Reality Bites: Gen X Executives Seek Career Pivots as Industry Layoffs Hit Hard

As a seasoned film enthusiast with over three decades of experience in the industry, I can’t help but feel a deep sense of empathy for my fellow Gen X veterans who have been hit hard by the recent wave of layoffs and consolidation. The current state of media and entertainment is reminiscent of the silent era transitioning to talkies – disruptive, uncertain, yet filled with opportunities if you know where to look.

Following two years marked by extensive job cuts and predictions of further consolidation in the media and entertainment sector for 2025, there’s a sense of gloom among executives who are reaching retirement age.

The pink slips have significantly affected Gen X veterans in the management levels of networks, studios, talent agencies, and PR firms. This occurs as the entire industry is grappling with the effects of fundamental change – farewell to cable, welcome to streaming – and a groundbreaking technology that’s causing widespread disruption: generative AI.

Despite the chaos that surrounds us, there’s a vast potential for career advancement for individuals who possess expertise, strong networks, and the ability to adapt their skills to fresh environments.

Rich Ross, a former high-ranking executive at Disney, Discovery, and Nickelodeon, notes that people often become anxious about the possibility of more challenges. They tend to become emotionally guarded when they feel exposed. However, if you don’t experience vulnerability while climbing the career ladder, you wouldn’t have been able to accomplish what you have.

Furthermore, individuals with expertise in areas like research, analytics, marketing, or finance may discover increased job opportunities as consultants and freelancers for companies that have downsized their permanent workforce due to layoffs.

Liz Huszarik, a 30-year veteran from Warner Bros., explains that due to the significant disruptions, there’s an immense need for assistance. She and two other WB alums recently established Maverix Insights & Strategies. They find that while teams have been reduced, workloads remain the same. By partnering with their company, clients can benefit from a lower cost.

For numerous individuals who ascended to the top tiers of major Hollywood corporations, one of the hardest realities to embrace is parting ways with the privileges that accompany employment with a broadcast network or studio.

In 2018, Ross was removed from his position as Discovery’s primary programming leader due to organizational changes following the acquisition of Scripps Networks Interactive. For the first time in a while, he found himself waiting in line for screenings in Los Angeles instead of being escorted to a privileged front-row seat. This shift gave him a fresh perspective on life from a different vantage point, which was both enlightening and instructive.

Initially, it’s quite surprising, Ross explains, but at the same time, it brings back the reason for my dedication. This is because you get the chance to interact with people and engage in discussions about ‘What have been your recent observations?’ and ‘What were your thoughts on them?’

Huszarik, who completed her leadership role at Warner Bros. as executive VP responsible for studio research, underscores the fact that starting a business doesn’t occur suddenly. It is a pledge that demands mental and financial readiness. Furthermore, experiencing job loss during a mass layoff can have an emotional impact.

Huszarik expresses that it came as a shock to him, ‘deflating my enthusiasm’, when he was let go. He deeply enjoyed his time at Warner Bros., appreciating every aspect of the work environment and the colleagues he collaborated with.

She pondered over the idea of applying for another research position. However, as she mulled it over, she found herself saying, “Forget it! I won’t return to corporate life. I’m putting my faith in myself instead.” If I’m going to be concerned about managing finances, she added, “I might as well worry about it for me.” Huszarik is also the founder of the Former Women of Warner networking group which meets every three months.

Currently, Ross divides his time between residences in Los Angeles and Milan, where he lives with his spouse, Adam Sanderson, a former marketing executive at Disney. Choosing to establish a base in Milan has presented opportunities for Ross, both as a producer and as a guide for executives and creatives based on both continents. In his words, “I’m like the Dora the Explorer of this phase of life.

As a cinephile, I’ve come to realize that the key element empowering executives of a specific demographic – predominantly Gen Xers nearing their mid-50s and early 60s – lies in their readiness to accept profound life adjustments.

I’ve noticed many individuals who prefer to simply wait for things to come their way, but if that’s your approach, nothing will materialize for you. Instead, let’s explore the possibilities before us. Perhaps it’s time for a change of scenery by moving to a new location or diving into a fresh creative endeavor. Remember, being 60 or 63 doesn’t mean the end; it just means there are different chapters to be written, unless you enjoy playing golf every day as a pastime.

2024-12-14 20:16

Reality Bites: Gen X Executives Seek Career Pivots as Industry Layoffs Hit Hard

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