August 01, 2023 | 09:05 GMT+7

Consumer goods industry short on talent

Giang Hoang -

Greater expectations among workers and other factor have led to a 17-year record level of scarcity, Manpower Group Vietnam webinar hears.

The ‘Consumer Goods World of Work 2023 Outlook’ report. (Photo: ManpowerGroup)
The ‘Consumer Goods World of Work 2023 Outlook’ report. (Photo: ManpowerGroup)

ManpowerGroup Vietnam organized a webinar entitled “Consumer Goods World of Work 2023 Outlook” on July 31, sharing the top 7 trends and practical applications in human resources management for the consumer goods industry in 2023.

According to the accompanying “Consumer Goods World of Work 2023 Outlook” report, brands are simultaneously adopting an omnichannel and direct-to-consumer (DTC) business model to strengthen customer relationships, enhance digital experiences among consumers and build a competitive advantage. The DTC sales model can help a profit margin increase by up to 40 per cent by bypassing traditional retail channels and is projected to achieve growth rates above 20 per cent to 2025, offering many positive prospects for development and attractive job opportunities.

Ms. Hoang My Huong, CEO of Oxford MindPower, former Marketing Director at Abbott Nutrition, and Mindfulness Lecturer at the University of Oxford, noted that amid the current fast-paced lifestyle, consumers tend to expect fast and convenient shopping experiences, following the motto “Living without waiting”. To meet this demand, according to a Crunchbase report, major retail corporations such as Amazon or Albertson’s are experimenting with features like free check-out, utilizing advanced sensors and cameras, and online payments, allowing users to skip conventional checkout queues. Furthermore, McKinsey predicts that e-commerce will continue to boom and may account for 18-30 per cent of sales in various developing markets by 2030, highlighting the strong potential for online business growth. Moreover, “dark stores”, or facilities solely dedicated to fulfilling orders for delivery, have become increasingly common since the Covid-19 pandemic, particularly in the food and fashion sectors.

Alongside remarkable growth, the consumer goods industry also faces the challenge of scarce talent, driven by increasing expectations of workers by businesses. Sharing insights at the webinar, Ms. Diep Le (Kim), Team Leader of the High-Level Recruitment and Human Resources Consulting Service in the Consumer Goods, Retail, Pharmaceutical, and Education industries, remarked, “The consumer goods industry has confronted numerous daunting challenges in recent years. According to ManpowerGroup’s ‘Q2 2023 Recruitment Trends’ report, talent scarcity has reached its highest level in 17 years, with 77 per cent of global consumer goods employers expressing difficulty in finding talent.” She also noted that despite facing numerous workforce challenges, the consumer goods labor market still shows positive signs. The report also indicates that the global hiring prospects in the consumer goods industry have increased by 18 per cent, rising 11 per cent compared to the previous quarter and only experiencing a 6 per cent decline compared to last year.

With the rapid advancement of technology, the demand for personnel with digital and green skills will increase, highlighting the urgency of enhancing and retraining workers’ skills. Businesses need to develop strategies to improve the skills of their workforce, enhance work productivity, and emphasize the importance of improving the employer’s image to attract and retain talent in the long term.

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