The BoF Team is taking a well-deserved break. In the meantime, our reporters and editors have selected the best articles we published in 2022 across our core topic areas of expertise. Today, we focus on Workplace & Talent. Look out for our agenda-setting analysis to return on January 3. Happy holidays!
Dear BoF Community,
Unpredictability continued to define the workplace and talent landscape in 2022 even as fashion leaders moved to put more parameters around fuzzily defined areas like remote work, sustainability and diversity, equity and inclusion.
Lingering effects of "The Great Resignation" fueled a talent crunch in critical functions like supply chain, technology, environmental, social and governance, finance and human resources. A persistent labour shortage was felt most at retail stores and among early career professionals and, taken altogether, left fashion executives and human resources leaders yielding to salary demands and expectations around flexibility not seen before in the industry.
The tumult even reached the C-suite: Gap Inc.'s Sonia Syngal, MatchesFashion's Paolo De Cesare and Lyst's Chris Morton all exited their posts in the same week in July. They joined a long and rapidly growing list that included The RealReal and Under Armour, whose CEOs departed in June, and Glossier, whose founder stepped aside in May. Before that, executive transitions occurred at Chanel, Alexander McQueen and Versace.
Efforts to diversify hit major hurdles, as it became increasingly apparent that fashion companies rushed the creation of new DEI-focused roles following 2020′s social justice protests. On the hiring front, excitement around NFTs and the metaverse waned alongside cryptocurrency prices, although companies will continue to invest in roles related to product innovation and tech that improves the customer experience in stores and online.
With a recession potentially on the horizon, it remains to be seen whether fashion leaders will resist the temptation to pare down on talent investments and, instead, stay the course by prioritising functions that fortify their businesses for the future.
— Sheena Butler-Young, Senior Correspondent
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