With 24 years of experience, Mukta Nakra is a seasoned HR leader driving the people agenda at Marks and Spencer in India. Her focus is on business growth and strategic transformation, strengthening talent as a strategic partner while collaborating closely with senior leadership. Mukta also oversees the ESG agenda, ensuring compliance with UK parent guidelines and emphasizing environmental, social, and governance goals.
In a recent conversation with Women Entrepreneurs Review Magazine, Mukta shares her vast experience with the rapid change in the fashion retail industry. She expresses her views on incorporating a multi-generational workforce to provide a wide perspective to customers.
In the rapidly changing landscape of fashion retail, how can a diverse workforce, encompassing different generations, contribute uniquely to innovation and adaptability in product development and customer engagement?
In the dynamic landscape of fashion retail, a diverse workforce comprising various generations can significantly enhance innovation and adaptability in product development and customer engagement. More generally, younger generations bring fresh ideas, while older generations bring problem-solving skills through experience. In product development, younger employees prioritise on fast-forward fashion, sustainability, and customer appeal, while older generations commit to quality and commerciality. In customer engagement, younger staff are more digital and social media savvy, while older employees bring maturity. In fashion, younger stylists focus on in-store experience with customers, while older counter parts focus on fostering long-term relationships. M&S India leverages its multi-generational workforce to enhance innovation and customer engagement.
Could you share an example from the retail industry where a fashion brand effectively utilized a multi-generational workforce to not only meet but exceed diversity, equity, and inclusion goals? How did this approach impact their business strategies?
In the retail industry, frontline roles are crucial to building customer relationships, while younger generation works behind the scenes to curate and build the customer experience. The integration of technological advancements and omni-channel interactions has resulted in a cohesive strategy strategy that reflects the needs of a diverse customer base.
There are studies that show that younger generation looks at career progression, competitive salary, and work-life balance, while older generations prioritize recognition, appreciation, and belief in the company's leadership. Mental and physical well-being are also important factors for job satisfaction.
A robust people strategy must align with the diverse workforce, addressing the varied needs and contributions of employees. For instance, many international brands in India cater to Gen Z, while D2C brands appeal to a broader audience. M&S India integrates diversity, equity, and inclusion (DEI) not only in its workforce but also in its approach to customers. Their offerings to cater to a diverse customer base, emphasizing inclusivity in its products.
What insights can the retail fashion industry gain from other sectors that have effectively managed multi-generational teams to foster innovation and enhance workplace culture?
The retail industry can learn from sectors like technology and healthcare, which have successfully managed multi-generational teams to foster innovation and enhance workplace culture. These industries often implement flexible working arrangements and agile methodologies that could benefit retail organizations, especially by leveraging the innovative capabilities of younger employees.
In your opinion, what role does intergenerational mentorship play in fostering a culture of inclusion and innovation within fashion brands?
Fashion brands have unique cultures that are reflected in their products and employee interactions. In retail, mentorship can enhance employee skills and career development, creating a collaborative culture. At M&S, that has stores in more than 30cities in India, collaboration between corporate office and stores is essential. Mentorship programs can lead to a more productive workforce, as engaged employees are more productive and consider career opportunities. Providing opportunities for younger employees to learn from their more experienced colleagues can facilitate knowledge transfer and improve the overall retail experience.
As the retail landscape continues to evolve, what proactive steps should industry leaders take today to future-proof their organizations through inclusive practices that harness the strengths of different generations for both social impact and business success?
To future-proof their organizations, industry leaders must prioritize inclusive practices that harness the strengths of different generations. This involves creating flexibility, investing in technology that supports collaboration, and fostering a culture of mutual respect. Leaders must also show agility and resilience to technological change and advancements. By driving conversations and learning from the younger generation, leaders can encourage diverse teams to come together on key projects, driving innovation and business success. Proactive steps around continuous learning, flexibility, opportunities to learn around technology, and driving collaboration and communication are essential for harnessing the strengths of each generation and bringing the multi-generational workforce together for innovation and business success.
Message to Readers
Leaders must prioritize future-proofing their organizations through inclusive practices that celebrate diversity across generations. Diversity drives innovation and contributes to sustainable business success. By creating allies within their organizations and in their industries, leaders can really champion diversity, equity and inclusion initiatives. Even, ESG goals aim to promote social well-being, community contribution, and sustainable business success. Industry leaders can contribute to diversity, equity, and inclusion through diverse, inclusive strategies. Older people may struggle to change jobs, while younger leaders may undervalue their experience and wisdom. As the landscape evolves, navigating these challenges will require collaboration and a commitment to fostering an inclusive and effective workforce.
