StartupTalky

Tag: management style

  • How Can Personalized Engagement Strategies Enhance Employee Contribution?

    This article has been contributed by Ms. Swati Soam Rathore, HR Head Springfit Mattress.

    The rise of innovation and the digital revolution have ushered in the era of personalization. Our specific expectations and tastes are considered in every proposal, from the e-commerce sites we shop to the web streaming services we use. Given these facts, it makes sense that personalization will eventually have an impact on employee engagement as well.

    The days of using a conventional approach to raise employee engagement are over. Every employee is unique, and they all have different needs and wants. This has long been the case, but modern technological breakthroughs make it possible to gather and analyze the necessary data that forms the basis for personalization. Companies must personalize the experience for each employee to ensure maximum productivity and great performance.

    Global Employee Engagement from 2019 to 2022 Q1
    Global Employee Engagement from 2019 to 2022 Q1

    In Q1 2022, global employee engagement was about 62%, a 6% decrease compared to 2021.

    To increase employee contribution, organizations must tailor their employee engagement tactics, and they should lead the way toward personalization. Employers who use personalized employee engagement techniques have a better chance of keeping and attracting top talent, maximizing ROI, and increasing employee engagement. It also creates a seamless environment that increases employee loyalty, makes staff members feel valued, and offers them a competitive advantage.

    Some instances of employee engagement
    It all begins with hiring
    Changing the nature of the workplace
    Adapting the learning curve
    Different management tiers and task allocation

    Some instances of employee engagement

    1. High-Quality Personalised Communication: Imagine the reaction of employees when HR sends an email to the entire firm that only affects a small portion of the workforce. Excluded employees are irritated because it wastes their time. And unlike a customer, they are unable to unsubscribe or choose not to receive the communications.

    The best communications are highly personalized and designed to improve employees’ lives, expand their knowledge, boost productivity, and give them the resources they need to make better decisions for themselves and their families.

    Additionally, although email may be the quickest and most efficient means for HR to communicate with staff it might not be the most helpful channel for employees. The choice of the employee can be an SMS, email, push notification, etc.

    2. Personalized benefits schemes: Employers must provide a range of financial, health, and well-being benefits to meet the needs of a workforce.

    Consider employees’ demographics, socioeconomic status, environmental variables, and life events to consider the benefits that you want to offer to your employee.

    Organizations must personalize employee engagement strategies forefront of employee engagement. The following are a few considerations to keep in mind as your organization moves toward personalizing employee engagement:

    It all begins with hiring

    Most companies believe that employee engagement starts after onboarding. It starts when a potential employee reads about an opening and submits an application for it, though. Organizations must take the time and make the effort to identify the abilities required for each function. Adding a few qualities to the function to make it more engaging is the finest personalization tactic for raising employee engagement.

    Changing the nature of the workplace

    Today’s information and creative professionals are no longer inspired or motivated to reach their full potential by shared desks, a 9–5 schedule, or office employment. Organizations must redefine how their teams function to increase employee engagement. Starting points include giving employees the option of working from home and scheduling flexible hours when their creative energy is at its highest. Organizations should also consider employee feedback and opinions when choosing office furnishings, cubicle designs, meeting room styles, etc. Employees will be able to design a workspace that appeals to them, draws them in, and gives them a boost.

    Adapting the learning curve

    The success of learning and training sessions has a significant impact on how effectively employees are engaged. It wouldn’t be wise to believe that all of your employees are at the same starting place for every training session given the variety of knowledge sources available nowadays. They might also have entirely different views about what they want to learn and how they want to learn it at the same time. Organizations must therefore tailor the entire learning experience to ensure the sustainability of employees. This includes the training that is being provided, which needs to align with the employees’ individual needs and gaps in knowledge.

    Different management tiers and task allocation

    Redefining the organizational structure and the type of work that people do is just as important as personalizing how they work and what they learn. First, different levels of management are required for personalization. While some workers prefer frequent micromanagement and active reporting from their superiors because it makes them feel more engaged at work, others loathe it and want more independence and autonomy. Every employee’s pulse must be monitored by organizations, and they must be managed accordingly. Second, task distribution also calls for personalization. To divide labor effectively, firms must have a thorough understanding of each employee’s skills and interests. This will not only keep the worker more engaged and motivated, but it will also enhance productivity.

