Schaffhausen, La Chaux-de-Fonds, Le Locle, Geneva, or Le Brassus – for watch enthusiasts, these are places of longing. The Swiss watch industry generates over 33 billion Swiss francs annually, with more than 65,000 people employed in it, and overall job satisfaction is consistently high. Julia Meir Lawi, Branch Director at Robert Half Geneva, provides essential tips for those aspiring to succeed in a career with a watchmaker and key factors to consider.
How to become successful in the Swiss watch industry?
Therry DeValeux actually comes from the IT sector of a Swiss major bank. There, he was involved in controlling, later taking on managerial responsibilities and leading crucial decision-making processes. However, in 2023, his team was dissolved due to several mergers, and they were transferred to the new company. DeValeux could have gone along; experts with his expertise are also welcome at the new employer. But after more than 20 years in the banking sector, he wanted to try something new. An advertisement from a Swiss watch manufacturer caught his interest. DeValeux was immediately intrigued; he had been passionate about watches for years.
The fine mechanics and the use of noble materials had fascinated him since his youth. Watchmaking, like hardly any other industry, stands for craftsmanship and precision alike. However, DeValeux needed a little help. An experienced recruiter had established contact with the company in question and helped DeValeux to get to know the company, but also to familiarize himself with the former bank employee. There were several meetings, a tour of the factory premises, including a visit to the watchmakers' workshop.
DeValeux was invited to an interview and a few weeks later he was on board. At the watchmaker's, they were thrilled that DeValeux had chosen them. Regulations in the banking sector have been increasing for years, and when employees become available, they are in high demand in the job market due to this experience. DeValeux's new area of responsibility is in the financial planning and analysis of the company.
Since the emergence of so-called smartwatches, the entire industry has come under pressure; many watchmakers are therefore strategically trying to enter this segment and bring products to market to regain lost market share. DeValeux heads a department tasked with creating budgets, forecasts, and financial models to support the company's long-term strategic realignment. In addition, he analyzes financial figures and performance indicators to identify trends that support the strategic realignment decisions made.
The biggest challenge for DeValeux was that the watchmaker is a family-owned company. The bank he was previously employed with was a publicly traded company. He was used to thinking strictly in terms of quarterly reports. The goals of the family business, on the other hand, are long-term. A few difficult quarterly figures do not require immediate action but are seen as a period that will pass - it was different at the bank.
In addition, even those in the company who do not directly work on the dial and meshing gears together must develop the right passion for the product. In the watch industry, craftsmanship and attention to detail are at the center of the watchmaker; they are the decisive factors for successful watchmakers. Even employees who are not directly involved in production are expected to have a natural interest in the product.
Moreover, the Swiss watch industry is characterized by tradition, a drive for innovation, and strong competition, as well as an environment with corresponding regulatory requirements - ranging from quality seals such as "Swiss Made," which are criteria set by Swiss federal law and the regulations of the Swiss Federal Institute of Intellectual Property (IGE). Or even ESG requirements that must be met.
On November 23, 2022, the Federal Council adopted the Enforcement Ordinance on Climate Reporting; it has been in effect since January 1 of this year. This ordinance initially aims to improve the transparency and comparability of climate reporting for large Swiss public companies, banks, and insurance companies. It is based on the indirect counterproposal to the popular initiative for responsible companies and is aligned with international trends, particularly the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
Moreover, financial reporting and accounting in Switzerland are subject to the applicable Swiss GAAP FER (Swiss Generally Accepted Accounting Principles for Financial Reporting) standards. Companies are required and must ensure through the ordinance that their financial reports comply with legal requirements and are transparent.
If you want to make a career in the watch industry like DeValeux, you must already be excellent in your field. Today, different professions work in various disciplines at watchmakers. Particularly in watchmaking, the focus is on craftsmanship. DeValeux, for example, has added a data engineer to his team. This individual is tasked with developing data pipelines using SSIS or Azure Data Factory to contribute to the development of the aforementioned data-driven solutions. The colleague has more than 3 years of experience in working with relevant applications and is proficient in SQL.
It was more important for DeValeux to understand and accept the new culture of a family-owned company. While English was the language of work at the bank, DeValeux now speaks English, French, and is currently learning German at work.
Image source: © Jeremy Beadle / Unsplash
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