1 00:00:04,110 --> 00:00:06,600 Sean Aylmer: Welcome to the Fear and Greed daily interview. I'm Sean 2 00:00:06,690 --> 00:00:10,020 Sean Aylmer: Aylmer. One of the more unusual economic indicators we've talked 3 00:00:10,020 --> 00:00:14,100 Sean Aylmer: about in the past is the lipstick index. This idea 4 00:00:14,100 --> 00:00:17,220 Sean Aylmer: that in economic downturns, people cut back on spending and 5 00:00:17,340 --> 00:00:20,370 Sean Aylmer: on big items but continue to buy little luxuries, like 6 00:00:20,370 --> 00:00:22,919 Sean Aylmer: lipstick. Now my guest today is the local boss of 7 00:00:22,920 --> 00:00:26,760 Sean Aylmer: one of the world's most recognizable brands in beauty and 8 00:00:26,760 --> 00:00:30,210 Sean Aylmer: cosmetics, L'Oreal. Now I want to ask him about the 9 00:00:30,210 --> 00:00:33,210 Sean Aylmer: lipstick index, but much more than that. Rodrigo Pizarro is 10 00:00:33,210 --> 00:00:37,110 Sean Aylmer: the Chief Executive Officer of L'Oreal Australia and New Zealand. 11 00:00:37,110 --> 00:00:39,060 Sean Aylmer: Rodrigo, welcome to Fear and Greed. 12 00:00:40,170 --> 00:00:42,720 Rodrigo Pizarro: Thank you. And thank you very much for the invitation, 13 00:00:42,720 --> 00:00:44,220 Rodrigo Pizarro: your kind invitation to be here with you today. 14 00:00:44,820 --> 00:00:46,320 Sean Aylmer: Now I want to talk about your company and I 15 00:00:46,320 --> 00:00:49,050 Sean Aylmer: want to talk about use of data and analytics and all 16 00:00:49,050 --> 00:00:52,410 Sean Aylmer: that sort of thing. But first up, is the lipstick 17 00:00:52,470 --> 00:00:53,670 Sean Aylmer: index real? 18 00:00:54,360 --> 00:00:56,940 Rodrigo Pizarro: Well, it's a good question and I would put it 19 00:00:56,940 --> 00:01:00,720 Rodrigo Pizarro: broader than just the lipstick index. The reality, as we 20 00:01:00,720 --> 00:01:04,860 Rodrigo Pizarro: can see, is that in the last 20- plus years, with the 21 00:01:04,860 --> 00:01:10,590 Rodrigo Pizarro: exception of 2020 on COVID because of mostly physical reasons, 22 00:01:11,220 --> 00:01:15,390 Rodrigo Pizarro: the health and beauty market has been growing constantly all 23 00:01:15,420 --> 00:01:18,300 Rodrigo Pizarro: around the world and I said 20 years because before 24 00:01:18,300 --> 00:01:20,490 Rodrigo Pizarro: that it's a bit more tricky to get all the information 25 00:01:20,490 --> 00:01:25,530 Rodrigo Pizarro: about it but systematically, within those years and through all crises, 26 00:01:25,740 --> 00:01:29,130 Rodrigo Pizarro: we still have growth in terms of the health and beauty market 27 00:01:29,370 --> 00:01:31,950 Rodrigo Pizarro: and there's a few reasons for that. And one of 28 00:01:31,950 --> 00:01:34,320 Rodrigo Pizarro: them is that even if you're in a crisis, imagine 29 00:01:34,560 --> 00:01:38,039 Rodrigo Pizarro: there's an unemployment, et cetera, women still, on the contrary, 30 00:01:38,520 --> 00:01:41,280 Rodrigo Pizarro: need to be looking as good, if not better, than ever. 31 00:01:41,610 --> 00:01:44,010 Rodrigo Pizarro: It's a question of self- esteem, it's a question of how they are 32 00:01:44,010 --> 00:01:48,180 Rodrigo Pizarro: in life themselves. So we don't see an impact even 33 00:01:48,180 --> 00:01:50,970 Rodrigo Pizarro: through the biggest crises, and you can have crises which 34 00:01:50,970 --> 00:01:53,220 Rodrigo Pizarro: are world crisis or crises which are a regional one, 35 00:01:53,220 --> 00:01:56,190 Rodrigo Pizarro: even country- wise, and we can never see really the 36 00:01:56,190 --> 00:01:58,860 