Kolmar Holdings CEO promises substantial perks for new parents
Kolmar Holdings CEO Yoon Sang-hyun, third from right, takes a selfie with company employees and their family members during a town hall meeting at the company's Sejong Skincare Cosmetics Factory in Sejong, May 10. Courtesy of Kolmar Holdings
The CEO of Kolmar Holdings has announced hefty incentives for its employees to encourage them to have children as the country is suffering from a record-low birthrate and a somewhat gloomy economic outlook as the nation's workforce is downsized, according to the holding company of cosmetic developer Kolmar Group, Tuesday.
CEO Yoon Sang-hyun said he will start provisioning upgraded financial support to employees with newborns. He said those with up to two children will be granted 10 million won ($7,300) for each child and those with a third child will be entitled to 20 million won. He said the company, an original development and design manufacturer (ODM) of cosmetics products, has increased the amount of benefits being offered.
The latest incentives also included the guarantee that both male and female employees can take parental leave.
Yoon made the announcements to the company's employees during a town hall meeting at the Sejong Skincare Cosmetics Factory on May 10. The announcements came after Yoon earlier this year launched a new department dedicated to promoting the value of having children to its employees.
"Following the launch of our new campaign-driven department, I wanted to bring some fresh winds to our organization," Yoon said during the town hall meeting. "Last year, all of our subsidiaries saw 121 newborns in total. As the birthrate keeps decreasing in Korea, I thought it was important to introduce new welfare policies to support our employees with family plans."
Some 1,500 employees of Kolmar Group subsidiaries, including Kolmar Korea and Kolmar BNH, as well as HNG Research Institute, which formed a technology partnership with Korea Kolmar Technology Research Institute, joined the meeting.
Yoon's new incentives are for the company's manufacturing and research facilities in Sejong which he referred to during the town hall meeting as the "heart of Kolmar." He added the meeting was planned to encourage company employees and remind them of the company's identity as a global cosmetic ODM.
"Products of Kolmar and their qualities that are born in Sejong are now considered global standards," Yoon reminded the employees during the meeting.
Kolmar Holdings previously held a town hall meeting with its employees in Sejong last July.
Yoon, who previously served as vice chairman of Kolmar Holdings, was appointed as the company's CEO earlier this month. He is the oldest son of Yoon Dong-han, who established Kolmar Korea in 1990 in collaboration with Nihon Kolmar, which is based in Japan.