/ ISSUE 16 / ISSUE 16 2003 2003

The International Executive Search Magazine

Nick Robeson Alain Tanugi Interim Management: Education is Key Doug Bugie Bespoke Alliance

Ludwig Heuse German Interim Market

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Incorporating Search-Portfolio with the latest information on Careers in Executive Search For some products, SEARCH-EDITOR a page is not enough… search-consult Imagine logging in to your database, and having all of your current work appear automatically. A single click and you have a screen detailing the progress of your work. Not just a generic screen, but a screen that reflects MANAGING DIRECTOR your requirements – Management information for Managers, Candidate and Client information for Consultants, Jason Starr Editorial Research information for Researchers. Or whatever you want for whatever way you work. Imagine having a [email protected] Welcome to Issue 16 of search-consult database so powerful that a single click will identify referees and associates of a candidate. A system so EDITORIAL integrated with the Internet that a single click will bring up the latest news on your client. Imagine being Pilar Gumucio able to take the information “on the road” with genuine TWO-WAY integration with MS Outlook and handheld [email protected] devices. Imagine a product that can actually help you win business. PRODUCTION Margaret Jaouadi s regular readers will be aware, earlier this year we made the decision to [email protected] move towards an increasingly “features” based format for the magazine, Awith an electronic news service available from search-consult for readers ADVERTISING/ SUBSCRIPTIONS/REPRINTS interested in monitoring events in the industry on a more regular basis. We’ve been delighted with the feedback we’ve received from these changes, as we are now UK and Europe North and South America able to announce a series of enhancements to our service offerings. S PECIALIST S OFTWARE FOR E XECUTIVE R ECRUITMENT South East Asia and Australia "At a glance reporting structures" The search-consult e-news service is the first executive search news service to Yann Le Leyour Your information, as you want it – through [email protected] allow subscribers to select which news stories they wish to receive on a regional basis. Subscriptions are available to news round ups for North America, South Configurable Summary Pages or log on to America, Asia Pacific, Germany, UK and the rest of Europe. We also offer a “Global Company and Executive level Organisation Structure tracking www.search-consult.com A range of home / remote working options Roundup” option. Enhancements being launched in September include: Two-way integration with MS Outlook. Make appointment changes on the road, and Synchronize them with FILEFINDER. search-consult.com • Feature article news facility: In addition to being able to receive monthly news Drag and drop record creation Calvert House, 5 Calvert Avenue updates via email, we will now be inviting people involved in the search-industry London, E2 7JP, United Kingdom Automatic record creation in certain languages (or as a user of the search industry) to pen “feature articles". These will be 60 standard reports, with export to RTF (for MS Word) and PDF formats. Tel: +44 (0)20 7749 6102 Fax: +44 (0)20 7729 6108 provided free of charge on the website. Bespoke reports available. "Different Screens for different users" "Different Screens for different users" www.search-consult.com • News search facility: We will be uploading all of our e-news stories, and these Unique “Pop Up Memo” facility will now be searchable. We will add features and certain magazine articles to Assignment management workflow supported the search facility and so if, for example, you would like to see all of the stories Fully relational “contact management” For manuscript/ photographic submissions, please about Search in Japan, or if you are interested in all references to Korn/Ferry, this Assignment management and cost tracking e-mail our Editorial department or write to the Referencing module with “Reference Finder” facility address above to obtain author/ photographic facility will prove a valuable tool. Interactive web reporting tools for clients guidelines. Fully validated candidate web interaction tool for reduced data entry These enhancements are expected to go live on September 15, 2003. Please visit Support for HR-XML www.search-consult.com and give them a try and let us know what you think! Task management search-consult is published by Dillistone Systems "Unique"Unique Referencing Referencing module module including including powerful powerful Ltd, Calvert House, 5 Calvert Avenue, London, E2 Tools for data quality control and cleaning relationship finder tool" relationship finder tool" 7JP, United Kingdom and printed by Printhouse We are also announcing a series of free to attend seminars on the topic of Currency calculation facilities Corporation, London NW10 6ST, “Technology and the Executive Search Business". search-consult magazine is Support for “Alias” and “Similar Name” searching www.printhouse.co.uk. All statements, opinions, published by