The 24 Best Talent Management Companies for 2022
Solutions Review’s listing of the best talent management companies is an annual sneak peek of the solution providers included in our Buyer’s Guide and Solutions Directory. Information was gathered via online materials and reports, conversations with vendor representatives, and examinations of product demonstrations and free trials.
Regardless of the number of features, a talent management solution boasts, it’s still built off of a core idea; to ensure the highest percentage of employee retention and engagement. Talent management companies offer core HR software solutions with the addition of some key features designed to manage and support employees. Recently, Human Capital Management (HCM) suites have become popular as well, as they support core HR, payroll, talent management, workforce management, and HR service management.
For HCM suites, the importance of the overall user experience cannot be understated. As live conversations with HR administrators decrease, the need for a compelling and personalized user experience continues to grow. We’ve noticed that usability, process transparency, and real-time analysis are critical components to an effective user experience. Additionally, we’ve found that artificial intelligence features separate the leaders in HCM from the followers, and a technology divide is starting to grow between these groups of vendors.
Selecting the best talent management company to work with can be a daunting task, and we’re here to help. That’s why our editors have compiled this list of the 24 best talent management companies to consider if you’re looking for a new solution.
Check out our online talent management best practices section for even more guides, advice, and how-to content.
Note: Companies are listed in alphabetical order.
The Best Talent Management Companies
ADP provides business processing and cloud-based solutions, including payroll, talent management, human resource management, benefits administration, and time and attendance services. Their talent management offering, ADP Workforce Now, is an integrated HR solution designed for businesses of all sizes and across all industries. The software comes equipped with benefits, payroll, talent management, and time & attendance features. ADP is also notable for its mobile support and a mobile HTML offering that works well with Android, Blackberry, and other mobile platforms.
Learn more and compare products with the Solutions Review Buyer’s Guide for Talent Management.
ApplicantStack is designed to assist companies with applicant tracking and onboarding, specifically for the needs of small to mid-sized businesses. This affordable software gives organizations the tools to help develop employment applications, create and post new open positions, share positions through social media, and build screening questionnaires to accompany online applications. ApplicantStack simplifies the review process, allowing HR departments to easily view which candidates are a good fit for the position. In 2019, the vendor was acquired by SwipeClock.
Arcoro , (formerlyBirdDogHR), provides integrated human resources and workforce management solutions within software modules that simplify employee hiring, tracking, and compliance challenges in high-risk industries. The vendor’s cloud-based HR software solutions enable organizations to scale and grow effectively and efficiently. Arcoro offers a range of services, including onboarding, benefits, compensation, performance management, succession planning, and legal services, among others. In early 2021, the provider won a gold Stevie Award for Contact Center of the Year and a silver Stevie Award for Most Valuable [COVID-19] Response by a Customer Service Team.
Cegid offers integrated, cloud-based talent management and HR solutions that provide businesses with the tools for communication between employees, managers, and candidates. The vendor’s comprehensive talent management suite is designed to complement existing systems while bringing deep functionality to critical aspects of talent acquisition, performance management, succession planning, compensation, talent profile management, and learning and development. In the past few years, Cegid has completed many acquisitions of other organizations, including Meta4, Koalaboox, Dhatim, ACA, and TalentSoft. In early 2021, the vendor also raised an undisclosed amount in Private Equity from Kohlberg Kravis Roberts.
Ceridian is a global human capital management (HCM) software company offering HR, payroll, talent management, benefits, and workforce management solutions all in the cloud. Dayforce, the company’s flagship cloud HCM platform, provides human resources, payroll, benefits, workforce management, and talent management capabilities in a single solution. The platform helps users manage the entire employee lifecycle, from recruiting and onboarding to paying people and developing their careers. Ceridian provides solutions for organizations of all sizes, from small businesses to global organizations. In 2021, Ceridian acquired Ascender Japan and Ideal for undisclosed amounts.
Originally founded in 2004 as HRM Direct, ClearCompany started as a pioneer in cloud-based talent management systems. Today, driven by a vision of a world where organizations perform optimally with empowered managers and engaged employees, ClearCompany is a fast-growing Talent Management Platform. The provider’s talent management solution delivers applicant tracking, onboarding, performance management, employee engagement, and workforce planning capabilities.
Cornerstone OnDemand presents a powerful and fully customizable cloud-based Talent Management Suite comprised of an integrated package of modules designed for large businesses. This suite handles all the matters related to recruitment, employment, and training. The vendor also presents a trimmed-down version as well, which caters to the needs of small to midsized businesses. This version contains performance and learning modules, while the full version contains seven modules. Each application with Cornerstone is built using a single code base that gives users one centralized talent management system. In early 2020, Cornerstone acquired Saba Software for $1.395 million.
Deltek has offered its talent management software since 1999, bolstered by its acquisition of HRsmart in 2015. Their talent management solution is available as a modular system that allows companies to choose what functions they need. Each solution included in the suite is available as either a best of breed or as a standalone, while also being compatible with other modules. With this option, clients are not only able to choose the solution they need but also replace existing software with ease.
HealthcareSource presents a talent management suite focused entirely on the healthcare industry with a number of features including applicant tracking, onboarding, learning management, performance management, and much more. HealthcareSource recognizes that the key to providing quality patient service is to find the ideal candidate for the job. This vendor prides itself on bringing together software, service, content, and analytics to help healthcare organizations build a highly trained workforce. Recently, HealthcareSource was acquired by symplr for an undisclosed amount.
iCIMS offers software solutions and tools to unify all aspects of talent acquisition. With iCIMS, companies can manage their entire talent acquisition lifecycle within a single SaaS application. With recruiting, offer management, onboarding, and relationship management tools, the flexible, scalable, and easy-to-use iCIMS Talent Acquisition Software Suite supports organizations of all sizes, in all industries. iCIMS delivers faster integration activation with less reliance on IT resources and their industry-leading integrations refine your recruitment processes without disrupting mission-critical hiring workflows. In late 2020, iCIMS acquired Altru for $60 million.
Intersog provides ROI-driven, full-service custom software development and staff augmentation solutions to companies of all sizes. The vendor delivers a range of services and solutions, including product ideation, user experience and user interface designs, integrations and APIs, quality assurance test automation, and support/hosting, among others. In late 2020, Intersog was named a Top Developer in Illinois by the B2b market research company, Clutch.
Meta4, a Cegid Company, is a privately held corporation that offers on-premise and SaaS solutions for HCM and payroll. While the software has traditionally focused on human resources, they’ve made broad steps in the talent management arena adding a number of features including recruitment, compensation, and performance management. The vendor has also strengthened its software solution by offering third-party software products that directly integrate with Meta4. In August of 2019, Meta4 was acquired by Cegid.
Namely offers an all-in-one HR platform for mid-sized companies that covers essential HR needs, including payroll, talent management, benefits management, time management, and core HR. Namely acts as your singular system of record, powering your entire company. The company’s talent management suite allows businesses to conduct paperless onboarding, track goals, conduct performance reviews and features performance management, ongoing feedback, and more. Namely acts as your singular system of record with open API, powering your entire company.