Rodrigo Pizarro: markets go down so I think that is really the 37 00:01:58,860 --> 00:02:02,640 Rodrigo Pizarro: connection with lipstick and I say broader because it's just 38 00:02:02,640 --> 00:02:07,020 Rodrigo Pizarro: not the lipstick and the makeup. Sometimes makeup can be down, 39 00:02:07,020 --> 00:02:10,919 Rodrigo Pizarro: but then they're using more skincare, like it was the 40 00:02:10,919 --> 00:02:15,000 Rodrigo Pizarro: case during COVID for instance. Or they're using another category, 41 00:02:15,150 --> 00:02:19,110 Rodrigo Pizarro: like haircare but there's always something they're looking, that they're 42 00:02:19,110 --> 00:02:21,779 Rodrigo Pizarro: looking for, and they will not stop. As you said, 43 00:02:21,810 --> 00:02:24,120 Rodrigo Pizarro: they will stop a lot of things, but we've never 44 00:02:24,120 --> 00:02:29,190 Rodrigo Pizarro: seen any crisis deeply impact the health and beauty market. Again, 45 00:02:29,190 --> 00:02:32,730 Rodrigo Pizarro: with the exception of COVID, because just physically throughout a 46 00:02:32,730 --> 00:02:35,281 Rodrigo Pizarro: lot of moments, they could simply not buy the products. 47 00:02:35,281 --> 00:02:39,360 Sean Aylmer: Okay, so the health and beauty market itself is growing. Is 48 00:02:39,360 --> 00:02:42,780 Sean Aylmer: that a global phenomenon? Now my background here, I'm sure 49 00:02:42,780 --> 00:02:45,180 Sean Aylmer: in my generation, I didn't think much about health and 50 00:02:45,180 --> 00:02:48,389 Sean Aylmer: beauty, but I have a house with eight children and 51 00:02:48,389 --> 00:02:51,389 Sean Aylmer: all of them, male and female, think about health and 52 00:02:51,389 --> 00:02:53,370 Sean Aylmer: beauty, which is a real change for me because there is 53 00:02:53,460 --> 00:02:57,000 Sean Aylmer: so much focus on health and beauty, no matter your 54 00:02:57,000 --> 00:02:59,820 Sean Aylmer: gender. It seems to be much more popular now. 55 00:03:00,690 --> 00:03:04,050 Rodrigo Pizarro: It is, correct, so with the genderless today, and there are so 56 00:03:04,050 --> 00:03:06,690 Rodrigo Pizarro: many categories that effectively there is always a choice for 57 00:03:06,750 --> 00:03:10,260 Rodrigo Pizarro: everyone today. So yes, the health and beauty market has been 58 00:03:10,260 --> 00:03:14,070 Rodrigo Pizarro: growing constantly and has been constantly growing across the world. 59 00:03:14,580 --> 00:03:17,580 Rodrigo Pizarro: I cannot report any market in the world or any 60 00:03:17,580 --> 00:03:21,269 Rodrigo Pizarro: country where that is not the case, and I've been working throughout 61 00:03:21,330 --> 00:03:24,029 Rodrigo Pizarro: different continents. I've worked in Latin America, I've worked in Europe, 62 00:03:24,330 --> 00:03:27,480 Rodrigo Pizarro: I'm now here in Australia for the last nine years. 63 00:03:27,600 --> 00:03:30,750 Rodrigo Pizarro: Through crises and each one of them I've always seen 64 00:03:30,990 --> 00:03:34,169 Rodrigo Pizarro: a constant growth in the market. And I think that 65 00:03:34,169 --> 00:03:36,960 Rodrigo Pizarro: is just basically because of the reasons I just mentioned before, 66 00:03:37,350 --> 00:03:40,320 Rodrigo Pizarro: and today is much more global and more diverse in terms 67 00:03:40,320 --> 00:03:42,570 Rodrigo Pizarro: of use of health and beauty. And don't forget, there are 68 00:03:42,630 --> 00:03:45,660 Rodrigo Pizarro: parts of health and beauty, like sun care as well, 69 00:03:45,660 --> 00:03:48,090 Rodrigo Pizarro: the protection, which is needed so there is very aspects 70 00:03:48,450 --> 00:03:51,240 Rodrigo Pizarro: of this market. It makes it really always very dynamic. 