L’Oreal recognized for investment in employees

By Katie Nichol

- Last updated on GMT

Related tags Le monde

Beauty giant L’Oreal has been recognized for its investment in its employees, scooping the Trophée du Capital Humain 2010.

The award is organized by recruitment company, Michael Page International in association with eight other companies including French newspaper Le Monde​, and rewards the best human capital initiatives of companies in the CAC 40 (the top 40 companies on the French stock exchange).

“It is an honor for us that L’Oreal is renowned for its actions in human capital,” ​said Geoff Skingley, director general of human resources at L’Oreal. “This award recognizes our HR policy which has always placed people at the center of our concerns,” ​he added.

L’Oreal wins twice

According to the Organisation for Economic Co-operation and Development (OECD), human capital is defined as ‘productive wealth embodied in labor, skills and knowledge’.

This year, 20 companies were competing for a prize, with the winners decided by a jury chaired by Yves-Thibault de Silguy, President of the board of directors at concession and construction group, Vinci.

As well as a company being awarded the top prize, as L’Oreal did in this year’s addition, other companies are recognized for their initiatives linked to one of six themes identified by the organizers, which include ‘management of employment, ‘social dialogue’ and ‘corporate social responsibility’.

Praised for integration of YSL Beauté

L’Oreal won twice, also picking up the ‘management of employment’ prize, which was in particular awarded for its integration plan regarding YSL Beauté, which was put in place during the economically challenging year of 2009.

According to L’Oreal, the challenge was to integrate the brand into its Luxury Products division without making any of the 1300 employees redundant. Skingley remarked that the involvement of all of the company’s divisions in executing the integration was key in its success.

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