Over the last decade of economic boom, employers have had to be responsive to a hiring in a market where skills have been in short supply. Consequently, salaries and benefits have inflated but, also the work environment has softened to respond to the “war for talent”.
One of these soft factors has been the trend to casual standards of business dress, which started with “Dress Down Friday”.
Casual business dress is starting to become passe in parts of the USA, a sure sign that employers perceive less competition for talent. Unemployment is starting to rise and we are probably headed for a recession. The office is likely to become a more serious place again and the troubled financial sector looks to be setting the trend. For a sector looking to gain respect in the community after a decade of free wheeling easy money, a more sober image is the order of the day. Apparently in some parts of Wall Street “Business Formal” is now the required dress code….. all week!
Perhaps its worth a punt on Burton, Top Man & Brookes Brothers shares. There’s a whole generation out there which doesn’t have a “Business Formal” outfit in their wardrobe.
At least I may now get to wear my favourite ties again!
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