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Thursday, July 25, 2024

Consumer goods sector driven by emerging post-pandemic trends

The Saigon Times

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HCMC – Disruptive technologies, the impact of the Covid-19 pandemic and global economic uncertainties have been shaping the consumer goods industry, said experts at the “Consumer Goods World of Work 2023 Outlook” webinar held on July 31.

The attendees in the event, organized by ManpowerGroup Vietnam, included Hoang My Huong, managing director of Oxford MindPower, and Diep Le (Kim), team leader at ManpowerGroup Vietnam.

The webinar provided significant insights into recruitment in the consumer goods industry, and practical applications in the industry’s management of human resources.

According to ManpowerGroup, brands are simultaneously adopting omnichannel and direct-to-customer (DTC) business models to strengthen customer relationships, improve consumer digital experiences, and leverage competitive advantages.

Huong said consumers tend to expect fast and convenient forms of purchasing, in the style of “Life in the Express Lane”, particularly due to the current hustle and bustle of life.

In light of this, sustainability is a significant objective in the consumer goods industry, to create practical value for consumers and businesses, along with society and the environment, she added.

The environmental, social and corporate governance (ESG) strategy is being adopted globally, targeting positive environmental and social values, noted Huong.

However, challenges remain in the industry when it comes to a shortage of human resources, notably talent, as employees have higher expectations for businesses.

Le cited the ManpowerGroup’s Employment Outlook Survey Q2 2023, which reads that “talent scarcity has reached a historic high in 17 years, with 77% of global Consumer Goods employers saying they encountered difficulties finding the skilled talent they need.”

To attract and retain talent over the long term, businesses must devise a critical strategy to improve employee skills, enhance work productivity, and promote the significance of the Employee Value Proposition (EVP) – a set of benefits offered to an employee in return for his or her skills.

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