Monday 17th June 2019

    Why You Should Create a "Shadow Board" of Younger Employees


    A lot of companies struggle with two apparently unrelated problems: disengaged younger workers and a weak response to changing market conditions. A few companies have tackled both problems at the same time by creating a "shadow board" - a group of non-executive employees that works with senior executives on strategic initiatives. The purpose? To leverage the younger groups' insights and to diversify the perspectives that executives are exposed to.

    They seem to work. Consider Prada and Gucci, two fashion companies with a good track record of keeping up with - or shaping - consumer tastes. Until recently, Prada enjoyed high margins, a legendary creative director, and good growth opportunities. But since 2014, it has witnessed declining sales. In 2017, the company finally admitted that it had been "slow in realizing the importance of digital channels and the blogging online 'influencers' which are disrupting the industry." Co-CEO Patrizio Bertelli said, "We made a mistake."

    Continued here