Retaining top talent is a smart business strategy in the current market. It can solidify favorable company culture and interdepartmental coalitions. And, veteran employees bolster critical industry relationships and help mastermind seamless innovation.
At the Know Your Worth in the Beauty Industry event, Cosmetics Executive Women brought Joanna Grillo, SVP of human resources for LVMH Perfumes & Cosmetics to the stage in conversation with Ringus to discuss talent, hiring and the state of HR in the industry.
She agrees with Ringus that HR plays a pivotal role in the success of cosmetics companies and believes in the power of retention: “as an HP professional, I'm judged on how well I move my people up and out…I may lend my people out, but I want them back,” Grillo quipped.
Human resources is inevitably part of every beauty corporation. But how it’s valued can determine the fate of the brands in question. “HR ranks 9th or 8th in terms of resources allocated internally,” according to the 2015 Beauty Salary & Job Market Reportthat Ringus presented. She advises companies to spend intelligently and support the crucial department more fully.
Aside from providing financial backing, smart beauty companies include HR in conversations that matter. Ensuring that HR has a place in the C-suite and a seat at the table during key planning meetings means that department can hire, train and support the right talent and help the business thrive. “Talent is the most powerful, controllable variable in a business climate evolving at head-spinning speed,” according to Ringus’ slide presentation.
Today’s talent is hungry for career development. They expect to gain not only experience on the job but new skills and mentoring as well. To illustrate just how crucial career development is, Grillo explained that the bonus plan for managers at LVMH is tied directly to employee development.
Talent is first and foremost looking for help navigating their career path. But a well-rounded benefits package never hurts. As Grillo notes, “HR makes a difference in the lives and the livelihoods of the people” behind the brands—a fact that’s borne out by the data.
24 Seven partnered with CEW on the report, 7 Workforce Dynamics to Watch. Data was collected in February of this year from both clients of the recruitment agency and talent working in the field.
68% of talent indicated that employer-funded health insurance is an important consideration when accepting an offer.
24 Seven finds that talent in the beauty industry is not sitting still, employees are shopping around for their best opportunity. 70% reported planning a move, while 40% are actively entertaining a new job prospect.
And this is where an employee’s appreciation of company culture come in. The 24 Seven “data shows it has a significant impact on all aspects of talent management—attraction, retention, and engagement.”
The report also includes data on where brands are eager to hire. Last year the biggest talent gap was in IT this year in sales, followed by design and creative, ecommerce, marketing, and product development and management.