    Conclusion

    Personalization is key to maximizing employee engagement for enhancing contribution. Personalized employee engagement strategies inbuilt the feeling that the company is “listening to employees” and considering their requests as distinct individuals and not just “work machines.” To make employees feel valued and empowered and to get a competitive edge from a highly engaged workforce, personalization is best for employee engagement. Although your employee is a human and wants to get attention and offering something that is personalized to his or her need is the best that an employer can offer to them and it can develop a fruitful relationship.

    FAQs

    What is a personalization strategy?

    Personalization strategy is an approach used by employers to personalize the experience for each employee to ensure maximum productivity and great performance. It helps to increase employee contribution, has a better chance of keeping and attracting top talent, maximizes ROI, increases employee loyalty, and so on.

    How does personalization increase engagement?

    Personalization helps to address the different needs and wants of the employees. It improves employees’ lives, expands their knowledge, boosts productivity, and gives them the resources they need to make better decisions for themselves and their families. It creates a seamless environment that increases employee loyalty, makes staff members feel valued, and offers them a competitive advantage. Hence, these increase employee engagement.

    What are the advantages of personalized employee engagement?

    Some of the advantages of personalized employee engagement are:

    • Increases the chance of keeping and attracting top talents
    • Maximizes ROI
    • Increases employee engagement
    • Increases employee loyalty
    • Makes staff members feel valued
    • Offers employees a competitive advantage

    What are the considerations for an organization to move towards personalizing employee engagement?

    The following are a few considerations to keep in mind as your organization moves toward personalizing employee engagement:

    • Start employee engagement with hiring
    • Change the nature of the workplace
    • Adapt the learning curve to ensure the employees’ sustainability
    • Adopt different management tiers and task allocation

  • Business Model of Fast Fashion Brands

    Fashion standards have changed on a daily basis in response to trends, customer preferences, supply and demand. To maintain a favourable result, fashion enterprises should keep an eye on the market every day by manufacturing new designs that could bring good results.

    Have you heard of Paris Fashion Week, where celebrities and models dress up and walk the catwalk to show off the latest fashion collections from designers? In simple terms, well-known celebrities such as Gigi Hadid, Kendall Jenner, Adriana Lima, Cara Delavigne, and others walk the runway by introducing new low-priced stylish clothing that was designed by well-known or up-and-coming designers to influence a new line of clothing/accessories to retail stores that can create trends and boost purchase-power among audiences.

    Fast fashion business developed in the late 1980s, with the market-based model by bridging the gap between creation and consumption by positioning this as a quick, low-cost, and disposable item.

    Where do Fast Fashion Brands Operate?
    Main Products and Services
    Target Audiences
    Fast Fashion Business Model
    What’s Unique About the Business Model of Fast Fashion Brands?

    Where do Fast Fashion Brands Operate?

    Fast fashion retailers such as ZARA, H&M, Gap, UNIQLO, Louis Vuitton, Shein, and many more operate on a seasonal basis, with new outfits and accessories arriving in stores every four to six weeks, often more often than the rest of the fashion industry.

    Furthermore, it varies by company; for example, ZARA receives new clothing supplies twice a week. In Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, The United Kingdom, and The United States, fast fashion is usually sold through physical stores or online auctions. Aside from that, the top nations for sourcing fast fashion clothing and accessories are India, Cambodia, Vietnam, Indonesia, and Turkey.

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    Main Products and Services

    Fast Fashion became so ubiquitous and successful that you could buy runway clothes or upcoming trends apparel from popular brands such as H&M, Zara, GAP, and others in advance at a discounted price before they hit the stores. From creating mass production of new clothing lines, selling them at low prices, standardizing fashion styles in advance, earning tons of money out of it to making a trend in the future- fast fashion businesses benefit a lot.

    Target Audiences

    Fast fashion businesses usually cater to consumers who value fashion above all and can buy the product. Even persons with a middle-class income may afford and buy clothing from fast-fashion labels.

