESG principles, fostering a sustainable industry ecosystem.

 

Industry-Wide Collaboration


For the broadcast media industry to effectively meet worldwide ESG targets, all parts of the supply chain must work together. Collaboration ensures that sustainability efforts are not isolated within individual companies but are part of a broader, coordinated strategy. Sharing best practices and collaborative initiatives, such as industry-wide sustainability programmes, can drive significant impact. Maintaining transparency in ESG reporting and holding each part of the supply chain accountable helps ensure all stakeholders contribute to global sustainability goals.

 

We are already witnessing some great collaboration, for example, the IBC Accelerator Programme this year has a group focused on sustainability, SVG Europe are conducting a special round table event at The Future of Sport in September, and as already mentioned, the Media Tech Sustainability Series provides an ongoing platform for collaboration.

 

Celebrating ESG Champions in Broadcast Media and Entertainment


To shine a spotlight on ESG integration in the broadcast media industry, the Corporate Star Awards have been established to recognise and celebrate companies and individuals who have made significant strides in advancing ESG. By highlighting successful ESG initiatives, these awards serve as a platform for sharing best practices, inspiring industry-wide adoption of sustainable and ethical practices.

 

Winners for this year's awards were announced on Friday 13th December alongside IBC Show. To see who won go to www.corporatestar-awards.com

 

There are many fantastic initiatives in our industry addressing individual parts of ESG, such as diversity and skills. However, addressing these elements in isolation is no longer sufficient. Organisations must adopt a holistic approach to ESG, integrating environmental, social, and governance aspects cohesively to create a balanced and comprehensive strategy. Collaboration between these initiatives is crucial to amplify their impact and drive meaningful change across the industry. It is imperative that organisations consider all elements of ESG to ensure a sustainable and prosperous future.

 

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