As we consider employment as a long-term commitment, our goal is to develop and engage our people to keep their employability in a constantly changing environment and to pay them fairly in line with performance.
Richemont’s 29 980 people (headcount) around the world at the year-end are instrumental to the success of the business. Through our suppliers and business partners, we also provide employment opportunities for many more.
Our employees work in three main areas:
Our long-standing strategic priorities are:
Richemont has reported sales growth in most markets and an increase in the number of people employed. Globally, the average number of Full Time Equivalents (‘FTE’) over the five-year period has risen from 19 137 to 29 101, an increase of 52 %. The growth has been in the Maisons’ manufacturing positions, in their growing boutique networks, and in Richemont’s international support services.
Local hiring forms part of the Group’s strategic approach and is acted upon whenever feasible. Our manufacturing operations are concentrated in Switzerland, France and Germany whereas our retail activities are spread worldwide. Accordingly, the great majority of the Group’s employees were hired locally.
The Group’s size, diversity and geographic spread allow employees to develop careers across a variety of positions and international locations: internal promotion is favoured over external recruitment in most cases. Richemont aims to recruit 70 % of management-level employees internally. This also applies to senior management positions at significant operations.
As a participant in the UN Global Compact, Richemont abides by the Compact Ten principles as they relate to employees.
Key performance data
Detailed below is a split of our total workforce by employee type, by geographical region and by employment contract.
Europe includes the Middle East and Africa.
Average employment figures (‘FTE’) in Switzerland increased by 4 % during the year under review and by 38 % over the past five years. The strong growth largely reflected global demand for Swiss watches with mechanical movements, prompting our Maisons to expand their in-house manufactures.