What fashion companies will look like in 2023.
In this week's Careers Newsletter, BoF and McKinsey & Co.'s State of Fashion 2023 report explores what a fashion company looks like in 2023. As fashion companies chase growth in the unpredictable year ahead, talent and organisational structures will become a key differentiator in performance. This follows on the heels of the industry encountering unprecedented challenges — ranging from pandemic-enforced remote working patterns to supply chain turmoil — and forcing entrenched processes to evolve. Successful leaders will balance short-term crises with long-term needs by prioritising new hires and elevating existing roles to position their companies for growth. In our survey, 55 percent of executives cited the talent crunch as one of the top three areas having the greatest impact on their businesses in the year ahead. Executives should work to align their organisations, from top management to frontline staff, around the key strategic themes that will drive growth. For some companies, the moment may call for elevating existing roles around critical areas like sustainability, even creating new C-suite positions that fill gaps in expertise within senior leadership. For other brands, the greater need will be to build out existing functions, such as those supporting omnichannel strategies, and to empower them with expanded leadership roles that have increased decision-making responsibility and accountability. Human resource teams in charge of a company's talent may be included in role expansions and elevations. READ MORE | |
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| | By BoF Team and McKinsey & Company |
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