Should you seek your fortune in the dot-com world or temper your need for instant gratification and remain in your present job? It’s certainly been an interesting time for people on every professional level in the broadcast and new media industries as the two businesses continue to evolve and converge.
     With the recent "gold rush" mentality infusing the dot-com sector, top talent at more traditional entertainment companies—ranging from the CEO to sales, marketing, and financial executives---has focused its attention and redirected its professional goals toward acquiring jobs in the land of milk and money.
     While a select group of new-age billionaires basked in the limelight of the media, newly formed companies hanging dot-com shingles (some with brilliant concepts, other with marginal ideas) had only to dangle stock options before the wealth of entertainment executives to create a mass exodus toward the most significant economic movement ever.
     Over the last two years, I’ve listened to chief executives from both worlds ponder what was happening in the marketplace and ask, "Where can I find an experienced CFO to take us public?" or, "What can we do to keep our people from jumping ship?" or, "How can we compete for the best talent?"
     Then came the inevitable market shakeout of some of these new media start-ups that had lured so many gifted people away from the old-guard entertainment companies. Some, unfortunately, went under and left many individuals out of work or with worthless stock options. The recent volatility and downturn in the stock market has forced both traditional entertainment and new media companies to take a closer look at themselves. What do they need to do to retain their best employees and attract strong executives to maximize success?
     Traditional companies, feeling a sense of vindication, must still position themselves as attractive places to work. The recent market drop certainly won’t keep new dot-coms from emerging to exploit novel ideas and business models.
     Among the many attributes older, better-established companies offer to the work force is their stability, which, in light of Wall Street’s recent devaluations of dot-coms, has become a leading priority for executives. Job security, guaranteed salaries, performance-oriented bonuses and a work environment more predictable than the frenetic pace associated with start-ups are also high on the list of priorities for today’s work force.
     Conversely, new media companies have taken a beating not only financially but also in the perceptions of prospective employees. No longer the get-rich-quick propositions they were once believed to be, dot-coms must now take a reality check. Almost everybody is more cautious about this burgeoning new sector.
     While they continue to understand the great risk and the potential "pot of gold" associated with these types of companies, candidates now are looking deeper into the equation.
     It isn’t anymore a simple case of "Am I willing to accept a drastic pay cut for a big stock option package?" Dot-coms must now present more substantive cases and more convincing business plans—and attract deep-pocketed investor commitments over a longer term.
     As the role of stock options in today’s environment has drastically decreased in value, future start-ups will need to initiate new and more creative incentives and equity plans to keep their employees happy and draw new talent.
     Having said all this, I still firmly believe that the core television and new media sectors have their distinct respective advantages with regard to employment. Opportunities will abound in both fields as convergence continues to evolve.
     The cultural differences between traditional and new media are significant enough to cause cultural shock. Get it right from the start: If you invest heavily in the hiring process and hire selectively, you will reap great rewards on either side of the fence.
     If you are a market leader, make your employees proud of this fact. If they see themselves in this light, they will perceive a move to a competitor as a backward or misdirected career step.
     You can improve your employee-retention record by identifying your perceived competitive advantage and then integrating that concept into your recruitment strategy. More than ever, human resources are your most important asset, and finding and keeping quality employees is the name of the game.