What: The luxury retailer issued its first “People Report” and its second annual ESG progress report.

Why it is important: NMG is becoming more diverse, accommodating, and environmentally conscious allowing them to attract and retain talent.

The retailer’s first People Report details its progressive workplace policies, and initiatives on diversity, gender, and career development.

The reports show progress across a variety of areas from pay equity, workforce diversity and representation by women in the executive ranks and on the board, to speedier hiring, increased benefits, workplace flexibility, supporting diverse-owned brands, and reducing emissions.

Three years ago, the group looked at its culture and how to unleash the power of its people as they believe that the right culture drives the right behavior which leads to better performance.

Providing workplace flexibility enables employees to achieve a better balance between their careers and private lives and also makes hiring easier and faster. The group reports that it’s been taking 31% less time to hire people.

Through the development of its people strategy, called Way of Work (WOW), the company was able to outperform the market in terms of hiring and retaining employees, seeing a 34% increase in employee net promoter score from Q4 2021 to Q3 2022.

The group has also taken strides in diversity, reporting that 59 percent of those in vice president or higher positions are women and 57% of the members of its board of directors are women.

Additionally, racial and ethnic diversity in leadership roles starting at the vice president level and going higher increased from 18.2 percent in fiscal 2021, to 19.8 percent in fiscal 2022. 57% of the total workforce is non-white, compared to 53 percent a year ago.

According to group’s ESG report, the company is fur-free and has many goals in regards to ESG such as increasing sales from sustainable and ethical products and raising USD 3 million for charity by 2025 among others.

Neiman Marcus Group gets introspective