71 00:03:54,180 --> 00:03:57,270 Sean Aylmer: Okay. So I want to talk about some of the initiatives you've done with L'Oreal, with their local 72 00:03:57,270 --> 00:04:01,800 Sean Aylmer: staff. One of them is data literacy. We all hear 73 00:04:01,800 --> 00:04:05,940 Sean Aylmer: about data and the need to make data- based decisions, 74 00:04:06,300 --> 00:04:09,390 Sean Aylmer: but surely in your world, part of it has to 75 00:04:09,390 --> 00:04:10,589 Sean Aylmer: be intuition as well. 76 00:04:11,130 --> 00:04:13,710 Rodrigo Pizarro: You are absolutely right. I could not have said it better. 77 00:04:14,280 --> 00:04:16,650 Rodrigo Pizarro: I think what we found that there is a need of this 78 00:04:16,650 --> 00:04:23,400 Rodrigo Pizarro: incredible sweet balance between intuition and data, which provides better decisions. 79 00:04:23,850 --> 00:04:26,190 Rodrigo Pizarro: As you know, we are a creative company, we are 80 00:04:26,190 --> 00:04:30,480 Rodrigo Pizarro: a marketing company. We provide products and dreams and service 81 00:04:30,660 --> 00:04:33,420 Rodrigo Pizarro: for women in particular, but for men as well. So 82 00:04:33,420 --> 00:04:36,120 Rodrigo Pizarro: that is very much the intuition part. But then we 83 00:04:36,120 --> 00:04:38,580 Rodrigo Pizarro: need to go into what is happening today, which is 84 00:04:38,580 --> 00:04:44,039 Rodrigo Pizarro: much more about personalisation and personalisation is directly related with 85 00:04:44,310 --> 00:04:47,760 Rodrigo Pizarro: data analytics and sophisticated data analytics. And that's what we've 86 00:04:47,760 --> 00:04:49,469 Rodrigo Pizarro: been doing in the last two or three years, in 87 00:04:49,470 --> 00:04:53,040 Rodrigo Pizarro: particular in Australia where we decided to start doing it 88 00:04:53,250 --> 00:04:55,830 Rodrigo Pizarro: inside and this is a very good question as well, 89 00:04:55,830 --> 00:04:59,850 Rodrigo Pizarro: should we do it outside? Which means using big consultants with big 90 00:05:00,390 --> 00:05:03,659 Rodrigo Pizarro: machinery or can you really do it inside? Which is 91 00:05:03,660 --> 00:05:06,360 Rodrigo Pizarro: quite interesting because you control it much better, you have 92 00:05:06,360 --> 00:05:10,110 Rodrigo Pizarro: the IP which is yours, you can put it directly 93 00:05:10,110 --> 00:05:13,260 Rodrigo Pizarro: within the teams. And so this transformation we've been doing 94 00:05:13,260 --> 00:05:15,900 Rodrigo Pizarro: throughout the last two or three years and to be honest, 95 00:05:15,900 --> 00:05:19,440 Rodrigo Pizarro: is certainly part of the success that we are seeing 96 00:05:19,440 --> 00:05:22,020 Rodrigo Pizarro: in particular in Australia and New Zealand. 97 00:05:23,550 --> 00:05:25,830 Sean Aylmer: Okay, so you employ data scientists? 98 00:05:26,490 --> 00:05:30,930 Rodrigo Pizarro: That is correct. So we started by, we've been probably 99 00:05:31,260 --> 00:05:33,630 Rodrigo Pizarro: quite ahead of the market and keeping ahead of the 100 00:05:33,630 --> 00:05:36,480 Rodrigo Pizarro: market because I think that is the reasons of our success. 