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Benefits 2.0
Future-proofing benefits to meet modern challenges
The sports, media and entertainment landscape is undergoing a dramatic transformation, with new technologies from artificial intelligence (AI) and streaming to augmented reality and gaming creating new growth opportunities.
Employers now need to make themselves stand out as the workplace of choice to attract skilled talent capable of pushing their organizations forward. Employer-provided benefits are one way to do this—but these offerings must be tailored to meet the needs of an increasingly flexible and diverse workforce.
These insights are based on an Economist Impact survey of 1,500 full-time workers across medium to large companies in the US, including 500 in the sports, media and entertainment industry.
Explore four ways plan sponsors can use benefits to stand out
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1. Upskilling workers for the age of AI
The need for digital skills is growing In media and entertainment, 90% of jobs required digital proficiency in 2021. This number is likely to increase as new technologies such as AI, augmented reality and virtual reality go mainstream.1,2 |
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Workers want new skills and will change jobs to get them
25%
of workers in the industry strongly feel that training programs are relevant.
60%
of workers say current training programs and resources haven't led to career advancement.
44%
of workers would switch jobs for better training and development opportunities.
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2. Boosting retention with sustainability focused benefits
Sustainability matters more than ever Job hunters are increasingly evaluating employers on sustainability credentials, and the sports, media and entertainment industry is no exception. |
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70%
of workers say sustainability programs make employers more attractive when choosing or staying with a company.3
30%
The opportunity to lead is wide open. Less than 30% of respondents in the sports, media and entertainment industry strongly agree that their employer has taken meaningful steps to reduce its carbon footprint.
Standing out with eco-friendly and socially conscious benefits
Tailoring benefits to respond to workers’ values on issues like sustainability can help businesses stand out in a competitive job market and boost worker satisfaction.
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3. Benefits as a tool to cope with industry upheaval
Talent on the move All industries are facing disruption, but sports, media and entertainment are transforming at an unprecedented rate as gaming, TV, film and social media converge, reshaping the industry for employers and workers alike. |
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60%
of workers plan to change jobs in the next 12 months, reflecting the uncertainty created by this fast-evolving landscape5
73%
of workers in the industry are willing to switch jobs for better benefits
Benefits that keep talent on board
The industry must innovate not just to find new customers, but to attract and retain high-quality workers, too. Forward-thinking, easy-to-implement benefits can give employers a competitive edge in the talent market.
Innovation sabbaticals
Given the increasingly dynamic nature of the sector, along with a need to attract flexible workers for project-based workers, support for employees who want time to pursue creative projects could be particularly appealing.
Top ranked benefits
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25% Retirement*
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21% Health*
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21% Education and training*
These are the top-ranked benefits by workers in the industry.* Employers should prioritize investing in these areas to enhance retention.
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4. Helping employees maximize the impact of benefits packages
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Sports, media and entertainment workers want benefits. So why don’t they use them?
37%
of employees are offered retirement benefits but don’t use them
30%
of family care benefits go unused, despite demand
This disconnect shows that workers understand the importance of robust benefits packages, but lack the tools or motivation to engage.
Closing the gap between intention and action
Frustrated workers
The risk of underutilized benefits packages is that workers feel frustrated and neglected…
Wasted resources
…while companies feel valuable resources are going to waste.
Improved communication is often the crucial missing link
- 70% of workers believe communication about wellness benefits could be improved
- 61% feel the same about retirement benefits communication
- 71% say that opportunities to provide feedback could be better
Regular worker feedback and benefits audits can help companies ensure offerings remain relevant and valuable.
Only 28% of workers confidently say that their companies take their feedback into consideration
Additional insights
How media-sector employers can leverage retirement benefits to compete for today’s youngest workers
The sports, media, and entertainment industries each have their own distinct characteristics, yet they share common challenges when it comes to retirement planning.
Although many workers may feel unprepared to retire or work in fields that make it harder to plan ahead, options like lifetime income can help level the playing field.
*Percentages refer to the share who rank each benefit as most important
References
1 https://files.eric.ed.gov/fulltext/ED626621.pdf
2 https://www2.deloitte.com/us/en/pages/consulting/articles/future-of-media-and-entertainment.html
3 https://www.linkedin.com/pulse/sustainability-employees-essential-workers-why-getting-garry-cooper/
4 https://www2.deloitte.com/content/dam/Deloitte/at/Documents/presse/at-deloitte-global-gen-z-millennial-survey-gesamte-studie.pdf
5 https://www.pwc.com/gx/en/industries/tmt/entertainment-media-declining-employee-confidence.html
Disclosure statement
Nuveen and Economist Impact, or any of their affiliates or subsidiaries are not affiliated with or in any way related to each other. The research was independently developed by Economist Impact and is sponsored by Nuveen, LLC. The views and opinions expressed in this publication are those of Economist Impact and do not necessarily reflect the view and policies of Nuveen, LLC. This material is for informational and educational purposes only as of the date of production/writing and may change without notice at any time based on numerous factors, such as market, economic or other conditions, legal and regulatory developments, additional risks and uncertainties and may not come to pass. There is no representation or warranty (express or implied) as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information, and it should not be relied on as such.
Nuveen, LLC provides investment solutions through its investment specialists.
