Click here to close now.



Welcome!

API Journal Authors: Harry Trott, Liz McMillan, Pat Romanski, Flint Brenton, Stefano Stabellini

News Feed Item

Fashion and Luxury Companies Struggle to Find Top Talent, Say Industry Experts

Almost 70 Percent of Fashion and Luxury Companies Struggle to Hire Creative Directors, and Many Have Inadequate Talent Pipelines; Those Are Two of the Most Surprising Findings From a New Study by BCG and The Business of Fashion

NEW YORK, NY -- (Marketwired) -- 04/28/14 -- Executives in the fashion and luxury industries are very concerned about finding, developing, and retaining the talented professionals they need to compete today. That is the stark conclusion of The Race for Talent: Fashion and Luxury's Greatest Challenge for the Next Decade, a new State of the Industry report published today by The Boston Consulting Group (BCG) and The Business of Fashion.

"One of the biggest challenges facing luxury and fashion companies today is finding, developing, and retaining great creative and business talent," says Jean-Marc Bellaïche, a partner at BCG. Sarah Willersdorf, a principal at BCG, agrees.

Drawing on extensive research by BCG and The Business of Fashion, the report finds that 50 percent of respondents lack access to the best creative talent. And executives are not only concerned about creative roles; they are also anxious to acquire the skills needed to support a wide range of functions.

Although it's encouraging that industry leaders realize they must do more to attract and hold on to skilled employees, it is worrying to learn what's still needed to improve employer branding. Fully 40 percent of those polled admit that they still have no systematic approaches for developing an employer value proposition. Yet many have clearly invested energy and resources to build powerful consumer brands.

It's also clear that there is far to go before fashion and luxury companies tap the full potential of today's digital tools. As many as 62 percent of those polled said that their organizations do not actively use online and social forums for recruiting purposes.

Perhaps most worrying of all: companies do not put adequate emphasis on maintaining a strong talent pipeline and succession pool for their top executives. The study found that 60 percent admitted to substandard performance in this area. This weakness appears to affect large companies as much as it does small independent organizations.

Key Findings

Recruiting challenges exist across the entire spectrum of roles:

  • Design and Product. Top-notch creative directors are scarce; nearly 70 percent of survey respondents said that these professionals are "impossible" or "very difficult" to find. Technical design is another underserved area: 42 percent said that pattern makers are in very short supply.

  • Technology and Digital. It is hard to hire database managers, Web developers, and technical managers -- roles that, in a digital era, could make a big difference to a company's effectiveness. A third of the companies surveyed find it "impossible" or "very difficult" to hire an e-commerce manager.

  • Business and General Management. It is becoming more difficult to find chief executives and general managers who combine analytical and creative skills; retail, product, and brand expertise; and international experience.

  • Employer Branding. The study underscores the fact that too few companies invest enough effort in employer branding. It's something of a paradox because most of the industries' players appear to believe that substantial commitments of time, money, and resources to the branding of their offerings will create a bright halo effect that will serve to attract and retain great talent.

  • Digital Channels. The fashion and luxury industries are still heavily dependent on headhunters and recruiters, with about 40 percent of all new hires sourced via those channels. Companies must pursue digital and social channels much more eagerly.

Key Recommendations

The report confirms that companies must launch active initiatives in five areas:

  • Invest in an employer brand. An employer brand must be built and nurtured as carefully as any product brand. Every company has to find ways to tell its story and be clear about what differentiates it from others as an employer. Then the company must take those stories and messages out to current employees and potential candidates through the right channels -- and keep doing so.

  • Consider strategic workforce planning. This rigorous, systematic approach to talent defines the capabilities that a business needs to succeed in the context of its strategic objectives. It also maps the current availability of the required capabilities. By comparing the data for demand and supply, companies can then quickly see where their most crucial talent gaps lie.

  • Reinforce the use of digital and social media to source the best candidates. To create a portrait of the company that will help bolster its employer brand, companies should use all digital channels and platforms -- from Google+ and Pinterest networks to targeted e-mail programs. To augment their recruiting strategies, companies must increasingly reach out through their websites, job forums, and social media.

  • Get to know the schools (personally). Companies can get closer to pools of fresh talent by forging closer relationships with educational institutions.

  • Focus on identifying and building tomorrow's leaders. Companies need to identify both prospects and current employees who combine creative know-how with business acumen and then develop customized programs to hire, develop, and retain them.

The full findings of the report will be available by early June.

To arrange an interview with one of the authors, please contact Eric Gregoire at +1 617 850 3783 or [email protected].

About The Boston Consulting Group
The Boston Consulting Group (BCG) is a global management consulting firm and the world's leading advisor on business strategy. We partner with clients from the private, public, and not-for-profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with 81 offices in 45 countries. For more information, please visit bcg.com.

About bcgperspectives.com
Bcgperspectives.com features the latest thinking from BCG experts as well as from CEOs, academics, and other leaders. It covers issues at the top of senior management's agenda. It also provides unprecedented access to BCG's extensive archive of thought leadership stretching back 50 years to the days of Bruce Henderson, the firm's founder and one of the architects of modern management consulting. All of our content -- including videos, podcasts, commentaries, and reports -- can be accessed by PC, mobile, iPad, Facebook, Twitter and LinkedIn.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
industrial company for a multi-year contract initially valued at over $4.0 million. In addition to DataV software, Bsquare will also provide comprehensive systems integration, support and maintenance services. DataV leverages advanced data analytics, predictive reasoning, data-driven diagnostics, and automated orchestration of remediation actions in order to improve asset uptime while reducing service and warranty costs.
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...