101 00:05:36,839 --> 00:05:39,900 Rodrigo Pizarro: We did that with before even data science, with eCommerce 102 00:05:39,900 --> 00:05:44,000 Rodrigo Pizarro: and doing our own D2C, meaning having our own sites 103 00:05:44,160 --> 00:05:46,950 Rodrigo Pizarro: and boutiques where we're selling directly to consumers but then 104 00:05:46,950 --> 00:05:49,650 Rodrigo Pizarro: we thought that the data was really so important. So 105 00:05:49,650 --> 00:05:52,979 Rodrigo Pizarro: we started with the data, a chief data officer, a very 106 00:05:52,980 --> 00:05:58,080 Rodrigo Pizarro: smart young lady, Christelle Young, that we worked with her 107 00:05:58,320 --> 00:06:01,110 Rodrigo Pizarro: to figure out first what is it means data analytics 108 00:06:01,110 --> 00:06:03,690 Rodrigo Pizarro: for us? How do we have to structure? How do 109 00:06:03,690 --> 00:06:06,089 Rodrigo Pizarro: we have to think about it? And that decision of 110 00:06:06,089 --> 00:06:09,779 Rodrigo Pizarro: getting data science inside was taken together with her. So 111 00:06:09,779 --> 00:06:12,390 Rodrigo Pizarro: we did think that it was an opportunity to really 112 00:06:12,600 --> 00:06:16,710 Rodrigo Pizarro: embed it right within all our structures from our operations 113 00:06:16,710 --> 00:06:20,820 Rodrigo Pizarro: to our marketing to our commercial was much more interesting 114 00:06:20,820 --> 00:06:23,760 Rodrigo Pizarro: to do it. So today we have 10 data scientists 115 00:06:23,790 --> 00:06:27,630 Rodrigo Pizarro: which are working with us and they're working in certain cases, 116 00:06:27,630 --> 00:06:32,850 Rodrigo Pizarro: very sophisticated modeling. Those modelings can go from forecast to 117 00:06:32,850 --> 00:06:37,380 Rodrigo Pizarro: media investment to promotions. Just to give you an example, 85% 118 00:06:37,380 --> 00:06:41,910 Rodrigo Pizarro: of our media investment today is done through modeling, which 119 00:06:41,910 --> 00:06:43,830 Rodrigo Pizarro: means that if you have a certain amount and a 120 00:06:43,830 --> 00:06:48,390 Rodrigo Pizarro: brief for a brand for investment, then the channels that 121 00:06:48,390 --> 00:06:51,120 Rodrigo Pizarro: we are going to use for that investments are done 122 00:06:51,120 --> 00:06:52,979 Rodrigo Pizarro: through a model. And the model will tell you how 123 00:06:52,980 --> 00:06:56,130 Rodrigo Pizarro: much you put in television, how much you put in 124 00:06:56,430 --> 00:07:00,060 Rodrigo Pizarro: Facebook or in Google or whatever. And taking into consideration, 125 00:07:00,060 --> 00:07:03,330 Rodrigo Pizarro: multiple impacts which go from the media itself, but also 126 00:07:03,330 --> 00:07:06,060 Rodrigo Pizarro: from promotions which are happening at the same time and 127 00:07:06,060 --> 00:07:09,060 Rodrigo Pizarro: any other factors that can impact this modeling. Same thing 128 00:07:09,060 --> 00:07:12,600 Rodrigo Pizarro: going to promotions. We know exactly how much we could promote, 129 00:07:12,900 --> 00:07:15,300 Rodrigo Pizarro: what is the percentage we should promote? And even in 130 00:07:15,300 --> 00:07:18,870 Rodrigo Pizarro: cases saying if you promote too much, then afterwards people 131 00:07:18,870 --> 00:07:21,240 Rodrigo Pizarro: will stop buying and so there's a decrease in terms 132 00:07:21,240 --> 00:07:24,330 Rodrigo Pizarro: of overall sales. All of that can be done through sophisticated 133 00:07:24,330 --> 00:07:28,260 Rodrigo Pizarro: modeling and we are applying to different areas of our 134 00:07:28,260 --> 00:07:32,820 Rodrigo Pizarro: company and so AVA is what we created as Data 135 00:07:32,820 --> 00:07:37,830 Rodrigo Pizarro: Analytics Academy for us and is really added value through analytics. 136 00:07:37,890 --> 00:07:41,220 Rodrigo Pizarro: And what we are trying to do is really understand how can 137 00:07:41,220 --> 00:07:46,230 Rodrigo Pizarro: we add value and give ourselves better information for decision making? 