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Fashion is gearing up for an uncertain 2023. An impending recession is the backdrop for management conversations in the year ahead. Leaders must strike a balance between continuing to drive growth and protecting the company (which can inevitably involve layoffs) while retaining key employees. ‘ There’s this mind-shifting change that people really aren’t disposable … a lot of things that could normally happen happen [during a recession] BoF’s Workplace and Talent Correspondent Sheena Butler-Young said:
- In the coming months, fashion executives will inevitably take steps to respond to the recession, including hiring suspensions and layoffs, reorganizing responsibilities between teams, and focusing on experimental spaces like the Metaverse. will begin to teach.
- However, compared to previous recessions, current market conditions are different and the industry has changed dramatically.
- Due to staffing shortages, CEOs are prioritizing keeping employees happy.
- Teams once seen as ‘nice to have’ and ‘out of the box’, including sustainability, diversity and inclusivity, have become critical to the business function of fashion companies in recent years. .