Oracle’s Talent Management Cloud provides talent acquisition, performance management, and learning management software for businesses that are looking to source and hire talent with maximum employee performance. Oracle’s Talent Management Cloud software is designed for organizations both large and small across a variety of industries. Their performance management, goal management, and succession planning tools are designed to help companies get the most out of each hire: optimizing ROI, and promoting better business results.
PageUp Unified Talent Management is a strategic human capital management software solution, capable of delivering outcomes across the entire employee lifecycle, via technology built for a mobile and social world. It comprises recruitment and application tracking, onboarding, performance management, learning management, and succession planning modules, with in-depth HR analytics capabilities running across the entire suite. PageUp provides a single platform for you to deliver and manage your talents’ journey, ensuring you spend your time working on outcomes, not with inputs.
The PeopleAdmin talent management offering, SelectSuite, provides users in education and government verticals with the tools required to maximize operational effectiveness and minimize risk. Organizations can simplify and automate their hiring process and monitor employee performance, while also building and retaining compliant audits. The solution is recommended for organizations related to education and government with more than 100 employees. PeopleAdmin’s SelectSuite provides a fresh look at talent management effectiveness with your data being interpreted into actionable and easy-to-use information.
PeopleFluent presents a cloud-based talent management suite that’s complemented by applications for vendor management, workforce planning and diversity, and analytics. Total Talent Management includes recruitment, performance management, compensation, learning, and succession. PeopleFluent is able to be integrated with almost any core HR/HCM system through its data integration managed service. The software combines video, analytics, mobility, and collaborative social technologies into one product. In January of 2021, PeopleFluent acquired Reflektive for an undisclosed amount.
Saba Software delivers a cloud-based talent management solution used by organizations to drive talent development initiatives and to increase employee engagement. Born from learning, built on collaboration and designed to be simple, the Saba Cloud solution offers a wide range of capabilities in learning, performance, engagement, recruiting, compensation, succession, and workforce planning. Saba was acquired by Cornerstone OnDemand for $1.395 million in February of 2020.
SAP SuccessFactors is the global provider of cloud-based HCM software. The vendor’s suite integrates onboarding, social business and collaboration tools, a learning management system, performance management, recruiting software, applicant tracking software, succession planning, talent management, and HR analytics to deliver business strategy alignment, team execution, and maximum people performance to organizations of all sizes across more than 60 industries.
SilkRoad’s talent management software, Talent Activation, is a full comprehensive cloud-based solution that contains a number of HR tech solutions. Users can choose the entire suite or specific module to match their company’s needs. SilkRoad is also integrated within Microsoft’s Active Directory which allows users with a Single Sign-On so that employees are able to transition between each of the SilkRoad modules. Each of the modules are contained in the SilkRoad portal, which is designed to increase engagement, collaboration, and user adoption.
TalentQuest provides an innovative Talent Management software suite that empowers companies to more effectively hire, manage, develop and retain the best talent. Their solutions leverage the traits, tendencies, and learning styles to help organizations maximize the potential of each employee. TalentQuest’s cloud-based talent management solutions are used by leading organizations worldwide. The TalentQuest platform is powered by behavioral science and the provider’s proprietary TQ Talent Insights.
Talentsoft provides cloud-based talent management software with a number of in-house options. Talentsoft manages employee recruitment, learning, performance, competencies, careers, and compensation. This centralized talent management solution keeps employee information in one easy-to-access place. Talentsoft allows users to analyze and act on human capital, build their human resource plans, and manage career and succession planning from one place. In April of 2021, Cegid acquired Talentsoft for an undisclosed amount.
UKG provides human capital management, payroll, human resources service delivery, and workforce management solutions. The vendor offers a range of solutions, including its flagship solution, UKG Pro, UKG Dimensions, UKG Ready, and UKG HR Service Delivery. UKG Pro is an HCM suite that delivers payroll, recruiting, onboarding, document management, benefits administration, workforce management, and people analytics, among other services. In June of 2021, UKG acquired EverythingBenefits for an undisclosed amount.
Workday presents a full HR suite that covers everything from administration, talent management, recruitment, and time tracking for medium and large enterprises. This vendor is renowned for its commitment to customer service. Workday is also a highly flexible solution that allows you the ability to take the data stored within their HR talent management suite with you. Other solutions may lock up the data with them, keeping you from accessing it if you ever decide to leave. It allows for easy downloading of all of your information with no additional fee. In January of 2021, Workday acquired Peakon for $700 million.
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About Tess Hanna
Tess Hanna is an editor and writer at Solutions Review covering Backup and Disaster Recovery, Data Storage, Cloud Computing, and Network Monitoring. Recognized by Onalytica in the 2021 "Who's Who in Data Management," and "Who's Who in Automation" reports. You can contact her at [email protected]
What Does Data Have to Do With Human Resources?
A Job Description for Talent Management Professionals
How to Select the Best HR Tool for Your Organization
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As you can see from the graph above, there is widespread agreement that talent management is effective (or even very effective) at attracting and retaining talent as well as improving overall performance.
There are a few main reasons why this is the case.
1. It helps businesses improve performance
With top specialists in your organization, you can reach any goal.
Talent management is most effective of all when it combines three key components: rapid talent allocation, positive employee experience, and a strategic HR team.
2. It allows companies to stay competitive
By hiring and developing talented employees, your organization becomes stronger and better prepared to face changes and risks.
3. It drives innovation
New technologies are always hitting the scene, whatever your industry. Talented employees are able to find ways to harness the capabilities of new tools and solve problems or come up with original ideas.
4. It helps form productive teams
The appropriate talent management strategy will allow you to form a more productive team. This is far more useful than just having a bunch of creative and talented people in your organization.
5. It decreases turnover
When employees feel valued at a company, when they know they will have plenty of opportunities to grow in the business, they are less likely to seek work elsewhere.
6. It leads to strong employer branding
Talent management brands your company as an employer. This helps you to attract the best candidates for future hires.
7. It motivates others to grow
Having inspiring talent on your team will motivate other employees and help them grow.
Whereas there is no standardized model for talent management, some HR professionals have proposed excellent models that any company can use.
However you choose to develop your model, it must include the following.
Planning aligns your talent management model in line with the overall goals of your organization.
Only with the correct planning can you ensure that you seek talent with the right skills and experience. In addition, it assesses current employees to see what is working well for the company.
For instance, if employees with certain characteristics tend to stay at the organization for longer, you should plan to hire more workers like them.
It is not always as simple as when one person leaves the company, you start a search for someone else to fill the role.
For instance, your needs may change or employees may take on new responsibilities. Talent management ensures that you always have sufficient staff to carry out all your operations and prevent heavy workloads that could cause demotivation.
The right strategy will attract just the kind of workers you want at your business. Such hires will be driven, skilled, and seeking to advance within the company.
Attracting talent is all about branding your company as an employer. You’ll need to find ways to increase visibility in ways that allow you to present company as a best place to work. The main consideration here is to make your business more approachable.
Even if you choose not to hire someone for a particular position, you still need to create a positive experience. This will give you the opportunity to hire these candidates for other jobs or use them as ambassadors to acquire other talent.
The development part of the model involves taking steps to help talent grow within the company.
It should be aligned with the employee development plan and includes identifying roles where particular employees could move to in the future as well as considering how to expand workers’ skills and knowledge to fulfill new challenges facing your organization.
Talent management also looks at what will keep employees at your company enthusiastic and willing to go the extra mile. It is necessary to provide employees with value.