138 00:07:46,500 --> 00:07:48,690 Rodrigo Pizarro: As you said in the beginning, that is the purpose. 139 00:07:48,990 --> 00:07:51,630 Rodrigo Pizarro: The decision is still made by us and with a 140 00:07:51,630 --> 00:07:55,200 Rodrigo Pizarro: lot of basic intuition as well but having more sophisticated 141 00:07:55,200 --> 00:07:58,170 Rodrigo Pizarro: analytics allows us to get much better decisions. 142 00:07:59,160 --> 00:08:01,200 Sean Aylmer: Stay with me Rodrigo. We'll be back in a minute. 143 00:08:07,740 --> 00:08:11,370 Sean Aylmer: My guest this morning is Rodrigo Pizarro, Chief Executive Officer 144 00:08:11,370 --> 00:08:15,900 Sean Aylmer: of L'Oreal, Australia and New Zealand. Okay, I was reading 145 00:08:15,900 --> 00:08:20,369 Sean Aylmer: an interview with you and you were talking about the 146 00:08:20,370 --> 00:08:22,710 Sean Aylmer: idea of being able to study how beauty products can 147 00:08:22,710 --> 00:08:26,880 Sean Aylmer: be experienced online, in 3D, how beauty will look in 148 00:08:26,880 --> 00:08:30,750 Sean Aylmer: the metaverse, what this means obviously for consumers and the 149 00:08:30,750 --> 00:08:36,059 Sean Aylmer: future of the industry. It is very far- reaching kind 150 00:08:36,059 --> 00:08:38,670 Sean Aylmer: of ideas that you are thinking about at L'Oreal. 151 00:08:39,330 --> 00:08:42,630 Rodrigo Pizarro: It's totally true and I think we went from O, 152 00:08:42,660 --> 00:08:46,230 Rodrigo Pizarro: which is offline, to O plus O, which is online, 153 00:08:46,230 --> 00:08:48,929 Rodrigo Pizarro: plus online, to O plus O plus O, because now 154 00:08:48,929 --> 00:08:51,900 Rodrigo Pizarro: we have also the metaverse and I think the future 155 00:08:51,900 --> 00:08:55,410 Rodrigo Pizarro: will be that consumers will be within those three worlds. 156 00:08:55,679 --> 00:08:58,079 Rodrigo Pizarro: They will still want to have an experience which is 157 00:08:58,080 --> 00:09:01,410 Rodrigo Pizarro: happening on offline in a store in bricks and mortars 158 00:09:01,410 --> 00:09:04,199 Rodrigo Pizarro: because sometimes you need to test the products, but there 159 00:09:04,200 --> 00:09:07,200 Rodrigo Pizarro: are also some sophistication, skin care analysis for instance, that 160 00:09:07,200 --> 00:09:10,230 Rodrigo Pizarro: can be done online. So the rest of the journey 161 00:09:10,500 --> 00:09:13,770 Rodrigo Pizarro: will continue online and in the future they will want have 162 00:09:13,770 --> 00:09:16,230 Rodrigo Pizarro: that applied as well in a metaverse. So I can 163 00:09:16,230 --> 00:09:19,290 Rodrigo Pizarro: imagine that in the future people will all have their 164 00:09:19,320 --> 00:09:22,199 Rodrigo Pizarro: own avatars and they will probably want to have 165 00:09:22,200 --> 00:09:25,199 Rodrigo Pizarro: their look, which is both a physical one, but then 166 00:09:25,200 --> 00:09:27,630 Rodrigo Pizarro: complimenting on the metaverse and having the same look or 167 00:09:27,630 --> 00:09:29,880 Rodrigo Pizarro: a different look. So I think this you can see 168 00:09:29,880 --> 00:09:32,040 Rodrigo Pizarro: already, and I don't know if you have kids, but 169 00:09:32,040 --> 00:09:35,609 Rodrigo Pizarro: I have kids. My kids are playing every day in 170 00:09:35,610 --> 00:09:38,520 Rodrigo Pizarro: these global games and they all have avatars, they all 171 00:09:38,520 --> 00:09:41,490 Rodrigo Pizarro: play with avatars. So it's happening as we speak. They 172 00:09:41,490 --> 00:09:43,890 Rodrigo Pizarro: buy things for their avatars. So I think that is 173 00:09:43,890 --> 00:09:45,719 Rodrigo Pizarro: the world of beauty in the future with these three 174 00:09:45,720 --> 00:09:49,860 Rodrigo Pizarro: worlds being complimentary and I think those who will use 175 00:09:49,860 --> 00:09:52,260 Rodrigo Pizarro: them better I think will be the winners in terms 176 00:09:52,260 --> 00:09:53,670 Rodrigo Pizarro: of brands and companies in the future. 