Welcome!

API Journal Authors: Liz McMillan, Elizabeth White, Kevin Benedict, Anders Wallgren, Amit Golander

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
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...
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, Containers, 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 opportunity. Submit y...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
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 New York Call for Papers is now open.
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
SYS-CON Events announced today that 24Notion has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. 24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to con...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
Korean Broadcasting System (KBS) will feature the upcoming 18th Cloud Expo | @ThingsExpo in a New York news documentary about the "New IT for the Future." The documentary will cover how big companies are transmitting or adopting the new IT for the future and will be filmed on the expo floor between June 7-June 9, 2016, at the Javits Center in New York City, New York. KBS has long been a leader in the development of the broadcasting culture of Korea. As the key public service broadcaster of Korea...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
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, panelists will discuss the vast to...