Motivation also requires the correct onboarding — to give new hires a great impression of your company from the very beginning. This will increase the chance that they stay with the company and work hard.
Another purpose of talent management is to keep people at your company for longer.
Employees need to continue feeling that the company is an enjoyable, meaningful place to work.
Through training and other types of engagement, employees have the chance to create a career without leaving the company. You may achieve this by focusing on compensation (monetary and otherwise) as well as company culture.
After hiring and developing their skills, you need to plan for employees’ transitions.
Your aim at this stage is to keep their knowledge within the company — this is called knowledge management .
You need to have a plan in place to promote employees or move them to another role, department, or office. If a worker does decide to leave, you need to know why.
A talent management strategy is based on the talent management model. It should match your organization’s goals and clearly define what type of talent you need.
You organize the talent management process based on the talent management strategy.
There are few different types strategies you can choose from.
Strategy #1: Hire Only Top Employees
The advantages of this strategy are obvious:
- You immediately receive top talent.
- The employees will perform well and probably reach high performance faster.
- You are able to grow your company faster.
- You are more prepared for challenges and risks.
However, there are some disadvantages:
- It’s expensive, and will cost you even more if you end up needing to hire someone else.
- It could be more difficult to retain top talent.
- The hiring process may take longer, as you’ll probably want to select from a wider pool of candidates.
- It can be challenging to manage team of top talent.
- Having too many top performers on a team can lead to competition and result in underperformance.
Strategy #2: Hire Promising Specialists and Develop Them
This second option has a couple advantages:
- You can find talent faster. This may be necessary if you are in urgent need for talent and have insufficient time to search for top employees.
- You will likely save money on salaries.
- The employee has the potential to become a skilled and loyal professional.
- You can hire two, or even three, promising specialists for the same amount as for one top performer.
The main disadvantages are:
- Your company may grow slower.
- Compared to top talent, these hires lack of knowledge. This can lead to lower performance.
- You may need to hire another specialist if the employee cannot handle the role.
- It requires a larger investment in development.
- The strategy may fail entirely and you’ll need to revert to option 1.
Strategy #3: Combine Strategies 1 and 2
This quote describes the strategy best:
“Your team’s strength is not a function of the talent of individual members. It’s a function of their collaboration, tenacity, and mutual respect.”
Finally, the pros of combining the two above are:
- It gives you the best of both worlds.
- It also allows you to take advantage of a combination of new hires and existing talent.
- Having top talent and potentially good specialists (e.g. young employees) will help the specialists grow faster and motivate them.
- It leads to knowledge transfer — top talent can teach other employees.
All the same, there is one con:
- If you have specific requirements (such as you are in urgent need of growth or if you are on a tight budget), sticking to a single strategy may be more appropriate.
Lastly, before you go ahead and launch your recruitment and talent management strategy, make sure you include the essential components of a talent management strategy.
1. Know What Is Your Talent Management Strategy Is For
Every organization has its own unique goals. Whether they relate to better performance or higher revenue, your goals need to be clearly stated and achievable. You also need to know exactly how employees will play a role in helping you meet your targets.
2. Measure the Results
You need to know how to measure results to see if your strategy is working. Define the metrics you’ll use and how often you’ll take measurements.
3. Assign Responsibilities
Much of the talent management strategy is down to HR, but other people at your company will also need to be involved. For instance, C-level executives are responsible for succession planning.
4. Communicate with Employees
Make sure your employees are clear about where they stand and know what is expected of them. Talk to them about their career goals to ensure that your company is creating the right opportunities.
Now you have an understanding of why you need talent management and what it involves. Next, you need to take a look at the talent management process itself and learn how to apply it to your company.
What Is the Talent Management Process?
The following steps cover what you need to do to develop a continuous talent management process for your organization.
It covers how to find the most talented people available and then help them stay in your company.
Step 1: Specify What Skills You Need
What is the first step in the talent management process?
Before you can go any further, you must determine what kinds of hires you need and what requirements they should fill.
Consider if it would be possible to teach existing employees to avoid the need to hire anyone new.
Step 2: Attract the Right People
There are several stages to attracting talent:
- Create targeted advertisements and post them on top job sites — HR branding is helpful here.
- Plan interviews and other means to identify the best person for the job. In addition to regular questions, consider using personality assessments, references, and tests that require candidates to perform in real-life situations.
- Hire your top choices.
Step 3: Onboard and Organize Work
Help new employees feel orientated by being ready for them as soon as they enter the company.
Know what tasks you will set them, have training sessions scheduled, and assign current employees to support new workers settle in.
Step 4: Organize Learning and Development
Remember, it is often easier to develop the skills of your current employees than to hire new talent.
Plus, even if you do hire top talent, they will likely want to learn something in their new role.
Plan ways for your workers to learn and grow, such as through conferences, courses, and a learning management system to create a learning environment.
Step 5: Hold Performance Appraisals
Checking employee performance regularly allows you to see if workers could manage additional responsibilities.
This could save you hiring new talent and it may help an employee prepare for a promotion.
Step 6: Strategize to Retain Your Best Talent
Keep employees satisfied at work through promotions, benefits, motivating tactics, ensuring job satisfaction, and improving company culture.
Step 7: Plan for Successions
Nurture employees for successions, such as for when a senior member of staff retires.
Enable employees to perform to their best through continuous learning opportunities, including knowledge management.
If an employee decides to leave the company, conduct an exit interview to find out what went wrong — this will help you prevent the same issue occurring again in the future.
You need to stop assuming that you already have talent management covered just because you have HR at your company. Talent management rarely happens naturally.
You need a strategy that is tailored to your business alone. Only like this will you obtain and retain top talent and gain a competitive advantage over other businesses in your industry.
Develop and maintain Learning Culture
In this workbook, we put together tips and exercises to help you develop your organisation’s learning culture.
Ivan is a Senior Associate at Valamis with over eleven years of experience in online marketing. Right now, he focuses on business development inside Valamis.
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What is talent management?
In good times, it can be easy to take your company’s talent for granted. But do so at your peril—investing in talent management, or the way that your organization attracts, retains, and develops its employees (sometimes referred to as “talent” or “human capital”) can give your company an edge. Look no further than the much-discussed “ Great Resignation ,” also called the “Great Attrition” or “Big Quit,” of 2021 and its impact. Putting people first is vital to building a healthy workforce.
It’s important to manage talent and deploy it well, and leaders need to know how to rise to the occasion. To help shape workforces that have the skills to achieve, leaders can establish a talent-first culture . Too many organizations don’t consider the talent required to implement different ideas. By putting talent first, companies can improve organizational performance and potentially gain a competitive advantage.
Why is talent management important?
Analysis shows there is a significant relationship between effective talent management and an organization’s overall performance . In fact, in a 2018 McKinsey survey, 99 percent of respondents who reported their company’s talent management was very effective said they outperform their competitors, compared with 56 percent of all other respondents. And the effects may be cumulative, given that abilities to attract and retain talent seem to support outperformance as well.
What actions are linked to good talent management?