Dillistone Systems - the global suppliers of software to the search Bulk update of information and expressions are the sole responsibility of the industry. Our resources will be pooled to provide a series of events covering topics Import from CD Rom and third party data sources authors and the Publishers reserve the right to such as: Internet lookup facilities amend /alter articles as necessary. The Publishers Inbuilt “Marketing Assistant” to support business development cannot be held responsible for any loss or damage, campaigns however caused, of any materials supplied. Any • The results of new research among Search Professionals Intelligence centre for managing and taking advantage of market materials supplied may not always be returned. • How technology can generate a competitive advantage and justify the retainer No part of this publication may be reproduced in intelligence • The implications for winning and implementing international Search assignments any format without prior written consent of the "Intuitive task management, with genuine two way • Networks versus Integrated firms - how technology is blurring the borders Support for most international character sets interaction with MS Outlook and handheld devices" Publishers. Technical Support available Worldwide Presentations will take place in London, Zurich, Brussels, Frankfurt and New York Front Cover: Alain Tanugi/TRANSEARCH Int; - full details and registration information may be found at www.dillistone.com. Doug Bugie/Norman Broadbent; We look forward to meeting as many of our readers as possible at these events! Nick Robeson/Boyden Interim Management; US: +1 (201) 795 1202 UK & Europe: +44 (0)20 7749 6100 Ludwig Heuse/Ludwig Heuse GmBh Australia/Asia: +61 2 9006 1194 Rest of the World: +44 (0)20 7749 6100 © Copyright 2003 Dillistone Systems Ltd For more news on the search-industry, register with our free newswire at www.search-consult.com www.dillistone.com New York ● Dallas ● London ● Sydney ISSUE 16 2003 search-consult 3 SEARCH-MARKET SEARCH-MARKET

However, Cornerstone - and other, none for the number of offices that it boasts. major changes in the industry, the fact that integrated firms- are made up of real, Looking at the regions, in North America we were unable to predict our publishing genuine, executive search businesses and DHR International boasts the largest spread schedule means that Nosferatu probably we feel that in a survey of this sort, of offices (although, it should be noted, that need not fear our competition. For what it’s Cornerstone should not be arbitrarily a number of the locations are “single worth, however, we do believe that in 12 excluded (Cornerstone was not included in consultant offices"). In Central and South months time we will be reporting on a The Global the last issue of the survey, and is not America, Amrop /Hever takes pole position, much stronger industry, that the current normally considered by the Kennedy while the network with the largest spread figures represent a “bottoming out” and Publications / Hunt Scanlon listings). in Europe is AIMS. In Asia, the recent of that as a result of this, we will be reporting Moreover, is the business model in any addition of Bo Le Consultants means that on more, rather than less, offices. way comparable to that of an industry titan Stanton Chase has edged ahead of Boyden. such as Korn/Ferry International? Beyond Our last review of the industry finished Date Source: the core service that it provides, it probably with the following comment, “These The majority of the information in this survey has been Search Firms isn't. But “not comparable” does not figures provide a snapshot of an industry in provided directly by the search firms, and a sample of necessarily mean “better” and does not turmoil. Offices are closing, firms are this has then been validated. In some cases, firms have 2003 necessarily mean “worse” and, at least merging, networks are restructuring. We been unwilling/unable to provide the information we By Jason Starr from the perspective of the client - who will carry an update of this review in 12 solicited, in which case search-consult staff has ince search-consult began big is far from beautiful in the search an integrated firm because of cross cares anyway? months time - and predict a very different undertaken the research directly. Therefore, while publishing in 2001, the most industry. Large revenues mean either charging (on the assumption that the Networks such as Cornerstone would set of results." every effort has been made to ensure that all the Sfrequently requested reprint has larger fees or more assignments. More network’s revenue figure is calculated by argue that lower integration does not mean While we were correct in predicting information is accurate, no guarantee can be made. been our survey of the largest firms in the assignments can mean more blockages adding up the revenues of each member lower service; that local ownership allows

