Category: HR

B2CRM News

“We Will Do Better”

Best Buy has pledged over $44 Million towards a 5-year plan to address Diversity and Inclusion and other community efforts. Along with creating new career opportunities for youth, expanding college prep, and emerging talent, Best Buy is focusing on hiring BIPOC and women employees. 

Among other positive effects of such a strategy and focus is its impact on the brand’s public perception. Creating a proof-in-the-pudding set of brand values will undeniably help foster more meaningful relationships with customers. 

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“We know it’s incredibly important to our employees, customers, and communities to show that we are committed to doing all we can to further economic and social justice,” said Corie Barry, Best Buy CEO. 

“In many ways, we have engaged in these issues for years — but now we’re being bold about our commitments to hold ourselves accountable for this work we’ve promised to do.” 

 

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recent Forbes article states that research conducted by Catalyst and DiversityQ finds: “Now, more than ever before, companies need an agile and diverse workforce, guided by inclusive leaders who can draw out their people’s fullest potential.” 

It’s one of the results of the year we’ve all been through. 

D&I isn’t just considered nice to have anymore. It’s up to business leaders and key stakeholders to make a systemic change – today – that prioritizes social justice and opens opportunities to all. And it is of absolute key importance to the business. 

These goals play a part in how Best Buy hopes to attain its business goals by 2025. Together with various committees like the Employee Resource Groups (ERGs) and the Inclusion and Diversity Steering Committees (IDSCs) network, Best Buy will advance underrepresentation, technology inequities, and educational and career opportunities for those who need it most. 

The consumer electronics giant plans to reach 30,000 teens from disinvested communities across the nation to further economic and social justice. The retailer also plans to create a 100 Best Buy Teen Tech Centers network to teach, develop, and invest in youth. 

Additionally, Best Buy will create a scholarship fund for 400 high school interns from the Teen Tech Centers, along with 340 jobs across the company. 

“We have spent the last several months making plans for how we can make meaningful impacts, including setting major company goals to address how we recruit, hire and retain our employees, and how we’re expanding opportunities for youth across the country,” said Barrie. 

Up in Canada, Best Buy just announced its Retail Technology Strategy with NCR to provide flexible and convenient purchasing options that result in the most compelling customer experience. 

“As we transition our POS platform, we are adopting a strategy and design that is focused on customer experience that will add significant incremental value to Best Buy’s in-store purchase offerings,” said Dave Evans, Best Buy Canada CTO and VP Technology. 

Supporting Action on Climate Change 

Other actions the brand is taking RN have to do with supporting climate change. Together with another 1300 organizations, Best Buy is signing the We Are Still In joint statement. The goal is to advance equitable climate solutions, build resilience to climate change, and so much more. 

“We are a purposeful, values-driven company,” said Hugh Cherne, Best Buy Associate Director of Sustainability. 

“Our decade-long CDP engagement has led to a deeper understanding of climate risks and opportunities, and it has reinforced our commitment to safeguard our communities’ well-being.” 

More action plans on the matter from the Best Buy blog: 

  • “We set a science-based goal to reduce carbon emissions in our operations by 75% by 2030 (over a 2009 baseline).  
  • We recently signed onto The Climate Pledge, joining other leading companies committed to being carbon neutral by 2040.”  

 Overall, it’s pretty amazing to see this level of commitment from such a significant brand. We know customers will show their appreciation over time. And we can only wish more brands will go these routes. 

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B2CRM News

Big Names Among the Latest Retailers to Join the…

In June, Canadian fashion designer, Aurora James started the 15% Pledge movement that promotes racial justice and social equality by urging companies to commit 15% of their shelf space to Black-owned businesses. The idea behind the number is the fact African Americans make up almost 15% of the total U.S. population.

As the owner of luxury shoe brand, Brother Vellies, James honors the pledge with her brand by continuously inspiring the Black community to find their voice and feel comfortable in their skin.

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CRM Hack: measuring the right marketing campaign KPIs
How To: use loyalty data to power retention and reactivation
See how brands take their email deliverability to the max
Get inspired: great sports betting campaigns to follow

“The 15 Percent Pledge was launched out of the need for increased representation in the workforce and financial equality for Black-owned businesses,” said James.

The campaign already works with large retailers like beauty brand Sephora, cannabis retailer MedMen, Canada’s biggest bookstore Indigo, fashion magazine Vogue, and even the modern furniture and home décor shop West Elm.

President of West Elm, Alex Bellos, said in July when they joined the pledge: “We are determined to use our purchasing power to create economic empowerment for Black-owned businesses, artists and designers. We look forward to working with the 15 Percent Pledge to ensure our commitments make an immediate and sustained impact.”

Now Macy’s just made the big news. The American department store giant announced its bold commitment to the 15% pledge, with plans to support Black businesses, Black staff, and Black communities.

Macy’s is said to be the largest retailer to join the pledge to date, paving the way for others to boost Black-business by increasing representation of Black-owned companies across all its product categories.

 

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InStyle Magazine also just announced their commitment to the 15% pledge, writing the following message on their Instagram account: “Not only are we taking the Pledge, we plan to commit 15 percent of our coverage to Black-owned businesses; focus on diversity and inclusivity in our representation of models, celebrities, and additional features; as well as pledge to amplify Black creatives and spotlight voices of Black experts, stylists, and artists to avoid incorrect attribution and appropriation.”

 

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The fact that brands are stepping up to ensure their commitment to Black businesses and putting it front and center is a testiment that for consumers, brands’ words are not enough and they need to put them in action.

At the beginning of the BLM movement, numerous brands were showing support to the Black community, for instance posting black images to their social media accounts on #BlackOutTuesday.

A genuine commitment to the 15% pledge is a whole other ball game that really shows a brand’s values and drive towards racial equity. Joining the commitment and announcing it to the public is a huge leap towards proactively giving back to the Black community.

If you’re wondering, consumers can also do their part. The 15% pledge organization states the following Consumer Commitments:

Step 1: Take Inventory (of your own spending power)

Step 2: Buy Black (at least 15% of your monthly spending)

Step 3: Donate ($15 a month goes a long way)

 

 

The post Big Names Among the Latest Retailers to Join the 15 Percent Pledge appeared first on Post Funnel.

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