Survey findings indicate three practices that are most closely linked with effective talent management:
- rapid allocation of talent—that is, being able to move people among strategic projects quickly as priorities emerge and fade
- HR’s involvement in creating a positive employee experience
- a strategically minded HR team
According to the research, organizations with all three practices in place (only 17 percent of the sample) are vastly more likely than their peers to say that overall performance, plus total shareholder returns, has an edge on their competition.
What’s involved in talent management?
Five areas of talent management are particularly important to the chief human resource officer’s (CHRO) playbook:
- finding and hiring the right people
- learning and growing
- managing and rewarding performance
- tailoring the employee experience
- optimizing workforce planning and strategy
A more in-depth look at these topics can offer insights.
How do I find and hire the right people or attract and retain talent?
High-performing employees are up to eight times more productive than others. To quote the late Steve Jobs, the iconic leader of Apple, talent matters: “Go after the cream of the cream. A small team of A-plus players can run circles around a giant team of B and C players.”
That may be easier said than done. But there are still several principles to consider if you want to hire the best people and keep them at your organization:
- Focus on the 5 percent of employees who deliver 95 percent of the value. Certain employees have a disproportionate impact on creating or protecting value, and it’s not always obvious who they are. Focus efforts on the few critical areas where the best people have the biggest impact. To do so, start by looking at roles , not processes or specific people.
- Make your offer magnetic, and ensure that you deliver on its promise. You might have heard of an “employee value proposition,” which is another way of saying what employees get (for example, monetary rewards, work experience) for what they give (for example, time, effort, ideas). Your company’s employee value proposition should be distinctive, targeted, and real.
- Technology is a game changer. Data and analytics are already being used in recruiting and hiring, as well as in retaining top talent. Apply people analytics to bring rigor to these efforts.
In the era of the Great Resignation, many organizations are grappling with the prospect (or reality) of talented employees quitting their jobs . Companies should take a step back and make sure they understand why their employees are leaving in the first place—since it could help inform what might bring them back. What drove the historic wave of voluntary departures in the early 2020s? Several big reasons stand out: the cost of switching jobs went down significantly; employees were turned off by uncaring leaders , unrealistic performance expectations, and a limited ability to advance their careers; and many workers were exhausted and dealing with burnout , stress , caregiving demands , and more.
To repair relationships with employees amid the Great Resignation , a few core principles may be meaningful:
- Money matters, even if it’s not a panacea; companies can revise compensation and benefits in ways that will attract and retain disillusioned employees.
- “Sticky” workplaces can make a difference—listen to employees, anticipate and address their concerns, foster psychological safety and community, and measure outcomes.
- Expand your talent pool by thinking more creatively about candidates. That includes considering nontraditional workers (such as students or people currently doing contract work), latent workers, or people who aren’t in the workforce or actively seeking a traditional job.
How can organizations help talent learn and grow?
Companies preparing for the future of work can take a variety of steps to help employees build skills and continue learning and growing—this is vital, especially considering that hiring new workers can be twice as expensive as upskilling or reskilling existing employees.
Building workforce skills , via training and reskilling or upskilling, will be essential to support new ways of working and new business priorities. And focusing on skills—particularly social and emotional skills (sometimes called soft skills), including empathy, leadership , and adaptability —can help close existing skill gaps.
You might be wondering about the difference in hard skills versus soft skills. Hard skills are learned abilities that are easy to measure. Soft skills , on the other hand, are nontechnical skills and abilities, such as personality traits and behaviors, that often relate to how a person interacts with others. For example, consider what might help an administrative assistant succeed: hard skills that might be useful include calendar management, proofreading, and competency with spreadsheet software, whereas soft skills might include phone etiquette, conflict-resolution abilities, and discretion.
When it comes to a broad skill transformation , nine key practices in three overarching areas can be applied.
Scout: Conduct workforce planning to assess potential skill gaps
- assess demand and/or the need for specific skills in the future
- determine the current supply of specific skills
- analyze gaps (and develop a business case to close them)
Shape: Develop a skill strategy to ensure that the workforce is future-ready
- design a portfolio of initiatives to close skill gaps
- design tailored learning journeys and delivery plans for specific roles and/or groups of employees
- decide on learning infrastructure and enablers
Shift: Reimagine infrastructure for skilling at scale
- launch a “skilling hub” or other organizational structure dedicated to learning
- deliver a skill transformation at scale across the organization via comprehensive capability-building programs that address the most critical skill needs
- implement dynamic tracking of workforce and impact (for example, return on investment, impact on business outcomes)
Organizations that have implemented all nine practices report a nearly 100 percent chance of having a successful skill transformation. It’s also important to note that a mix of learning formats, beyond digital learning, can improve the odds of success.
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Transforming the learning and development function may also be necessary. While good learning programs are a must, their utility will be limited if they don’t begin with an intimate understanding of what the organization needs — today and in the future.
Within the learning space, intentional learning can yield a career advantage. And if you want to get intentional when it comes to your own learning, the 3x3x3 approach can help. Here’s what it entails:
- Define three development goals (for example, improve time management, expand professional network, and hone presentation skills).
- Aim to achieve them in a three-month period.
- Engage three other people to support you and hold you accountable to them.
Embracing continuous learning can help drive your business forward, and employees that develop a lifelong learning mindset may find that it keeps them relevant and in demand in the eyes of employers. Developing a growth mindset and setting goals that are a stretch can be part of that journey.
Some companies are also exploring apprenticeship programs to unlock continuous skill development. Modern apprenticeship is a model for learning that is driven by relationships and based on real day-to-day work, thus allowing novices to gain hands-on experience from experts to acquire skills and act more independently.
How can I improve performance management?
At a high level, strong performance management relies on the guiding principle that what gets measured gets done. Ideally, an organization would create a cascade of metrics and targets, starting with top strategic objectives and continuing down to frontline employees’ daily activities. Managers keep tabs on these metrics and meet regularly with teams to discuss progress. In the end, good performance is rewarded, and poor performance leads to actions that address the problem.
A few key principles are essential in managing employee performance more successfully:
- Coach employees, and do it regularly. There’s no substitute for direct feedback and direct coaching that happens day in and day out rather than just annually.
- Make sure the process is seen as fair. What’s crucial here is emphasizing how employees’ work fits into the organization’s bigger picture and ensuring that these conversations are ongoing.
- Put data and analytics to use. Data and analytics can support performance reviews by giving managers objective feedback about whether employees are performing well or not.
- Empower managers to give better feedback. Make sure built-in touchpoints are in managers’ schedules and that managers are clear about their roles. Train them to give constructive, strengths-based feedback while encouraging discussions that make their colleagues feel valued.
- Grasp the power of differentiation. Rewards should link clearly to talent ratings . Focus on rewarding clear overperformers while also developing others—instead of trying to differentiate the broad middle.
- Encourage peer-based feedback. Employees naturally work with more people as organizations become flatter. Gathering peer-based feedback from a large sample can help eliminate biases and provide a more accurate, comprehensive perspective on performance.
The way organizations manage and reward performance shifted somewhat in the wake of the COVID-19 pandemic. This was because the crisis had a big impact on goals and performance plans, and remote workers also grew more reliant on performance management as a source of feedback.
CHROs who want to help their organizations improve performance management in the postpandemic era can consider linking employee goals to business priorities . At the same time, they will want to keep some flexibility, invest in managers’ coaching skills , and celebrate the broad range of good performance while maintaining ratings for the very highest, and lowest, performers.