177 00:09:53,670 --> 00:09:59,640 Sean Aylmer: Okay, so dropping technology almost totally here and literally, another 178 00:09:59,820 --> 00:10:04,380 Sean Aylmer: initiative you introduced at one period during COVID was the screen- 179 00:10:04,470 --> 00:10:08,790 Sean Aylmer: free wellness hour, so basically meant from 1: 00 till 2: 180 00:10:08,790 --> 00:10:11,160 Sean Aylmer: 00 PM, everyone in the company had to get off 181 00:10:11,160 --> 00:10:14,730 Sean Aylmer: their screens. How'd that go? I mean, what a fantastic idea. 182 00:10:15,090 --> 00:10:17,250 Rodrigo Pizarro: Well, at the time it went perfectly, and believe it 183 00:10:17,250 --> 00:10:19,920 Rodrigo Pizarro: or not, we are still using it today. 184 00:10:19,980 --> 00:10:20,580 Sean Aylmer: Ah wow. 185 00:10:20,580 --> 00:10:23,130 Rodrigo Pizarro: And I think it's a huge breakthrough. It made a 186 00:10:23,130 --> 00:10:26,070 Rodrigo Pizarro: lot of sense, obvious during COVID because you were more 187 00:10:26,070 --> 00:10:29,370 Rodrigo Pizarro: than ever eight hours on your screen. So it did 188 00:10:29,370 --> 00:10:31,620 Rodrigo Pizarro: make sense because you needed to break. You could see 189 00:10:31,620 --> 00:10:34,319 Rodrigo Pizarro: that people were spending too much time, way too much 190 00:10:34,320 --> 00:10:36,900 Rodrigo Pizarro: time just glued in their screens so it was very 191 00:10:36,900 --> 00:10:39,420 Rodrigo Pizarro: important because we wanted them just to relax because too 192 00:10:39,420 --> 00:10:42,270 Rodrigo Pizarro: much screen time, like we say to our kids, is 193 00:10:42,270 --> 00:10:44,940 Rodrigo Pizarro: probably damaging a little bit your brain. So I think 194 00:10:44,940 --> 00:10:46,770 Rodrigo Pizarro: it was really a critical one that we said you 195 00:10:46,770 --> 00:10:49,559 Rodrigo Pizarro: need to have a break and we don't allow anybody 196 00:10:49,559 --> 00:10:52,020 Rodrigo Pizarro: to have meetings. You just relax, go for walks. If 197 00:10:52,020 --> 00:10:54,750 Rodrigo Pizarro: you remember at that time you probably could only go 198 00:10:54,750 --> 00:10:57,720 Rodrigo Pizarro: for walks. There's not too much that you could do. But 199 00:10:57,720 --> 00:11:02,339 Rodrigo Pizarro: that translate also in the world post COVID and today we 200 00:11:02,340 --> 00:11:04,650 Rodrigo Pizarro: can see one of the things, on coming back to 201 00:11:04,650 --> 00:11:06,900 Rodrigo Pizarro: the office, is you need this culture of the office. 202 00:11:06,900 --> 00:11:08,700 Rodrigo Pizarro: Why are you coming back to the office? There has 203 00:11:08,700 --> 00:11:10,140 Rodrigo Pizarro: to be a culture, there has to be a reason 204 00:11:10,140 --> 00:11:14,550 Rodrigo Pizarro: to be here and that is to socialise so by continuing to 205 00:11:14,550 --> 00:11:17,760 Rodrigo Pizarro: have that policy, we allow that at one o'clock and 206 00:11:17,760 --> 00:11:20,490 Rodrigo Pizarro: we have the fortune to have a very nice cafe 207 00:11:20,490 --> 00:11:23,970 Rodrigo Pizarro: with a beautiful look in Melbourne to Albert Park, it 208 00:11:23,970 --> 00:11:27,150 