Revolutionizing Luxury Experiences through the "Power of One" People Strategy Inspires Transformation and Sustainable Growth
By Eric Severson, Chief People, ESG and Belonging Officer
DALLAS, June 27, 2023 /PRNewswire/ -- Today, we released our first People Report and with it - our second annual ESG Report, detailing progress on our 2025 goals. I'm proud to be the Chief People, ESG and Belonging Officer at NMG, where we believe creating impact is a critical aspect of our transformation and growth. The reports detail how we harness the Power of One to drive progress and revolutionize positive change in the industry through our relationships with our associates, customers, brand partners and communities.
At NMG, our purpose is to Make Life Extraordinary. Guided by our values, we are creating impact through three pillars of a comprehensive ESG strategy: advancing sustainable products and services, cultivating a culture of Belonging and leading with love in our communities. Our belief in the Power of One is centered around the core concept that our individual talents form a collective strength. Our People Report expands on how we create an environment that inspires everyone to do their best work. Full stop.
The NMG|Way culture we're building through our 10,000+ talented associates is leading to measurable results.
Throughout my career, I've seen firsthand how People are at the heart of our ability to drive progress. When we set out to create a revolutionary people strategy, we listened to the voice of our people. The clear message was that associates want four things: flexibility, career development, total rewards and an impact-oriented culture that enables them to contribute to the company's progress on Belonging, sustainability and philanthropy.
To support flexibility, we launched our unique Way of Working (NMG|WOW) in 2020, directly influenced by associate feedback. The strategy empowers teams to work wherever, whenever and however to achieve their best results. This led to an increase in our eNPS and an improvement in our retention and time-to-hire metrics. Today our teams will come together in our new NMG Dallas Hub to mark the official opening of the new space, which serves as a magnet – not a mandate – igniting collaboration across our remote-first hybrid teams.
Our journey to Revolutionize Luxury Experiences is supported by comprehensive strategies grounded in our values and NMG|Way culture. Our conscious actions and strategic investments reflect a shared commitment across our company to create impact and demonstrate our continued success as a retailer, employer and partner of choice. We take this position seriously and understand our potential to make a difference at scale.
Our CEO Geoffroy van Raemdonck passionately values our collective impact. As he always says, "We have the unique potential to impact crucial social and environmental issues through our valued relationships with two very influential groups—the world's most desired brands and the luxury customer. We know that investing in our people and in a culture that inspires positive change is a vector of growth for our business."
Transforming the Power of One through our People
We're focused on being an employer of choice by listening to our People. We cultivate a culture of Belonging where each associate is accepted, valued and empowered to achieve their personal best. Based on associate priorities, we implemented policies that enhance career development, work flexibility and a focus on ESG (among others).
Living for our Believers
We are a relationship business. We're becoming the integrated luxury retailer of choice for the most conscious consumer and forward-thinking brands. We work closely with external partners to identify goals that achieve long-term success and provide the resources and tools needed to create impact across our industry. This past year, we also expanded in-house services and solidified our status as a first mover and consistent investor in circular economy initiatives.
Leading with Love in our Communities
We're continuing to make a positive impact in the communities where we do business through point-of-sale fundraising, volunteerism and disaster relief.
View the new Power of One People Report here and learn more about the progress we're making toward our 2025 ESG goals here. For the first time, we made our reporting more accessible by providing audio-visual clips throughout.
We are working harder than ever to make a positive impact in the luxury industry. As we continue our journey to Make Life Extraordinary, we remain committed to transparency and accountability. I invite you to follow along and stay connected with us.
About Neiman Marcus Group (NMG)
Neiman Marcus Group is a relationship business that leads with love in everything we do for our customers, associates, brand partners, and communities. Our legacy of innovating and our culture of Belonging guide our roadmap for Revolutionizing Luxury Experiences. As one of the largest multi-brand luxury retailers in the U.S., with the world's most desirable brand partners, we're delivering exceptional products and intelligent services, enabled by our investments in data and technology. Through the expertise of our 10,000+ associates, we deliver and scale a personalized luxury experience across our three channels of in-store, eCommerce, and remote selling. Our NMG|Way culture, powered by our people, combines individual talents into a collective strength to make life extraordinary. Our flagship brands include Neiman Marcus and Bergdorf Goodman. For more information, visit neimanmarcusgroup.com.
NMG|WOW (Way of Working) is the company's unique, integrated working philosophy that comprises four pillars: I Work Smarter, I Am Present, I Integrate Life & Work, and I Empower…And Am Empowered. NMG|WOW creates an environment that empowers associates to do their best work, full stop. It was developed in response to associate feedback and is grounded in the company's values and culture of Belonging.
The NMG Hub Network gives associates the flexibility to work wherever, whenever, and however to achieve their best results. It includes Corporate Hubs in Dallas, New York City and Bangalore, stores, distribution centers, as well as individual remote working locations. This integrated work environment fosters a culture of innovation, creativity, and equity. Hubs are designed for seamlessly integrated digital and physical experiences through the use of advanced technology and diverse workspaces that support a range of working styles and purposes.
SOURCE Neiman Marcus Group