industry (Issue 8). and reduced quality of service. It is hard to and that the lead member will bill the a firm to react to the needs of the local NAME N AMERICA OTHER AMERICA EUROPE S.E. ASIA OTHER TOTAL After two years as traumatic as any that make an argument that directly associates client in full, and then be re-billed by the client in a way that public firms cannot. DHR INT 38 38 the retained search industry has ever size with quality, at least in this context. international partner with which it That is a stance that the market may be CORNERSTONE 26 3 20 15 3 67 KORN / FERRY INT 25 8 21 15 69 faced, it seemed like a good idea to revisit Even if you accept that revenue counts worked). More problems. How do you backing - it is noticeable that the “network HEIDRICK & STRUGGLES 18 6 21 11 1 57 the research - and it is no surprise to see are meaningless but fun, a second problem treat quoted revenues from firms that firms” have, as a whole, performed better SPENCER STUART 18 5 21 7 1 52 TMP / HIGHLAND PARTNERS 18 14 4 36 that wholesale changes have taken place. is the difficulty in measuring the validity of provide services other than the core than public businesses. BOYDEN INT 17 6 28 16 1 68 Prior to the previous search-consult search firm revenues. A US centric “Search” business? Board Appraisal? Table 2: DHR International leads in North America review, search firms were typically business is likely to bill more than a Interim Management? Internet based SO, WHAT DO THE FIGURES REVEAL? analyzed in terms of revenues. This can be European firm because of relative salary Recruitment? Selection? Management Two years ago, the big three were made NAME N AMERICA OTHER AMERICA EUROPE S.E. ASIA OTHER TOTAL a flawed approach as it “rewards” scale - levels. A network is likely to bill more than Consultancy? Painting and Decorating? up purely of integrated firms. In fact, the THE AMROP HEVER GROUP 9 10 43 14 3 79 Most search firms are private, and so trying big three were made up of four integrated KORN / FERRY INT 25 8 21 15 69 TRANSEARCH INT 9 8 28 8 2 55 to read anything into the top line revenue firms. Heidrick and Struggles and NAME N AMERICA OTHER AMERICA EUROPE S.E. ASIA OTHER TOTAL HEIDRICK & STRUGGLES 18 6 21 11 1 57 THE AMROP HEVER GROUP 9 10 43 14 3 79 (58) figure becomes close to impossible. Korn/Ferry International (First and Third BOYDEN INT 17 6 28 16 1 68 INTERSEARCH 10 6 46 10 2 74 (34) Of course, while “bean counting” may be respectively) have both been forced to STANTON CHASE INT 15 6 14 18 1 54 KORN / FERRY INT 25 8 21 15 69 (71) EMA PARTNERS INT 14 6 19 2 41 BOYDEN INT 17 6 28 16 1 68 (60) a flawed approach to analyzing the relative make serious cutbacks. Heidrick in EGON ZEHNDER 12 6 29 12 59 CORNERSTONE 26 3 20 15 3 67 (n/a) strengths and weaknesses of search firms, particular has seen a dramatic fall in office INTERSEARCH 10 6 46 10 2 74 AIMS 7 47 11 65 (n/a) our approach of simply “counting flags” is numbers (from 81 to 57, down from First to Table 3: The Amrop Hever Group leads in South America EGON ZEHNDER 12 6 29 12 59 (57) HEIDRICK & STRUGGLES 18 6 21 11 1 57 (81) not necessarily much better. The fact is that Eighth in our table). Second place was TRANSEARCH INT 9 8 28 8 2 55 (52) the degree of integration between some of taken by an alliance between two STANTON CHASE INT 15 6 14 18 1 54 (n/a) NAME N AMERICA OTHER AMERICA EUROPE S.E. ASIA OTHER TOTAL SPENCER STUART 18 5 21 7 1 52 (52) the companies listed on these pages varies integrated firms - The US based DHR AIMS 7 47 11 65 IIC PARTNERS 11 1 22 11 45 (34) hugely. The Cornerstone Group is an International business and European INTERSEARCH 10 6 46 10 2 74 EMA PARTNERS INT 14 6 19 2 41 (29) THE AMROP HEVER GROUP 9 10 43 14 3 79 RAY & BERNDSTON 8 5 23 5 41 (47) extreme case. Cornerstone is, essentially, a focused H. Neumann International are no EGON ZEHNDER 12 6 29 12 59 DHR INT 38 38 (n/a) franchise. Unlike other franchises, longer in partnership and, as individual TRANSEARCH INT 9 8 28 8 2 55 TMP / HIGHLAND PARTNERS 18 14 4 36 (32) BOYDEN INT 17 6 28 16 1 68 members do not pay an “up front” fee to players, have dropped to the lower WORLD SEARCH GROUP 10 2 13 7 2 34 (40) Table 4: AIMS leads in Europe ACCORD GROUP 6 1 19 5 1 32 (33) join; membership fees are calculated as a echelons of the global rankings. RUSSELL REYNOLDS 13 1 11 6 31 (33) percentage of referral fees. By definition Korn/Ferry maintains position number 3, HORTON INT 1 2 18 8 29 (38) AT KEARNEY 14 1 9 4 28 (29) this means that the links and but they have now been overtaken by both NAME N AMERICA OTHER AMERICA EUROPE S.E. ASIA OTHER TOTAL IMD INT SEARCH 1 26 1 28 (n/a) communications between members tend to Intersearch and, at the top position, The STANTON CHASE INT 15 6 14 18 1 54 SIGNIUM INT 5 2 14 6 27 (n/a) BOYDEN INT 17 6 28 16 1 68 H. NEUMANN INT 25 2 27 (n/a) be weaker that those that underpin an Amrop Hever Group. The Amrop Hever KORN / FERRY INT 25 8 21 15 69 ITP WW PARTNERSHIP 5 1 7 7 20 (28) integrated business in which every Group was formed from the ashes of the CORNERSTONE 26 3 20 15 3 67 PENRHYN INT 3 1 8 3 15 (n/a) THE AMROP HEVER GROUP 9 10 43 14 3 79 TOTAL 313 87 546 208 17 1171 regional office is forced to achieve quarterly Amrop and Hever networks and is as well EGON ZEHNDER 12 6 29 12 59 TABLE 1: Leading firms by number of offices revenues on behalf of its head office. regarded for the quality of its work as it is Table 5: Stanton Chase strong in Asia Pacific Region

