To sustain in the new normal and upcoming competitive world one should have proper knowledge on future skill demand. If we do not upskill ourselves following the trend of global requirements, we cannot go through the trends and maybe dropdown. This topic will cover two-phase write-ups on future leadership skills for the new normal and new world of business trends.
Trends of retail business in EU/US and other buying territories in last 10 years
- Store business has been shifting towards online and custom design modules since early 2000. Consequently, hundreds of old and established brands have been shrinking down their store business while a lot of online brands have conquered the place.
- The projection for fashions became extremely volatile from brand perspectives and quick changes in fashion became a basic need.
- Speed in terms of new product launch and delivery became the priority. Consequently, SKU in order has increased more than 300% in an avg. while order volume has reduced up to 60% per style in general.
- As an end-user can access thousands of brands online within an hour, the fashion, price and quality became disruptively challenging to cope up with the demand of retail buyers. The online platform took places of store business disruptively.
Impact on the manufacturing hubs in SEA/SA market (Who are the major competitors for BD RMG)
- RMG business in most of the SEA/SA countries has developed on the basis of supply chain strength, thus BD has been a great source of basic high volume and low product mix orders for a few decades. Sudden changes in retail became very challenging for old-style RMG factories and thus thousands of factories were closed down in the last 10 years for not coping up with the disruptive changes in the retail trend.
- The biggest challenges became: a) Product development b) Material sourcing c) The quick changeover in productions
- Once covid-19 hit the ground, the necessity of adapting hybrid work model, digital adaptions and remote process control became top priority all over the business value chain.
Being the second-largest manufacturing hub for RMG, Bangladeshi stakeholders also started improvising their strategy, consequently started adapting technology for manufacturing, machines and so on. The irony is that the survival rate in BD RMG was so poor for a decade. The major root cause is poor adaption through digitization in manufacturing excellence.
Who are the future leaders in the RMG manufacturing business?
To survive with the new trends and demands in the fashion business, it is obvious to develop new skillsets for the manufacturing professionals. This is where the paradigm shift is yet slower than expectations.
According to the world economic forum, 50% of the employees will need reskilling by 2025 to adapt to the paradigm shift in business trends.
The top 10 skills needed in 2025 are stated below (source: World Economic Forum):
If we look at those top 10 skill sets vigilantly, we find that four types of skills are needed in the coming future and three are interpersonal skills/emotional intelligence and one is a technological skill.
While we are running behind to adopt digitization, it is seen that the topmost skill sets needed are interpersonal skills/Emotional intelligence, which can never be 100% replaced through any technology, though we believe AI may replace a few percentages of human tasks.
Question is, how to start re-skilling of people who have already gathered some skill sets needed in the last few decades? The possible answers might be below.
Step-01: Mind Your Qs: Understanding IQ, EQ, SQ and AQ
According to psychologists, there are four types of intelligence:
- Intelligence Quotient (IQ)
- Emotional Quotient (EQ)
- Social Quotient (SQ)
- Adversity Quotient (AQ)
- Intelligence Quotient (IQ): This is the measure of your comprehension ability”, solve maths; memorize things and recall subject matters.
- Emotional Quotient (EQ): This is the measure of your ability to maintain peace with others; keep to time; be responsible; be honest; respect boundaries; be humble, genuine and considerate.
- Social Quotient (SQ): This is the measure of your ability to build a network of friends and maintain it over a long period.
People that have higher EQ and SQ tend to go farther in life than those with high IQ but low EQ and SQ. Most schools capitalize on improving IQ levels while EQ and SQ are played down.
A man of high IQ can end up being employed by a man of high EQ and SQ even though he has an average IQ. Your EQ represents your character; your SQ represents your charisma. Give in to habits that will improve these three Qs but more especially your EQ and SQ. EQ and SQ make one manage better than the other.
Now there is a 4th one- “A new paradigm”:
- The Adversity Quotient (AQ)
The measure of your ability to go through a rough patch in life and come out without losing your mind.
AQ determines who will give up in face of troubles and may abandon their families.
In the current context of Corona, many professionally successful people are going thru bouts of Depression. Because they haven’t seen and thus are unprepared for Adversity.
Step-02: Manage and embrace your Qs; and Step-03: Practical barriers to Reskilling and possible solutions– will be discussed in the second and final phase of this write-up.