Rodrigo Pizarro: is packed with people. It's the moment where people really stop. 209 00:11:27,390 --> 00:11:29,670 Rodrigo Pizarro: Some are in our cafe and just having a coffee 210 00:11:29,670 --> 00:11:33,990 Rodrigo Pizarro: or having lunch. Some go down to our lobby and they're 211 00:11:34,140 --> 00:11:36,359 Rodrigo Pizarro: just staying outside because we create a space for them 212 00:11:36,360 --> 00:11:39,570 Rodrigo Pizarro: to be outside and they're just socialising in meeting other people, 213 00:11:39,570 --> 00:11:42,900 Rodrigo Pizarro: they are getting interactions that are so necessary today as we 214 00:11:42,929 --> 00:11:45,720 Rodrigo Pizarro: become so much more online based. So I think the 215 00:11:45,720 --> 00:11:48,870 Rodrigo Pizarro: impact that it has in their mental health, in their 216 00:11:48,870 --> 00:11:52,679 Rodrigo Pizarro: behaviours is really quite significant, quite positive. So we are definitely 217 00:11:52,679 --> 00:11:54,420 Rodrigo Pizarro: going to keep it and I think there is a 218 00:11:54,420 --> 00:11:57,510 Rodrigo Pizarro: huge respect which was not happening before. Before, people would 219 00:11:57,510 --> 00:12:01,230 Rodrigo Pizarro: just have their lunch at their desk, they'll be ongoing 220 00:12:01,230 --> 00:12:04,829 Rodrigo Pizarro: for the eight hours nonstop and I think that will definitely 221 00:12:05,100 --> 00:12:09,600 Rodrigo Pizarro: increase productivity but overall just their wellbeing and a culture 222 00:12:09,780 --> 00:12:11,760 Rodrigo Pizarro: which is going to be improved dramatically as well. So 223 00:12:11,940 --> 00:12:12,810 Rodrigo Pizarro: incredible impact. 224 00:12:13,559 --> 00:12:15,090 Sean Aylmer: Okay. The other thing that, I mean, I know that 225 00:12:15,090 --> 00:12:19,920 Sean Aylmer: I've read from you the importance of wellness, of work- 226 00:12:19,920 --> 00:12:22,980 Sean Aylmer: life balance, some great anecdotes of your own. You've got 227 00:12:22,980 --> 00:12:26,610 Sean Aylmer: a couple of younger children whom you regularly leave work 228 00:12:26,640 --> 00:12:29,520 Sean Aylmer: early to go and take to activities and things like 229 00:12:29,520 --> 00:12:32,640 Sean Aylmer: that. Obviously very important to you that work- life balance, 230 00:12:32,820 --> 00:12:35,670 Sean Aylmer: not just for you but for your employees as well. 231 00:12:36,120 --> 00:12:38,670 Rodrigo Pizarro: That is critical. And I think it has to start, 232 00:12:38,670 --> 00:12:41,340 Rodrigo Pizarro: like everything has to start by the top. You need 233 00:12:41,340 --> 00:12:44,190 Rodrigo Pizarro: to give the example because a lot of times, so 234 00:12:44,190 --> 00:12:46,770 Rodrigo Pizarro: many times they tell me, well if the CEO can 235 00:12:46,770 --> 00:12:48,750 Rodrigo Pizarro: do it, there is no reason for me not be able 236 00:12:48,750 --> 00:12:51,390 Rodrigo Pizarro: to do it. But the second part of it is, well, 237 00:12:51,570 --> 00:12:56,670 Rodrigo Pizarro: in particular for us, which are majority of female organisation, 238 00:12:56,970 --> 00:13:00,059 Rodrigo Pizarro: is the role of dads as well, of the male in 239 00:13:00,300 --> 00:13:03,660 Rodrigo Pizarro: educating kids. So the flexible time and the use of this 240 00:13:03,660 --> 00:13:06,720 Rodrigo Pizarro: balance is not just important for yourself, for me, for everyone, 241 00:13:07,050 --> 00:13:09,360 Rodrigo Pizarro: but also for us men to have a space and 242 00:13:09,360 --> 00:13:10,800 Rodrigo Pizarro: make sure that we do what we have to do 243 00:13:10,800 --> 00:13:13,170 Rodrigo Pizarro: in terms of education and being with our kids. For 244 00:13:13,170 --> 00:13:15,240 Rodrigo Pizarro: me it's life changing, I've been doing for a lot 245 00:13:15,240 --> 00:13:18,780 Rodrigo Pizarro: of time, I've used the flexible work as much as possible. 