OPINION: Media industry only as strong as its weakest link

I am referring to the principles of good corporate governance. I was interested in the results of a very recent survey conducted by Golin/Harris Forrest, 'Trust in Asian Business' in which respondents were asked to provide feedback on the industries that were considered 'best' and 'worst' in class in terms of respect and trust. Certain key factors were considered, including transparency, governance, regulation and business practices. Among those at the top of the pile were banks and telecommunication companies, but in contrast, the media sector was grouped with real estate at the bottom. The results of the survey highlight the need for the industry to take a step back and consider what it can do to readdress this position. Media has traditionally prided itself on creativity both in terms of content and delivery and, as such, has attracted more than its fair share of naturally-talented individuals, some of whom are also born entrepreneurs. Long may that continue. However, in these times when there is increasing competition for scarce financing, it is clear that if the industry fails to address such concerns, then the media sector will struggle to attract the serious capital that institutional and other investors can provide. This in turn will negatively impact the ability to attract top talent. A key aspect in helping to address public perception is enhancing the level of attention and investment that the industry as a whole gives to 'skills development' and training in the main functional areas - sales and marketing, financial, the use of technology, as well as the creative sides of the business. It should also include subjects such as business ethics and people management. This concept is not revolutionary; however, when times are tough, the first cuts tend to be made in the area of training. Media companies are even quicker to take the knife to such investments. Investment in training and people development should remain a high priority and seen as a key element of the annual operating plan. Our major assets are our human resources, whose skills need to be refreshed and developed. There are a large number of relatively small businesses in the media sector in Asia and therefore the cost of developing training needs to be spread. We need to see more 'industry' initiatives, such as the recently announced Casbaa Media College which, with the financial support of the Media Development Authority of Singapore, will be rolling out sales and marketing training to executives in the broadcast sector. The initial benefactors of such training are obviously the individuals themselves, but the ultimate payback is with the employer and then the industry as a whole. In the short term, I would also encourage the industry to recognise those of its members who make the most effort in this area. Accordingly, I would encourage organisations to better publicise success stories and, by so doing, I believe that the industry as a whole can start to address some of the negative impressions that the public appears to have.