L’Oreal still hiring fresh graduates amid tough times
L’OREAL is still recruiting fresh graduates here amid the tough economic environment, as it opts to cut costs by improving efficiency instead of scrapping jobs.
‘Clearly we have to look at cost cutting but we’re not looking at cutting heads,’ said L’Oreal’s executive vice-president for human resources Geoff Skingsley.
‘We are not stopping recruiting of graduates. We have a steady long-term approach to recruitment.’
L’Oreal has a long-standing relationship with the National University of Singapore, he said.
However, the international cosmetics group is scaling back on recruiting more experienced staff.
Other ways in which it is containing costs include cutting travel budgets.
Despite the downturn, Asia remains a bright spot for the group.
‘It’s a high-growth region,’ said Mr Skingsley.
‘It’s clear from a population point of view, from retail sophistication, demographic trends – all of these things here work in the favour of the beauty industry.’
Markets such as China and Thailand deliver steady growth, while newer markets such as Vietnam offer lots of potential.
In FY 2008, L’Oreal’s Asian sales jumped 16.3 per cent year on year to 1.84 billion euros (S$3.59 billion). It reported consolidated sales of 17.542 billion euros for the year.
Based on the group’s strong brands and innovative efforts, Mr Skingsley is upbeat about L’Oreal’s ability to weather the economic storm.
‘Our industry is one that retains relevance even when times are tough,’ he said. A portfolio of 26 brands means a weaker performance by some is offset by a stronger showing by others.
L’Oreal remains committed to nurturing local talent. ‘We take pride in giving international opportunities to people so they can gain exposure in other markets and bring that exposure back to their own markets,’ Mr Skingsley said.
For instance, L’Oreal Singapore’s new managing director Chris Neo is a Singaporean who has been with the company for 14 years.
L’Oreal employs 63,000 people worldwide, including 350 in Singapore.