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LACK OF CANDIDATE MOBILITY required to sign a 10•year contract. The Kong) or overseas Chinese or • Moving to a second tier city. Tianjin is a employee would have had to pay a westerners fluent in Mandarin. In city with about 1 million habitants and 100% of the amount with no order to bridge the communications well known as a high tech and depreciation over the course of that gap, companies end up having to pay industrial center. We shouldn’t forget 10•year contract. The employee’s high ex•pat packages and convince that the city infrastructure has nothing response was “ Is that all I am worth? “ the managers that the benefits to do with the number of inhabitants. The end result was that the employee outweigh the difficulties of working and • Moving to a different province or region. soon left the company. living in a second tier city. A southern Chinese moving into a Northern city or vice versa. Managers NEW COMERS TO CHINA MARKET COMPETITIVE PAY often face resistance from their • The constant arrival of new companies • Chinese employees have a strong sense co•workers or clients. in China has caused a battle to attract of estimating their value in the market China:China: • Moving out of Shanghai. Some key talent. Companies must implement and are always comparing salaries professionals tend to feel that by creative actions in order to fulfill among their peers to see where they fit leaving this city they will lose the employee expectations• not only in in. In turn, this creates a very enormous amount of business terms of compensation, but personal competitive atmosphere in the market, opportunities and learning experiences job satisfaction as well. as professionals strive to be equal or that Shanghai, as a leading edge city, • Set new compensation trends while above the market benchmark. TheThe ChallengesChallenges offers. trying to attract the best people and therefore, tend to inflate salaries. LOCALIZATION TITLE AND REPORTING STRUCTURE • A company’s efforts to localize top • ‘Face’ has a strong influence on CORPORATE IMAGE management positions communicate professional career moves. As a result, • Company success, market commitment, potential upward mobility to titles, seniority, reporting lines, power awards such Asia’s Best Employer and employees. Chinese managers are most AheadAhead and prestige are key considerations for distinctions such as being a Fortune 500 attached to companies that do not have Chinese managers. It is important to company strongly influences job choice. glass ceilings. For example, we have remember that the single most This is quite beneficial to the companies found a number of managers reluctant important cultural aspect that pervades included in this prestigious group, but to work for Japanese companies where all relationships with Chinese people is creates barriers for smaller players to it is believed only Japanese nationals By Vanessa Moriel that of “face". “Face is a complex attract key talent. Furthermore, the have decision•making power and the concept that defies easy definition but reputation of a company in China is a possibility to aspire to a managerial n abundance of business language is Mandarin. The same is avoid problems from arising in what it really boils down to is making critical factor when choosing a job, role. The number of Japanese opportunities in China have true for being able to speak the future. people “feel good” • with you and forcing a number of multinationals to expatriates in Japanese corporations is Acreated unprecedented Shanghainese in Shanghai, which with the situation. “Respect", enhance their images. It is important believed to be among the highest in recruitment challenges. Corporate thereby considerably reduces the CULTURE AND PERCEPTIONS “self•esteem” and “worth” are all bound to note that a company’s world•wide China, appearing to highlight this clients have become savvier about the search target areas and pool. • Chinese managers prefer not to work to this concept as are “rank” and ranking is not necessarily the Chinese belief even further. talent market. At the same time, talented for Japanese or Taiwanese “social position". equivalent as perceptions vary greatly. candidates are being courted as never INTEGRITY supervisors. Yes, history plays a part Although these challenges should not before. Localization of senior • Fake certifications. in this, but senior managers from INTERNATIONAL EXPOSURE EMPLOYEE TURNOVER be exaggerated, the reality is that management is in full swing. Being a • False information in resumes where these two countries have not made an • Overseas working experience or • There is a lack of value placed on job international corporations are facing a Matchmaker in this environment discrepancies arise concerning job effort to correct this misconception. exposure, training, and education are loyalty, therefore it is vital to advise real challenge while trying to recruit requires a firm grasp