What about employee experience?
Companies have long considered customer experience, or CX , but there is rising interest in paying just as much attention to your workers’ experience. Tailoring the employee experience is more important than ever, especially in the wake of the COVID-19 pandemic, which blurred the line between work and life amid remote and hybrid setups. These days, instilling trust, building social cohesion, and leading with purpose are critical. And it can make a big impact: according to a 2020 McKinsey survey, people who report having a positive employee experience have 16 times the engagement level of those with a negative experience. They are also eight times more likely to want to stay at a company.
Nine elements, grouped into three overarching areas, can help make sure you’re asking the right questions to get employee experience right :
- People and relationships. Am I seen and treated by my leaders as a significant contributor to the organization?
- Teamwork. Do the people I work with every day trust and care for one another enough to create a collaborative and innovative environment?
- Social climate. Am I welcome in this community, and do I feel like I belong?
- Work organization. Do I have clear responsibilities, interesting work, and the resources I need to succeed in my role?
- Work control and flexibility. Do I complete my work efficiently, with flexibility and positive integration in my life?
- Growth and rewards. Am I given incentives and opportunities that help me learn, grow, and provide for myself and my family?
- Purpose. Does my company have a purpose that aligns with mine, as well as a process to which I can contribute?
- Technology. Does my company’s technology enable me to work efficiently and without friction?
- Physical environment. Are my surroundings safe, comfortable, and human centered?
If your employee experience isn’t what it should be, your organization can take a systematic approach, grounded in design thinking , to improve it. Three steps can help you on your way: first, establish a baseline for employee experience and build on it; second, identify and transform employee journeys; third, equip the full organization for transforming employee experience.
The idea of finding purpose at work has also risen in importance in the past few years. As the COVID-19 pandemic spread, employees found themselves questioning business as usual. “We had this unbelievable smashing together of two worlds: the home world and the work world,” says McKinsey senior partner Bill Schaninger in an episode of The McKinsey Podcast on the search for purpose at work . “I think it’s really brought to the fore ‘What exactly does work mean to me? What do I have to get out of it? Is it merely a check that facilitates the rest of my life, or is it something more purposeful?’”
Research indicates that about 70 percent of people say they define their purpose through work—which raises the stakes for ensuring that individuals can easily connect what they do in the day to day with meaning. Only 15 percent of frontline managers and frontline employees say they’re currently living their purpose when on the job.
Individuals themselves can take action. And if you’re short on inspiration, you can explore an interactive that unpacks nine universal values (such as enjoyment, stability, and caring) that relate to purpose. Organizations, too, have a role to play in helping people connect their work to their life’s purpose . Here are two places to begin:
- Start the conversation on purpose sooner rather than later. People need empathetic, caring leaders to help process their work experiences. Indeed, talking openly about pressures your employees face can go a long way. Consider periodic, guided conversations with direct reports a regular part of your leadership practice—think of these as empathetic check-ins.
- Make personal reflection a business priority. Create the time and space for transparent, honest discussion of purpose—with managers and direct reports alike—to explore what matters. If you need help getting started, a simple icebreaker question such as “When do you feel most alive?” can yield surprisingly rich conversation.
- Help people take action. Generate opportunities for people to live their purpose by tailoring projects, support, communication, and coaching to suit each individual’s unique circumstances.
How do I optimize workforce planning and strategy?
Workforce planning and strategy generally include three important components:
- Critical roles. A small number of roles —fewer than 50—have an outsize impact on business value. You’ll need to look at the core jobs to be done, the qualities leaders need, and ensure that the roles are set up for success.
- Skill pools. Looking beyond individual roles to larger pools, such as digital coders, can also help in developing an understanding of the skills required for the future and whether your organization is prepared.
- Talent systems. Tools for workforce planning can help in a variety of ways. For instance, AI-enabled tools can be used in assessing people’s skills, and performance-management systems can help track skills alongside performance.
One way to gauge whether your company is long or short on talent is to embrace a view of talent supply that is expansive as well as dynamic. Companies that start by looking at skills, including which ones they need and already have, and how those could change over time, could find good ways to address mismatches.
Analysis of your workforce could show either a shortage or a surplus of skills. The five methods here, with samples of concrete actions to take, could be considered to address challenges:
- Build: reskill, upskill, or retrain workers; increase deployable hours; reshape jobs or projects. One global manufacturer spotted opportunities to build data science talent ahead of a looming shortage, and it started by planning more meritocratic career paths and redesigning leadership tracks to help employees stay engaged and happy.
- Redeploy: loan workers; shift unneeded skill sets. Deutsche Post, for instance, teamed up with an elder-care provider to test a program that used postal employees as a means of offering one city’s pensioners support and referral services.
- Acquire: hire individuals; create and recruit from new talent pools. In 2011, Walmart acquired digital skills en masse when it bought a social-media company that ultimately formed the nucleus of the retailer’s digital-technology unit.
- Release: encourage voluntary attrition; divest business units; create options to end contracts. Some companies have experimented with offering voluntary severance packages. These may help organizations strengthen the workforce by allowing less committed workers to exit voluntarily, while at the same time improving retention of other employees.
- Rent: for strategic partnerships, outsource functions, activate the gig economy. For instance, in 2015, Mercy Health partnered with community colleges in the US state of Michigan to create a paid apprenticeship program for medical assistants.
If your organization is short on talent, your organization may need to build, acquire, or rent. And if it’s long on talent, redeploying or releasing employees may be the right path.
Longer term, employing a flow-to-work operating model for dynamic talent allocation may help match scarce skills to high-priority work, improve the way organizations develop their people, and increase business responsiveness. Companies that rapidly allocate talent to opportunities are up to twice as likely as those that don’t to perform strongly; they also deliver better results for every dollar spent.
For more in-depth exploration of these topics, see McKinsey’s Insights on People & Organizational Performance . Learn more about McKinsey’s Talent service line —and check out talent-related job opportunities if you’re interested in working at McKinsey.
Articles referenced include:
- “ Gone for now, or gone for good? How to play the new talent game and win back workers ,” McKinsey Quarterly , March 9, 2022, Aaron De Smet , Bonnie Dowling , Marino Mugayar-Baldocchi, and Bill Schaninger
- “ Talent at a turning point: How people analytics can help ,” February 24, 2022, Bryan Hancock and Bill Schaninger
- “ ‘Great Attrition’ or ‘Great Attraction’? The choice is yours ,” McKinsey Quarterly , September 8, 2021, Aaron De Smet , Bonnie Dowling , Marino Mugayar-Baldocchi, and Bill Schaninger
- “ Building workforce skills at scale to thrive during—and after—the COVID-19 crisis ,” April 30, 2021, Fabian Billing , Aaron De Smet , Angelika Reich , and Bill Schaninger
- “ Help your employees find purpose—or watch them leave ,” April 5, 2021, Naina Dhingra, Andrew Samo, Bill Schaninger , and Matt Schrimper
Want to know more about talent management?
Talent at a turning point: How people analytics can help
Winning with your talent-management strategy
‘Great Attrition’ or ‘Great Attraction’? The choice is yours
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Talent Management - 'Talent agent' as a business for you?
