Study on The Talent Gap in Fashion and Luxury Part 1
“The talent gap in fashion and luxury is cited as one of the biggest upcoming challenges in the luxury space in over a decade. Read on to learn about the causes of this talent gap and some potential solutions.”
In part one of this series, we heard from two brand leaders and dug deep into the perceptions of luxury and premium brands and the differences in how luxury can be viewed from one brand to another. Now, let’s keep digging to find the wisdom hidden in plain sight.
Luxury and premium brands are facing a talent shortage. The needs and desires of customers in high-end spaces are constantly changing, and the skills and experiences of employees – particularly those lacking experience in premium spaces – are struggling to keep up.
This is nothing new. BCG published a report on the talent gap in 2014, citing it as one of the biggest upcoming challenges in the luxury space for the coming decade. It is now 2021, and much of what they wrote has come to pass.
Top talent in premium fashion requires a specific combination of skills, experiences, personalities, and perspectives. Qualified candidates are snapped up in the highly competitive field, and “companies with superior hiring, development, management and retention practices see clear economic benefits.” (BCG)
Add to this the influence of the pandemic. The best employees know their value and demand to be valued in turn. Their standards are higher, yet they are still in short supply, as luxury and premium brands hire them no matter their demands.
What Causes a Talent Gap
The needs of brands in fashion are changing as the times change. Everything from the growing influence of e-commerce, the broadening of international markets, to the development of new fashion trends means the talent gap continues to widen. The most adaptable and innovative leaders are unavailable as their current employers lock them in, promoting strong loyalty and disinterest in looking elsewhere.
What can you do to surpass the talent gap? How can your luxury fashion brand fill out your roster with dependable, innovative, and cutting-edge employees to navigate the ever-changing premium space? Stay tuned for part two of our study on the talent gap.
Alternatively, if you want a shortcut to success, reach out and contact us at the Bowerman Group today. Our 20+ years of expertise and success in the industry provide unparalleled credibility and access to the hard-to-reach candidates. Whether you need employees in marketing, retail, wholesale, corporate support, or elsewhere, we have a talent pool full of top-quality people available to tap.