of the current titles, responsibilities or reasons for Therefore, corporate branding and highly sought after opportunities. clients on retention strategies and Chinese managers who are able to bridge realities of the hiring and retaining leaving their previous jobs. image is key while retaining and Although this has been an old practice brief candidates on the importance of the gap. Within this context, the role of process. The following list of factors that • Claiming inflated annual packages recruiting key staff. to attract and retain talent it serves as a not being perceived as a “job hopper". the search consultant becomes vital as the affect hiring decisions will enlighten during interviews. Trying to obtain big • There are strong preferences to work double•edged sword, forcing some know how of local market trends and newcomers and serve as a refresher for jumps since the recruitment market is for North American companies because companies to implement strict sanctions FOREIGN LANGUAGES SKILLS tricks in this dynamic economy can make the ‘Old China Hands'. often driven on compensation these companies heavily invest in if the employee leaves. This practice • Outside the first tier cities (Shanghai, all the difference. increments of 15•20% of the current training, people and career has a negative impact on candidates Beijing, Shenzhen, Guangzhou), foreign DIALECTS package. development. In fact, according to a who feel they are been treated unfairly. language skills are lacking. A number www.search-consult.com • Sales managers who don’t speak Therefore, reference checks and Hewitt Survey in 2002, a company’s For example, an employee of a world of foreign managers have expressed Cantonese in South China, are not employee verification with previous people•oriented philosophy and high leading media conglomerate was difficulties in finding acceptable English For more information, contact: levels, forcing them to bring in third greatly welcomed by their clients or employers are a must, even on an competitive packages are the key offered sponsorship for an MBA. But, as Web: www.fiducia-china.com their team, even though the national early pre•selection stage, helping factors that sway candidates’ decisions. a result, the employee would have been country nationals (e.g. Taiwan, Hong

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association will provide users of Norman Bugie comments, “ Norman Broadbent TRANSEARCH offices have successfully Broadbent’s search services with benefits, and TRANSEARCH have signed an started to make a breakthrough in a wider “We have always felt that TRANSEARCH’s agreement to be in partnership in the UK. range of services. “ AESC membership is another asset. Our This implies that even though Norman “We do know that our growth is offices have found that AESC membership Broadbent has offices in other countries, it dependent on talented consultants, so not only gives them more legitimacy, but will remain business as usual for these attracting and retaining search consultants Bespoke also an extra marketing edge," says Alain. offices. There are overlapping offices in remains a priority for Norman Broadbent. “We have 52 offices in 35 countries, this one country, Spain, but we do not The search arm of Norman Broadbent has means that Norman Broadbent now has anticipate any conflicts arising there." signed on as a TRANSEARCH member," access to these 52 offices in 35 countries!" Tanugi continues, “We do have several says Doug. Tanugi also believes that the internal North American affiliates and we are very Doug has known Alain for over 12 years knowledge transfer (yearly conferences for pleased to have them in our midst. We do and has observed his work with interest. partners, consultants and researchers) is need more partners in the US however and He has always thought that the another valuable benefit for many of the we are currently exploring our options Frenchman’s approach to search is Alliance TRANSEARCH offices. with the help of our North American realistic, proactive and direct. This is As I recall, TRANSEARCH prefers a partners." where they seem to find similarity in their share swap arrangement when opening vision. They are both direct and very The Partnership between TRANSEARCH International new offices? Norman Broadbent being a “think globally and act realistic about what to expect from each public company, this was obviously not other. and Norman Broadbent possible. How did you structure the locally! We make sure Alain adds that one of the main alliance? principles in TRANSEARCH has always By Jason Starr Bugie answers, “We have signed a we have quality people been to: “think globally and act locally! We membership agreement with make sure we have quality people in the he search industry has had a tough peers. We believe this relationship is TRANSEARCH. A management fee is paid in the various offices various offices, this ensures that we foster time of it. Commentators believe unique in that, rather than copy our on a yearly basis. The benefits of being trust and camaraderie from day one this Tthat in excess of 500 businesses competitors, we’ve looked at