Finat reports: Label leadership

The Label Leadership session during the last Finat European Label Forum has provided an in-depth exploration of effective leadership strategies within the label industry, offering invaluable lessons for leadership, team dynamics and adaptability in a fast-evolving world.

The panel, comprising industry leaders from various countries, tackled critical challenges in attracting and retaining talent while emphasizing the unique aspects of leadership within the label sector.

One of the recurring themes was the pressing need to attract younger generations to the industry. Panelists acknowledged that the label industry often struggles with its image. However, the consensus was clear: rebranding the sector to highlight its innovation, sustainability efforts and impact on everyday life is essential.

The panelists suggested enhanced employer branding, engaging Gen Z and Millennials and educational partnerships. They also highlighted programs such as internships, apprenticeships, and job rotation as effective tools for attracting and developing young professionals.

The panelist noted that the leadership in the label industry must evolve to meet the expectations of a diverse workforce, stressing the importance of intergenerational collaboration, such as pairing experienced employees with younger professionals to foster mutual learning and innovation. They also suggested empowering employees with flexible work arrangements and opportunities for creative problem-solving, which aligns with the values of younger generations. Lastly, leaders discussed how trust, empathy and transparency form the foundation of a productive and engaged workforce.

Tim Foster’s keynote on leadership drew on his experiences as both an Olympic gold medalist and a coach. He used the analogy of his Olympic rowing team to illustrate that a successful team begins with trust in individual expertise. Foster described how each rower brought unique strengths to the boat, emphasizing the importance of recognizing and leveraging individual contributions.

Foster also highlighted how his team embraced open and honest communication. After a rare defeat before the Sydney Olympics, the team held a candid discussion where every member took personal accountability and identified areas for improvement. This meeting transformed their approach, ultimately leading to their gold medal win.

Foster stressed the importance of shared goals and relentless effort. His team’s mantra, ‘Will it make the boat go faster?’ guided decision-making and action, ensuring alignment with their ultimate objective. As a coach, Foster learned that effective leadership requires understanding and addressing the unique motivations of team members. He stressed the need for leaders to balance technical expertise with emotional intelligence to inspire their teams.

Foster drew direct connections between sports and business leadership. For instance, just as his team aimed to surpass the world record, businesses should define measurable, ambitious targets to drive performance. Challenges and setbacks are opportunities for growth. Leaders should cultivate a culture where teams view failures as stepping stones to success. Foster described how his team’s training regime involved constant evaluation and refinement. Similarly, businesses must invest in upskilling and innovation to stay competitive.

This session during the Finat European Label Forum 2024 underscored the critical role of leadership in navigating industry challenges and fostering innovation. For label industry leaders, the key takeaway was clear: the future lies in building inclusive, dynamic and innovative organizations that inspire employees and embrace change.