Talent Management is the worldwide network of independent talent agents - you could be one of them. We represent singers, dancers, actors, models and entertainers all over the world - one day, the world. This online information is presented in a Q&A format, which if you are considering a business as a Talent Management agent, you might find helpful.
Q. As a Talent Management agent, what do I do? A. We licence successful applicants wanting a business with us, as a TM agent, to register talented people, singers, actors, dancers, models, musicians, entertainers, on the central TM national database thereby helping to promote them to potential hirers. Talent Management Agents 'sponsor' talent, so it is free for them to register 'On Stage'. Sponsorship by a Talent Management agent means the agent has satisfied themselves the talent is 'bookable' and they are happy to have them on their books. Talent introduced to the national database by a TMA remain 'on the books' of that TMA . The Talent Management management system offers big advantages to talent - with unique online features and benefits and national exposure for work. Exactly what and how, more of later. Q. As a Talent Management agent can I also do bookings? A. Certainly, instead of starting your own agency recruiting and offering talent, as a TMA you have instant access to the entire national central database of talent, actors, singers, models, dancers and entertainers - growing daily. Talent Management agents are therefore able to offer a big advantage to hirers with a much bigger, national selection of talent - other local agents offer only local talent. Talent may only be booked via their sponsoring TMA . UK Government. The Department for Culture, Media and Sport, 2006 Live Music Survey - Market Research Standards Board found that: 1.7 million UK talent bookings took place in the UK last year with a market value of £2.6 billion A Talent Management agency maybe operated as a full or part-time business.
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A. Contact: Director of Agent Licensing, Talent Management Limited, 1 Hornet Court, Hurricane Way, Norwich, NR6 6HJ
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Socially powerful talent is the world’s largest influencer, social media and celebrity talent management agency in the us, uk, europe, australia, china and the middle east. we build the careers of the world's top talent and offer worldwide partnerships with global brands., talent is in our dna.
Our marketing and social agency —Socially Powerful—was born from influencers and the influencer marketing boom. With talent running in our veins, it was a natural progression to launch our talent management agency in 2021, Socially Powerful Talent.
Socially Powerful Talent is a social talent agency that works with all talent, including social, celebrities, musicians, sport stars and more. We want to dominate the digital talent management space with our unrivalled career guidance and services, global team, and contacts with the world’s biggest brands. With us, our clients have access to talent and can work across long-term collaborations with some of the biggest household names in the world.
With talent management services in London, Europe, Los Angeles, and New York, we represent the most exciting social, digital and sporting talent.
YOUR BRAND TO THE NEXT LEVEL
Our talent management agency goes one step further for the world’s leading influencers, talent and celebrities. We don’t just develop their careers; we improve their content, social presence and brand partnerships.
We can show you how to take your brand to the next level, no matter what your goals are. We can design the strategy to get you there. With access to global talent management expertise, we identify brand opportunities and commercialize your talents with the perfect partners, at the perfect time.
We are a talent management agency that removes any headaches and takes care of everything, allowing you to focus on what you do best.
GUIDING YOUR CAREER
Commercial deals are intimidating, especially if you don’t know what you’re doing or if a brand is relevant to your audience. You only need to make one mistake to experience a huge disaster.
Acting as your talent management agency , we can negotiate contracts, source new brand opportunities and partners, and guide you on the path to social success. If you want to create merchandise including clothing lines, we have the insight and experience to develop products and marketing collateral that drives sales.
We are a talent management company that can build your brand away from the social world, into the offline, using traditional media opportunities such as TV commercials, event appearances, keynote experiences, and much more.
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We are a talent management agency with access to the entire talent market. We carefully match you with influencers and celebrities that are right for your brand with our own scoring algorithm. Whether you’re in need of A-List celebrities, hero, macro, micro or even nano-influencers, we are the best talent management company for you.
Led by our technology and development team, we offer unrivalled access, insight and data into the world of influencers and celebrities with our internal influencer marketing platform. Our talent management agency combines influencers, technology and creative social strategy to pair brands with influential creators to produce authentic content at scale.
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Our community and social media management team at Socially Powerful Talent takes talent social media channels to new levels. We are a social media talent agency that drives engagement, implements new strategies, manages communities , creates unique content with our video production and content team, and improves follower growth. We have the knowledge, experience and expertise to build your brand in every corner of the globe.
Our talent management agency works with celebrities, influencers and sports personalities to turn social clout into revenue streams to position your brand with the things you’re genuinely passionate about. Example revenue streams are Paid Brand Integration Campaigns, YouTube Channel Creation and Optimization, Merchandise Line Development and Management, and Paid Events.
Socially Powerful can transform an influencer’s social media presence into a sustainable career. We also work the other way round and build the social presences of the world’s biggest celebrities and reality stars. We work with our roster of talent on a daily basis to strategize and execute their visions, always keeping them at the front of what’s possible. We connect influencers with the best endorsement deals and provide them with business opportunities all over the world.
We work with global partners to help influencers create clothing, products and merchandise lines of their own, turning dreams into reality. We are a talent management agency that removes the frustrations and cost of merchandising, so talent can focus on content while we take care of the rest.
We have formed long-term relationships with social platforms—new and old—and have collected all the tips and tricks to help your channels grow further. By maintaining contact with key stakeholders within social platforms, we gain insider knowledge on new features, changes and updates. So, whether you need a YouTube talent agency , TikTok talent agency , Instagram talent management , or general talent performance management, we know we can help.
We understand the importance of high quality legal advice and support, and recognize how important this is to influencers, talent or celebrities’ careers; our legal team is available at any time to provide support, guidance and protection to all talent under our wing.
With years of knowledge, expertise and experience, Socially Powerful’s talent management agency team takes care of all the unavoidable headaches when it comes to getting a deal over the finish line. Whether it’s contractual clauses, monetary value or buyouts, we’ve experienced it all, so you don’t have to.
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Socially Powerful’s talent management agency team consistently works with and exposes the agency to global brands on a daily basis. This means our exclusive talent agency is always being put forward for campaigns and being spoken about for the latest brand deals.
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We only represent talent on an exclusive management basis. This allows us to dedicate our time, knowledge and resources into making the right career choices for you. If you don’t want a dedicated management team that will represent you and your career, then we aren’t the talent management agency for you. If you want to take your career to the next level, you don’t just need a team that will support you, but a team you know you can rely on, no matter the location, time of day, or situation that arises.
No matter what you need, sports talent management, acting management, model and talent management or whatever—what are you waiting for? Get in touch and let’s take your career to exciting new levels.
Whether you need an influencer marketing agency in the UK or an influencer marketing agency in the USA , our global offices can assist you in creating powerful influencer campaigns that have lasting impact.
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We have offices and expert teams in all corners of the world, discarding boundaries to where and who we manage. We offer our clients bespoke solutions if they want large-scale, global influencer campaigns—we have access to influencers outside of our exclusive talent roster through our social marketing agency, Socially Powerful. We have the big agency support, insight and brand partnerships linked with the personalized services and entrepreneurial spirit of a smaller start-up talent agency.
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Why socially powerful, we only represent talent on an exclusive management basis, so we can dedicate our time, knowledge and resources to making the best career choices for you. if you're not looking for a dedicated management team to represent you and your career, then we aren't the right team for you. whatever field you're in, be that social, celebrity, sport—get in touch and let's take your career to the next level., to the next level, our wide variety of incredible clients.
