The Best Companies To Work For In Fashion
The Business of Fashion (BoF) surveyed more than 2,600 employers working across all aspects of the industry in more than 190 countries around the world. They formulated a report with the data collected spanning across three main indicators: rewards and benefits; leadership and development; and working culture and environment.
Looking at the findings from the survey in a holistic manor, it is evident that the fashion industry is successful in crafting company cultures and working environments; hitting an overall workplace satisfaction rate of 76 percent. Furthermore, 91 percent of employees stated they are part of a strong, collaborative team. This is especially positive due to 41percent of employees identifying team dynamics as the most important driver for job satisfaction. However, a key focus for employers to improve upon within the industry regards leadership and development avenues. Only 59 percent of employees state they are satisfied with opportunities for training and development, whilst only 57 percent are satisfied with the level of transparency around career progression with in the company.
Now, onto the best companies to work for within the fashion industry. Companies named in the list must have a strong performance rate in all three factors with an identifiable spike in one of the indices. In terms of the three indices, here are the best companies to work for:
Rewards and Benefits
To be the best employers, companies must offer more than simply ‘great salaries’. For example, Farfetch offer employees an amazing share scheme called ‘Farfetch For All’, whereby all workers are given share option in the company. At Gap Inc., an evidence based performance scheme has been introduced to replace the traditional review process in an effort to remove any gender or racial biases. The industries leading employers have recognised the potential of rewarding employers in ways that avoid traditional pay and reward schemes. Levi Strauss & Co use remuneration packages designed to promote productivity and efficiency via giving employers adequate grants for financing their expenses in the city. This includes paying for lunches and travel, for example, which allows the workers to focus on their work rather than their bank.
Furthermore, companies such as Berluti, the traditional French shoemaker owned by LVMH and Cotton on Group, the largest value retailer in Australia find success through a more holistic approach to rewards and benefits; investing in on site gyms equipped with state of the art machinery and providing nutritious breakfast and lunches free of charge. By doing so, they look to improve the happiness of their employees at the workplace. It must also be noted that the top performer in the BoF survey for pension plans was Calvin Klein who stated that they heavily believe all their employees should be ‘well positioned’ financially.
Culture and Working Environment
Other ‘top companies’ are focused on creating opportunities for job-fluidity, autonomy and quick-progression. Warby Parker, an eyewear retailer launched online in 2010, are consistently praised by its employees for the autonomy they are granted. Allowing workers to make their own decisions, take their own risks and try new things, Warby Parker have just crossed the 1,000 employee mark. Tommy Hilfiger have galvanised their multi-national team into an effective and cohesive single entity via investing in team-focused working environments including team bonding events and training courses.
German e-tailer Zalando asses their employees on their overall potential rather than their experience. This creates an environment for young talent to escalate through the company via a variety of their career paths. Adidas and H&M notice that global mobility is a key area of focus allowing employees to take part in regular exchanges between local market talent and global talent.
Leadership and Development
Employers are also shifting their focus towards leadership and development via increasing employee productivity and meeting targets. Every month, Gap Inc. use informal one to one meetings for employees and their manager to discuss and learn “from both failure and success”. This creates an opportunity for both parties to develop their own self. At Farfetch, the leadership team uses regular surveys and suggestion boxes in order to keep on top of company culture. Gucci have seen their revenue grow by a staggering 21 percent, almost twice as fast as forecasted. The businesses turnaround is evidence of how successful and inspiring company leader Marco Bizzarri has been. Bizzarri stated that the company’s main principle is ‘no is not an option’, and that they needed to be ‘open to all proposals, at every stage of the process’.
The fashion industry is continually disrupted by technological changes and globalisation. The overall ‘best companies’ to work for are the companies that are equipped to win the war for top fashion talent. The overall list consists of 16 companies:
The full report on each of these companies can be found on the BoF website by following the link below - https://www.businessoffashion.com/careers/best-fashion-companies-to-work-for/2017