Challenges in the Talent Procurement Industry

From matte lip glosses to fidget spinners, the predominant voices across digital platforms are what keeps the trend clock ticking and cause viral expansion in the digital market and in turn, profit.

In a post organic marketing era, with WOM (word of mouth) marketing at its finest, talent is the staple of the Digital and Social Marketing Mix.

Dealing with some of the world’s renowned big brands such as Coke and Unilever, Maurice Hamilton, Global CEO of Rights Procurement firm highlights some obstacles of Talent Procurement in the region:

1.       Hiring the experts/ Defining the value of a professional
We often find a procurement professionals scope of work passed across a pool of talented Marketing, PR and Creative agencies in the region.  Getting Marketing Managers to recognize the value a procurement professional can bring to the table in terms of cost cutting, talent strategy and fiscal efficiency is a problem. Some of the assets a procurement specialist can bring are quite straight forward in terms of market knowledge, negotiation know- how and relationships, whilst others are more complex such as contractual favor and global purchasing. A strong barrier to the regions success in talent procurement lies in the short-term DIY attitude toward the market. In the long run, it is causing brands to bleed out their budget.

2.       Small Hopes Big Budgets, Small Budgets Big Hopes
Creating a market where brands understand what a fair price is on a global scale is only possible when being handled by a procurement professional. Often, we encounter conversations with agents or talent who may triple their price for minimum deliverables, simply because they had a previous offer which entailed the same. On the flipside, we also deal with brands who have unrealistic expectations in terms of Hollywood results for below asking price.  This is where a procurement professional hangs in the balance and where the challenge of negotiation meets the reality of the market price.

3.       Trusting the Process
One major key in dealing with Talent Procurement is process, often taken for granted in the region. Time is a key element in procuring the best bang for your buck, but the process is worth it in getting the best use and fee with talent engagement.

Using one supplier to carry out this process is essential, as contrary procurement practices, when it comes to hiring a procurement professional all your eggs should be in one basket. Using multiple channels to source or contact talent for your brand not only drives up the price for one’s own brand, but also that talent’s price for the rest of the market. It follows the fundamental economic principal of supply and demand, increased demand + decreased supply = higher prices.