    Fast Fashion Business Model

    Before the 1980s, fast fashion businesses were product-driven, but by the late 1990s, they had evolved into a market-based business strategy. The fast-fashion industry, in particular, embraced two strategies: Management Style and the Quick Reaction Approach. Fast fashion management is used to meet people’s demands for aestheticism by wearing the newest and most fashionable clothing styles promptly. In the textile business, quick reaction methods are used to improve manufacturing techniques to remove time from the production system. Fast fashion is also linked to other market categories, such as premium and luxury, that use a supply chain acceleration and continuous supply approach.

    What’s Unique About the Business Model of Fast Fashion Brands?

    A company’s profit strategy is referred to as its business model. It specifies the items or services that the company intends to sell, as well as the target market it has identified and any expected costs. For both new and existing businesses, business models are crucial. They assist new and growing businesses in attracting capital, hiring top personnel, and motivating management and employees. Established companies should keep their business strategies up to date regularly, or they will miss out on future trends and issues. Investors use business plans to assess companies that they are considering investing in.

    A business model is a high-level strategy for running a profitable business in a particular market. The value proposition is an important part of any business plan. This is a description of a company’s products or services and why customers or clients find them appealing, ideally articulated in a way that sets the product or service apart from its competitors.

    Sales Revenue of Various Top Fast Fashion Brands

    The business model for a new company should also include expected beginning costs and funding sources, the organization’s target client base, marketing strategy, a competitive analysis, and income and expense predictions. The strategy may also include ways for the company to collaborate with other well-established businesses.

    Successful firms have business strategies that enable them to meet customer needs at a reasonable price over time. Many organizations update their business models over time to meet changing market conditions and demands. When considering a company as a potential investment, the investor should learn how it earns money. This entails investigating the company’s business model. The business model, however, may not reveal everything about a company’s prospects. However, an investor who comprehends the company strategy will be able to make more sense of the financial facts.

    There are as many different kinds of business models as there are different kinds of businesses. Traditional business strategies include direct sales, franchising, advertising-based, and brick-and-mortar storefronts, for example. There are also hybrid models, such as companies that combine online retail with brick-and-mortar stores or with sports leagues like the NBA. Within these broad categories, each business plan is unique.

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    Conclusion

    Fast fashion, as the name implies, manufactures and rapidly produces new apparel products for audiences before they emerge in offline stores. Many reputable brands, such as ZARA, Calvin Klein, Louis Vuitton, Gap, Forever 21, and many more, sell their latest designed clothing lines to audiences at a cheap rate in advance during fashion week, which is then sent to shops as a mass-production to fulfil revenues and trends. Furthermore, a fast-fashion business advantages a company in a variety of ways, including purchasing the latest products ahead of time that creates timely trends, designing and varied styles of clothing availability, low-cost production, reasonable costs, and quick profits.

    FAQs

    What is a fast-fashion business?

    Fast Fashion is a term used to describe apparel and accessories that are created to follow current industry trends but produced with less expensive materials to keep the price low. Fast Fashion has been popularized among regular consumers by apparel companies such as H&M, Zara, and Forever 21 over the previous two decades. UNIQLO, GAP, Primark, and TopShop are among today’s biggest fast fashion brands. While these brands were formerly thought to be radical low-cost challengers, Misguided, Forever 21, Zaful, Boohoo, and Fashion Nova are now even cheaper and faster alternatives.

    What are the topmost fast fashion businesses?

    Zara, H&M Group, UNIQLO, GAP, Forever 21, Topshop, Esprit, Primark, Fashion Nova, and New Look are all major players in the fast-fashion sector. Many businesses are both merchants and manufacturers, while the actual production of garments is frequently outsourced.

    How do they make money out of it?

    Fast fashion can only make money if it sells a large number of items, which it does. They enable retailers to provide their customers with current product offerings regularly. The global fast fashion market was expected to be worth $35.8 billion, according to fashion industry figures. Every sector was shaken in 2020, and we all know why. Fast fashion is expected to be worth $31.4 billion in 2020, showing a –12% compound annual growth rate.