246 00:13:18,780 --> 00:13:23,640 Rodrigo Pizarro: And as you said, I don't miss any of my kids' activities, regardless, 247 00:13:23,910 --> 00:13:27,240 Rodrigo Pizarro: even sometimes with all the respect that this company has 248 00:13:27,390 --> 00:13:30,330 Rodrigo Pizarro: and it's great that it has, even if there are global 249 00:13:30,360 --> 00:13:34,559 Rodrigo Pizarro: moments with global meetings, I will be excusing myself if 250 00:13:34,559 --> 00:13:36,990 Rodrigo Pizarro: I have to attend, I don't know, a concert of 251 00:13:36,990 --> 00:13:39,000 Rodrigo Pizarro: my daughter or something like that, or a sports day 252 00:13:39,000 --> 00:13:41,819 Rodrigo Pizarro: of my son. It is so important in that dads 253 00:13:41,820 --> 00:13:45,030 Rodrigo Pizarro: are there and everybody's there. So I think by doing 254 00:13:45,030 --> 00:13:48,059 Rodrigo Pizarro: that and giving that example myself, I allowed a lot 255 00:13:48,059 --> 00:13:50,819 Rodrigo Pizarro: of our leaders to follow it and I have couple 256 00:13:50,820 --> 00:13:55,080 Rodrigo Pizarro: of anecdotes where the kid of my CFO was saying, "Hey, 257 00:13:55,710 --> 00:14:01,679 Rodrigo Pizarro: if the dad of my colleague here can be in school, 258 00:14:01,830 --> 00:14:04,740 Rodrigo Pizarro: why can't you Mum?" And it was very interesting, this 259 00:14:04,740 --> 00:14:06,990 Rodrigo Pizarro: kind of anecdotes because you really gave the example, and 260 00:14:06,990 --> 00:14:09,840 Rodrigo Pizarro: I think it's fundamental. We need to balance, we know 261 00:14:09,840 --> 00:14:13,140 Rodrigo Pizarro: how important it is, been proven that that balance is fundamental, 262 00:14:13,140 --> 00:14:15,240 Rodrigo Pizarro: but it's also critical for us to be with our 263 00:14:15,240 --> 00:14:19,170 Rodrigo Pizarro: kids because they're matching our behaviors and that's exactly what 264 00:14:19,170 --> 00:14:21,480 Rodrigo Pizarro: they want to see. So I do believe that we 265 00:14:21,480 --> 00:14:25,050 Rodrigo Pizarro: have that balance, which is really established throughout the company, throughout 266 00:14:25,140 --> 00:14:27,720 Rodrigo Pizarro: all our leadership and therefore people are using to the 267 00:14:27,720 --> 00:14:29,970 Rodrigo Pizarro: best of it and still with all the respect and 268 00:14:29,970 --> 00:14:33,840 Rodrigo Pizarro: the productivity and professionalism, but really also being there with 269 00:14:33,840 --> 00:14:34,410 Rodrigo Pizarro: their families. 270 00:14:35,190 --> 00:14:38,160 Sean Aylmer: What a great attitude from a CEO. Rodrigo, thank you for 271 00:14:38,160 --> 00:14:39,390 Sean Aylmer: talking to Fear and Greed. 272 00:14:39,690 --> 00:14:41,640 Rodrigo Pizarro: Thank you so much again for inviting me, Sean. 273 00:14:42,600 --> 00:14:46,830 Sean Aylmer: That was Rodrigo Pizarro, Chief Executive Officer of L'Oreal Australia 274 00:14:46,890 --> 00:14:49,260 Sean Aylmer: and New Zealand. This is the Fear and Greed daily 275 00:14:49,260 --> 00:14:51,690 Sean Aylmer: interview. Join us every morning for the full episode of 276 00:14:51,690 --> 00:14:55,050 Sean Aylmer: Fear and Greed, Australia's most popular business podcast. I'm Sean 277 00:14:55,050 --> 00:14:56,160 Sean Aylmer: Aylmer, enjoy your day.