NEWS & INSIGHT
Today’s workplaces are increasingly multigenerational, but a gap remains between employers’ attitudes and actions on age-inclusive policies. That’s according to new research from the Work Foundation, a London-based think tank attached to Lancaster University Management School (LUMS). “For the first time in history there are now four generations in the workplace together, with those born in the 1960s and 70s working alongside those born in the 2000s,” stated Work Foundation director Ben Harrison. In the think tank’s Working Together report, 51 per cent of the 1,000 senior business leaders in Great Britain who were surveyed said that there was more than one generation in their organisation, while 73 per cent agreed that there are more generations in work today than in the past. Seven in 10 respondents also agreed that the diverse perspectives offered by a multigenerational workforce are a plus for their organisation. “Our study shows that employers recognise the benefits of this increasingly multigenerational workforce, but many are not putting in place age-friendly policies and support mechanisms to support an inclusive and productive workplace culture,” continued Harrison. In the report, 61 per cent of leaders confirmed significant differences in work culture preferences between generations. However, the proportion of those who agreed that emphasising diversity, equity and inclusion (DE&I) is important in creating a positive work culture for a multi-gen workforce was 31 per cent. In addition, just 18 per cent revealed that they had already included age in DE&I policies. Turning to specific examples, 16 per cent reported having a menopause support policy, while 13 per cent said that their organisations have age champion schemes in place. “Employers need to respond to new expectations that prioritise health and wellbeing by introducing longer-term workforce planning and implementing age-inclusive policies within their organisation,” argued Harrison, referencing the report’s advice for organisations. Other recommendations include the development of lifelong learning opportunities and flexible working arrangements. TBD ATTITUDES ON AGE ARE NOT ALIGNED WITH ACTION SCHOOL : Lancaster University Management School COUNTRY : UK
Who is the most inclined to pay for brands deemed exclusive and ‘on-trend’? And what about brands that position themselves as being sustainable, inclusive and focused on making a positive social contribution? A new study from Vlerick Business School analysed responses from 24,798 individuals across 20 countries to find out. People in China, South Africa and Thailand had the highest willingness to pay for on-trend brands, while consumers in South Korea and Singapore were most happy to pay for brands that prioritise their societal and environmental impact. It’s interesting to note that consumers in European countries, including Belgium, Germany, the Netherlands, Sweden and the UK, were found to be the most reluctant to pay for sustainable brands. Frank Goedertier, study lead and professor of marketing at Vlerick, explained that the analysis sought to ascertain if positioning around impact and sustainability could match the kind of consumer willingness to pay a premium that is traditionally linked to brands perceived as being exclusive and trendy. Across all locations, members of Gen Z were more inclined to pay for both types of brands, demonstrating the value they attach to both exclusiveness and positive impact. Looking at gender disparities, women were more willing to pay for inclusive and sustainable brands, while men were more likely to value an exclusive, on-trend brand. The study’s findings are said to have important implications for marketing strategies. “Our results confirm that the traditional focus on exclusivity alone may not suffice for engaging Gen Z consumers,” declared Goedertier. Multinationals, meanwhile, are urged to consider how consumers’ geographic locations might warrant changes to a brand’s strategy, while companies primarily targeting women are advised to emphasise their sustainability and ethical practices. EB WHO IS THE MOST WILLING TO PAY FOR BRANDS THAT PRIORITISE A BETTER FUTURE? SCHOOL : Vlerick Business School COUNTRY : Belgium
Ambition | OCTOBER 2024 | 9
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