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Socially Powerful is the world’s largest influencer, social and celebrity talent agency, building the careers of the world’s top talent and connecting them to the biggest brands through brand endorsement.
At Socially Powerful, our agency was born from influencers for influencers, so talent management is in our veins and always will be. We not only help influencers or celebrities develop their careers, content and social presence, but really help you develop and take your business to the next level, whatever your ambitions may be. We do this, so you can focus on what you do best. Creating content and doing YOU!
We’ll negotiate your contracts, source out new brand opportunities and partners, help you develop merch such as clothing lines, fitness products, beauty lines and so on. We’ll help build your brand away from the social world, into the off-line through traditional media opportunities such as TV commercials, event appearances, keynote speaking and so much more. We’ll take care of everything to remove any unnecessary headaches from your daily life.
As a pioneer in the Influencer Marketing industry, our roster of talent is one of the largest and most diverse in the world across YouTube, TikTok, Instagram, Snapchat, Weibo and WeChat. Our relationships with a vast collection of companies and brands allow us to secure the services of ideal influencers for every and any social campaign while staying at the forefront of new media content development and activation.
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Boris johnson steps down as member of parliament with immediate effect over partygate findings, how indian talent agency tulsea is scripting a better deal for writers in growth markets.
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EXCLUSIVE: With the Writers Guild of America ( WGA ) strike underway, and guilds around the world expressing solidarity, issues surrounding writers and the way they’re compensated have become front and center of a global conversation.
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“Over here we’re still at the stage where we’re asking for writers to get a credit on a billboard,” Dave says. “And while Hollywood might say writers don’t always get a credit on a billboard, the pendulum has swung so far the other way here that we’re trying to course correct a bit.”
Although writers and showrunners have never been more in demand in India – with U.S. studios and streamers including Netflix , Disney and Amazon Prime Video pouring investment into local-language content – they’re still fighting for terms and conditions that writers in the West would take for granted. Indian writers do not have access to standard contractual clauses covering minimums, residuals, the way payments are structured or how credits are determined.
Chaitanya Hegde, Dave’s partner in Tulsea, describes working practices for writers when the agency launched in 2012: “There were challenges with everything, from the kind of monies that writers were being paid and the terms of payment, to one-sided contracts, or writers not being allowed to terminate contracts, to commitments not being honoured without any consequence.”
Dave adds that the arrival of the U.S. streamers in India around 2015 created more opportunities and better pay for writers, at least initially, but during and post-pandemic, the streamers have started cutting costs, which has led to pay rates and terms not being as favourable as they once might have been.
“We’ve also overlooked the whole issue of Hollywood entities treating writers a certain way in the United States, then using this excuse of local market practices to benefit from cost arbitrage,” Dave adds. “Of course, the fact that streamers can make programming more cheaply in growth markets is not necessarily a bad thing – it also helps the local market – but the lack of unions also enables them to avoid offering many of the other standard clauses and benefits that a WGA writer would get.”
Tulsea, which has an in-house legal team helping clients with their contracts, credits India’s Screenwriters Guild (SWA) for its guidance on issues such as structuring payments. The team also look to the WGA, Writers Guild of Great Britain ( WGGB ), Australian Writers Guild (AWG) and other international guilds for examples of best practice. But it’s an uphill battle in the current belt-tightening environment. The SWA is currently drafting a Minimum Basic Contract and negotiating with producers, but without a unified producers body in India to negotiate with, it will be a long process.
Expanding The Agency Model In India
Dave and Hegde met when they first moved to Mumbai – Dave from the U.S. where he had a background in management consultancy, and Hegde from Bangalore’s media and advertising industry. At the time, they were both working with leading filmmakers – Dave with Shekhar Kapur, and Hegde with Rakeysh Omprakash Mehra.
“Everyone said there were no scripts, but there were writers, so we had this idea of starting an agency to get them better deals,” says Hegde. The company was fortunate in that it launched just before India’s streaming boom kicked off – Netflix and Prime Video both launched in India in 2016 – so could immediately capitalise on the growing demand for quality writing. Among early projects, it helped set up the writers room for one of Netflix’s first high-end Hindi series, 2018 crime thriller Sacred Games .
Radhika Gopal, who joined Tulsea in its early days in 2014, says there wasn’t much of an agency culture back then. There were agencies repping stars for endorsement deals, but actors mostly relied on personal managers or “secretaries” to handle film and television work, and nobody was repping writers and directors.
“Everything here is influenced by relationships and emotions, so producers would often get offended when asked to communicate with an agent, especially for a writer,” Gopal remembers. “They’d ask ‘how can you bring a third party into the room? It’s improved slightly with the corporatization of the Hindi film studios and the entry of streamers, although there are still producers who can be resistant to dealing with agents, here as well as in the South.”
Like their counterparts in the West, Tulsea is also involved in packaging – identifying promising IP, including books, remakes and other properties, attaching talent and pitching the resulting packages to studios and streamers. “We’re one of the few agencies that has an in-house content team, with a very clear vision to identify projects early on,” Gopal says. Among the shows the agency has been involved in putting together are crime thriller Paatal Lok , which is moving into a second season for Prime Video, and dystopian drama Leila for Netflix.
Tulsea is also active in that other crucial aspect of an agency’s role – finding and developing new talent. “We have very few institutes in this country that train writers, most of them are self-taught, so an early mission was identifying young writers and finding them gigs,” Hegde says.
Among the agency’s recent discoveries are Smita Singh, who Tulsea placed in the Sacred Games writers room, after which she went on to script Netflix original film, Raat Akeli Hai . She is making her debut as showrunner on an as-yet-unannounced series for Prime Video, which is currently in production.
Other young talents include self-taught writer-director Rima Das, who has won multiple awards for films including Village Rockstars and Bulbul Can Sing , and Reema Sengupta, whose short film Nocturnal Burger premiered at this year’s Sundance Film Festival.
“Enabling young talent is the most exciting part of the job,” says Gopal. “It can involve helping them move from a two-line idea, all the way to something that is pitch ready, and having people who are content experts, not just agents, giving them feedback.”
Building Bridges Between India And The World
Although the Indian industry is big enough to provide their clients with plenty of opportunities, Tulsea is also starting to develop their careers overseas. Dave says discussions are on-going to attach Indian talent to international projects currently in development in the U.S. and UK, while writers such as Anubhav Chopra are finding work in Southeast Asia : “We’ve been approached by Asian companies who may have concerns about hiring a Western showrunner due to cost and cultural differences, but feel that bringing on an Indian writer as a consultant might be a better fit.”
This cross-pollination also extends to bringing in international writers to run workshops with local talent and consult on Indian shows – Tulsea represents Doug Miro ( Narcos ) and Matt Pyken ( Empire ) for Asia, with the latter writer working as a consulting producer on Leila . Although WGA members can’t write for non WGA-registered production companies, they can lend their expertise as producers and consultants. “It’s been a pleasure to bring in some of these seasoned showrunners from the West who are excited to help develop these markets,” Dave says.
Tulsea also represents Japanese writer-director Hideyuki Tokigawa ( Dancing In Her Dreams ) and has a growing presence in Africa where it reps talent such as Florian Schott ( Katutura ) and Mbithi Masya ( Kati Kati ).
