Can building sustainability into your brand help you attract and retain top talent? Fashion has been hit hard by the pandemic. A double whammy of supply and labor shortages, exacerbated by a phenomenon known as ‘The Great Resignation’ definitely took their toll on the industry. Brands that survived these turbulent times have been successful at attracting and retaining top talent. But how have they done this? And what lessons can you draw upon to build a strong and committed team? Let's find out how sustainability plays a role...
Why are employees quitting (quietly or not)?
The last few years have seen a significant increase in the number of people quitting their jobs. In the US, retail industry quit rates jumped from a peak of 3.8% in 2019 to 4.6% in February 2022. This trend wasn't just isolated to the retail industry, it has spanned all industries and many countries. Referred to as ‘The Great Resignation’, this mass exodus is thought to be a response to stress, fatigue and burnout born out of the pandemic. Interestingly however, a closer look at the data shows that the annual quit rate in the USA has been rising steadily over the past 10 years pointing to a pre-existing level of job dissatisfaction prior to the pandemic. Which begs the question.. what are employees looking for?
The pandemic forced me to reassess what is important in life. I started to pay more attention to my health, my family, and my personal life, and I redistributed my focus and time spent for work and for life after COVID-19 lockdowns. I think this sentiment has contributed to the Great Resignation, and that it may lead to improved work/life balance, because large companies will need to start paying more attention to employees’ well-being.” - Moly, 29 - from Deloitte's 2022 Gen Z and Millennial Survey.
What do employees want? - Training & Sustainability
Apart from pay, employees are craving meaning and purpose in their jobs.
When it comes to what employers could do to fight climate change, I'd like to see them use ethical and sustainable materials, reduce energy waste where possible, and incentivze their employees to take action. Another option would be to have a zero-tolerance policy when it comes to producing, manufacturing, or just interacting with other businesses or suppliers who are harming the environment" - Serraya, 25, from Deloitte's 2022 Gen Z and Millennial Survey.
How can you attract and retain talent? - Purpose and Development
Employees are craving meaning and purpose in their jobs and want to work for companies who are making a positive impact in the world. Showing a genuine commitment to social and environmental sustainability is one way of embedding meaning and purpose into your brand and harnessing the passion of talented employees.
How can THR3EFOLD help with this?
THR3EFOLD has developed a comprehensive sustainability training for corporate teams to develop their staff. We've seen the need grow as teams have changed many times in the last 2 years. THR3EFOLD is your one stop shop to connect you with the right suppliers, training and solutions to build your own impact strategy and move your brand towards one of greater meaning, purpose and positive team culture. Attend our upcoming Propel event to learn from leaders and network with other sustainability-minded executives in fashion.