L'Oreal remains optimistic amid recession

Singapore - L'Oreal believes it is able to withstand the bad recession as the company continues to hire fresh graduates.

Instead of reducing headcount, the international cosmetics group is improving efficiency of its workers, believing it will cut costs in the process. However, they have reduced the hiring of more experienced staff, according to Business Times report. 

"We are not stopping recruiting of graduates. We have a steady long-term approach to recruitment,"  says L'Oreal's executive vice-president for human resources Geoff Skingsley.

L'Oreal also remains committed in nurturing local talent as it provides iinternational opportunities to people to "gain exposure in other markets and bring that exposure back to their own markets," says Skingsley.

Instead, L'Oreal is containing costs is by cutting travel budgets.

Skingsley is optimistic about L'Oreal's ability to stand firm in the midst of the bad economic climate. "Our industry is one that retains relevance even when times are tough," he adds. With a portfolio of 26 brands, a weaker performance is offset by a stronger one.

The company currently employs 350 staff in Singapore.