While there’s opportunity for growth, Tulsea is also realistic about the current landscape, in India and internationally. In addition to industry-wide belt-tightening, the streamers in India are starting to look more at mass market content to grow subscriptions, following an initial focus on high-end drama, so may lean towards investing in stars rather than quality writing.
Despite a plethora of platforms, India has always had a limited number of buyers with budgets big enough to finance premium drama, and their ranks may contract further in the wake of the Sony-Zee and Viacom18-Reliance Jio mergers, although so far there’s no news about whether the overall number of platforms will shrink.
Despite all this, Dave says he’s optimistic about the future career trajectories of Tulsea’s writers: “If you’re talented, you can now feel confident about making a career as a writer,” he says. “We may not have the Shonda Rhimes and J.J. Abrams kind of pay checks coming to writers here, but our premium drama industry is only five years old. I now have showrunner clients who say they don’t want to move into directing because there’s a dearth of good writers. It wasn’t like that ten years ago – everyone wanted to direct.”
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Talent Agency YMU Hits Financial Turbulence with Nearly $90M in Debt — Report
Talent agency YMU hits financial turbulence with lending debts nearing $90 million.
U.K.-based Talent management agency YMU Group (You, Me & Us), which features a transatlantic music division, is exploring options for financial restructuring, according to Sky News . Reports indicate that the company has been involved in talks over its finances following a “slump in profits exacerbated by the pandemic.”
Sky reports that via sources in London’s financial district, YMU lenders Permira Credit and Lloyds Banking Group “hired AlixPartners several weeks ago to undertake an independent business review of the agency.” YMU reportedly owes Permira Credit and Lloyds Banking Group approximately $87 million (£70 million).
While a source cited as close to YMU suggested that there were no grounds for concern about the company’s future, Sky’s reporting indicates that a new Chief Restructuring Officer may head up a restructuring process at YMU and was “likely to draw takeover interest from industry rivals.”
According to YMU’s latest available accounts filed at UK Companies House, the company held net liabilities of £74.7 million “largely as a result of the Group’s long-term borrowings, which are not repayable until 2025 and beyond.”
“As part of the loan facilities with Permira Credit Solutions (…) and Lloyds Bank, the company has issued a cross guarantee secured on the assets held by the company and certain other companies within the group,” YMU wrote in its 2021 annual report.
“The cross guarantee relates to borrowings of YM&U Group Services Limited, comprising a loan facility of (GBP) £38,443,000 and a drawn acquisition facility of £15,242,000 with Permira, and with Lloyds Bank a loan facility of £5,888,000 and (USD) $12,000,000, and a revolving credit facility of £4,000,000.”
The Permira loan facilities are repayable on September 28, 2025, while the revolving credit facility and the Lloyds Bank facility are repayable on March 28, 2025.
YMU works with talent across music, sports, arts, and entertainment, majority-owned by private equity firm Trilantic. The company started in 2018 after U.K.-based James Grant Group, then part-owned by Metric Capital, sold a majority stake in its business to Trilantic, rebranding it as YMU.
Fallen star Schofield's talent agency YMU in crunch finance talks
YMU and its owner, Trilantic Europe, are in talks with Lloyds Banking Group and Permira Credit about the talent management group's balance sheet amid concern about its performance, Sky News learns.
City editor @MarkKleinmanSky
Saturday 3 June 2023 23:03, UK
The talent agency which managed Phillip Schofield until the disgraced TV star's career imploded this week is this weekend facing questions about its own future after its lenders called in advisers to explore a financial restructuring.
Sky News can reveal that YMU, which is owned by a private equity firm, has for weeks been involved in talks about the state of its balance sheet following a slump in profits exacerbated by the pandemic.
The company - whose name stands for You, Me and Us - is one of the most prominent in the British entertainment industry.
Its former clients include Schofield 's erstwhile This Morning co-presenter, Holly Willoughby, while its current roster comprises figures such as the Saturday Night Takeaway and Britain's Got Talent duo Ant & Dec, Davina McCall and Claudia Winkleman.
Its music arm represents Paris Hilton, the former model and socialite, while its sports division manages several England rugby union internationals.
Based in London, YMU employs about 350 people in offices in the UK and the US.
City sources said this weekend that Permira Credit and Lloyds Banking Group, which are said to be owed roughly £70m by YMU, had hired AlixPartners several weeks ago to undertake an independent business review of the agency.
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- Phillip Schofield
This pre-dated the scandal involving Schofield's relationship with an ITV colleague 30 years his junior, and was triggered by concerns that YMU was likely to breach one or more of its borrowing covenants, according to insiders.
YMU itself, which is majority-owned by Trilantic Europe, has been advised by PricewaterhouseCoopers on its finances, according to insiders.
Read more: Phillip Schofield: Timeline of ITV departure ITV boss called to answer questions on safeguarding Key extracts from ITV chief executive's letter
One source said the company had agreed with its lenders to appoint a chief restructuring officer, although it was unclear on Saturday whether this had taken place.
Media industry figures suggested this weekend that YMU was likely to draw takeover interest from industry rivals.
The company has been run since 2021 by Mary Bekhait, who previously ran its UK operations.
Accounts for the year ended December 31, 2021 showed a turnover of £41.4m, with earnings before interest, tax, depreciation and amortisation of £8.2m.
The company declared itself satisfied with this performance in the context of the disruption caused by the COVID crisis.
Its latest accounts are not expected to be filed until the autumn.
One person close to YMU insisted that the company was "growing" and said there were no grounds for concerns about its future.
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Schofield, a long-standing client, is not thought to have been a material fee-earner for YMU.
This week, the agency said it had severed ties with him after discovering "important new information" about his relationship with a male colleague.
"Honesty and integrity are core values for YMU's whole business, defining everything we do," Ms Bekhait said.
"Talent management is a relationship based entirely on trust."
YMU also employs Schofield's daughter, Molly, as a talent manager.
He acknowledged in an interview with the BBC this week that his career was over after he acknowledged lying to his wife, employer and colleagues about the relationship.
YMU says it represents more than 1,000 clients, with high-profile individuals including the TV presenter Graham Norton, actor Michael Fassbender and sports broadcaster Clare Balding all having been on its books.
Previously called James Grant Group, the company was founded in 1984 by Peter Powell, the former Radio 1 DJ, and his business partner, Russ Lindsay.
It was bought by Formation, a media and entertainment group, in 2008, before being sold the following year to Gresham, a private equity firm.
The business was then sold to another buyout firm, Metric Capital, which owned it from 2014 until the sale to Trilantic and immediate rebranding as YM&U four years later.
The scandal involving Schofield poses a major headache for ITV, Britain's biggest commercial broadcaster.
Its chief executive, Dame Carolyn McCall, will appear before MPs next week as part of a hearing examining the company's approach to safeguarding and complaint handling.
This weekend, YMU and AlixPartners both declined to comment, while Trilantic did not respond to an email about its portfolio company.
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Talent agency YMU hits financial turbulence with lending debts nearing $90 million. U.K.-based Talent management agency YMU Group (You, Me & Us), which features a transatlantic music division, is ...
YMU and its owner, Trilantic Europe, are in talks with Lloyds Banking Group and Permira Credit about the talent management group's balance sheet amid concern about its performance, Sky News learns.