In Conversation With Manu Wadhwa, CHRO, Sony Pictures Networks
Congratulations to your organisation for winning the award for Excellence in Business Strategy at the BW People HR Excellence Awards 2023. In your view, what is unique about the business strategy behind the organisational vision at Sony?
We are incredibly thrilled and humbled to be the recipient of the BW People HR Excellence Award for Excellence in Line of Business Strategy for our program “Ad Sales Reimagined.”
Against the backdrop of the dynamic and ever-evolving Media & Entertainment industry, the unique program was conceptualized as a sales enablement intervention that focused on enabling Sales to build an ecosystem that provides business solutions thriving on innovation, with a deeper understanding of rapidly changing consumer behaviour and marketplace to facilitate client business growth.
How does the company's business strategy align with its overall HR strategy?
In the dynamic business world, one aspect often remains hidden from the spotlight yet plays a vital role in an organization's success - the seamless integration of the Human Resources (HR) strategy with the overall business strategy. Like a beautifully orchestrated symphony, this harmony ensures the organization thrives in the competitive landscape.
The "Ad Sales Reimagined" program emphasized the importance of continuous learning and development for employees to enable the business to achieve its vision of delivering true client value and achieving excellence in a rapidly evolving environment. By providing a holistic learning strategy that included workshops, training sessions, and new competencies & literacy sessions, the HR strategy supported the growth and upskilling of the ad sales team. This focus on talent development aligned with the HR's goal of nurturing a future-ready workforce.
How does the company evaluate and measure the effectiveness of HR initiatives in supporting the business strategy?
The effectiveness of the Ad Sales Reimagine initiative in supporting the business strategy is measured through various metrics. These include new business acquisitions, impactful sponsorships, revenue growth, client feedback, and employee performance and engagement. Talent retention, employees' ability to drive a customer-centric approach, and collaboration and innovation are also evaluated and measured to assess the impact of the strategy in action. Positive outcomes in business have already demonstrated the successful alignment of HR initiatives with the overall business goals. This initiative's ability to drive revenue growth, meet client expectations, and empower its salesforce showcased its effectiveness in delivering true client value and contributing to the company's success.
What is the overall vision and strategic direction of the company?
SPNI’s long-term vision is centred on creating a powerful and unified entertainment conglomerate with a broader appeal, aligning with the global ethos of Sony Corporation.
Our renewed vision – to be a Digitally Led Content Powerhouse – places us at the intersection of entertainment & technology, a position we seek to enhance by strengthening our consumer reach via our linear channels and digital platform SonyLIV while building a content & consumer-focused culture internally to drive this goal.
We embrace being a digital-first, agile, and socially impactful organization, with a key focus on our people practices to being an Employer of Choice.
How does the business strategy differentiate the company from its competitors?
The company's business strategy strategically differentiates itself from competitors by transforming its Ad Sales team into an outward-focused, future-ready force. While traditional sales approaches may have sufficed in the past, the rapidly evolving market demanded a paradigm shift towards becoming true business partners to clients. By fostering an innovation ecosystem and providing impactful business solutions, the organization set itself apart as a forward-thinking and customer-centric organization.
This transformation redefined the role of sales from mere key account management to strategic business partnerships, enabling the company to stand out in the industry and deliver unparalleled value to its clients. Embracing this client-centric approach also ensured the company's continued success in a competitive market landscape.
What are the key drivers behind the chosen business strategy?
Market shifts, including the transformation of advertising amid a digital surge in the media landscape, drive the chosen business strategy. The television industry is undergoing a tectonic shift due to media behemoths scaling up through business consolidation and regulatory changes' impact. Evolving client expectations and the need for deeper client understanding are also key drivers of the overall strategy.
Additionally, the strategy addresses lower ad revenues investments and budgets by focusing on true client value and adopting an integrated advertising approach, leveraging digital media, technologies, and data insights. Innovation, talent management, and a long-term growth outlook further underpin the strategy's goal of becoming a customer-centric leader in the industry.
What are the anticipated risks and challenges associated with the business strategy, and how does the company plan to address them?
There were a few anticipated risks and challenges that went hand in hand with the program's implementation. This included foreseeing resistance to change, overcoming entrenched mindsets, and managing the transition to new processes and practices. A robust change management process was employed to address challenges, which included:
How does the company foster innovation and adaptability within its business strategy?
The company fosters innovation and adaptability within its business strategy by strongly emphasizing its core values. It upholds a continuous learning and professional development culture driven by the SPN Innovation Hub, where employees are encouraged to explore and experiment with new ideas. Quarterly performance evaluations provide a structured feedback mechanism, enabling teams to assess their progress and make necessary adjustments. Collaboration and open communication further support the exchange of innovative ideas and insights across departments. This proactive and value-driven approach ensures that the business strategy remains agile and forward-looking, as exemplified by the successful implementation of the Ad Sales Reimagined initiative.
What metrics and key performance indicators (KPIs) are used to measure the success of the business strategy?
To gauge the success of the overall business, KPIs monitored and measures included an increase in network deals, overall revenue growth compared to industry benchmarks, acquisition of new-age businesses, impactful sponsorships, combo deals, and brand integrations. The Power Ratio is monitored to measure the organization's market position and revenue potential. Quarterly evaluations ensure continuous alignment with the business strategy and adaptability to market changes. The strategy fosters innovation and embraces digital media trends, enhancing the company's agility and responsiveness to market shifts.
By emphasizing values alignment and collaborative thinking, our strategy differentiates the company from competitors and drives sustainable growth in the dynamic digital landscape. Its success is evident in the improved talent retention, enhanced employee performance, and heightened engagement levels, solidifying the program's impact on the organization's overall HR strategy.