the needs of part of a global organization are then this ensures that makes cross office work so much easier as have left the industry, whilst many of our clients and our own businesses, and available to us." we are all working towards the same goal; industry majors have scaled down structure an arrangement that, we believe, “We have opened offices in the past we foster trust and finding the best possible talent for our dramatically. Few search firms have will prove to be beneficial to each." using the share swap principle, yes, but clients, no matter where they are!" escaped the toughest period that most The deal announced in June took many we have to be flexible in the current camaraderie from Alain is further convinced that this is the practitioners can remember, unscathed. observers by surprise. In practice, it had economic climate. That is what survival is right combination of competencies and Further evidence of this trend can be been under negotiation since late 2002 all about," Alain adds. day one.” concludes, “I believe that the cultures seen in our “Global Search Firms” feature and is perhaps one of the best-kept secrets Does this imply a strategy change for complement each other very well. We are on page 4. However, as the long hope for in the industry. TRANSEARCH? What has been decided with regards now in a position to have a substantial recovery gathers pace, two of the best I met Doug Bugie and Alain Tanugi “We have not abandoned our plans to to branding? presence in the UK, while Norman recognized names in Search - recently and asked them to outline why have strong key representatives in all the Bugie stated, “The Norman Broadbent Broadbent will be able to project itself TRANSEARCH International and Norman the firms had got together. major economic centers. We might not brand will remain firmly nailed to the mast, globally with access to all our offices in the Broadbent International - have announced Bugie believes that this was the best necessarily insist that they are wholly but our association with TRANSEARCH will world. I feel very positive about the an alliance designed to enable both route to develop the Norman Broadbent owned or even partly owned by us. This is be made clear through marketing materials match." business further. “It is now more true than Alain Tanugi and Doug Bugie are two of businesses to enhance their international Doug Bugie and Alain Tanugi part of getting the right people on board. such as business cards." exposure. ever, executive search firms have to have We do whatever it takes to keep our Alain adds, “ We acknowledge that the the most charismatic individuals in our We spoke to Doug Bugie, Chief Executive existing business. In other markets we may global capabilities if they want to service service at an excellent level!" Tanugi Norman Broadbent brand is particularly industry. Both men are tremendously of Norman Broadbent International in acquire, grow organically or look at the global clients. The best method to obtain assures me. He continues, “We have just strong in the UK. TRANSEARCH would like enthusiastic about the deal, and - with 2002. Bugie joined a business that had licensing option. “ solid and relatively rapid international opened an office in Amsterdam. In Asia we to use that as an advantage." TRANSEARCH now positioned as a major been through turmoil - formerly one of the This, in part, came to fruition. The deal growth is to join a group like have just appointed an Asia-Pacific Norman Broadbent offers a range of player in the UK, and with Norman largest search firms worldwide, Norman between his firm and TRANSEARCH is TRANSEARCH." Director, Vincent Swift and was also joined services, while TRANSEARCH is more Broadbent now part of a major group Broadbent had been reduced to a business unusual; it does not simply duplicate the TRANSEARCH International is ranked at by two more offices in Hong Kong and focussed on search. Will there be any internationally, it certainly seems that the with wholly owned offices in the UK and traditional licensing arrangements, and is Number 9 in the search-consult industry Bangkok. So we are still moving in the changes and what is the implication in enthusiasm is well placed. Spain only, and with a license in the US. not an acquisition. Alain Tanugi , Chief rankings (based on global reach) and same direction." practical terms?

Bugie spoke candidly of his plans for Executive of Transearch International, number #11 in the Kennedy Information Is there any change in your plans to Alain answers, “This only complements www.search-consult.com expansion, “Our strategy will be different comments, “Over the past years we have rankings (based on revenues), Norman expand in the US? Norman Broadbent the current service offering. The in different markets. In the UK, we will be seen that many search firms determine Broadbent expects to see benefits of scale. has an office in the US if I am not relationship is designed to enhance our For more information, contact: searching for top consultants to join the their modus operandi by looking to their Tanugi also feels that the TRANSEARCH mistaken? capabilities on both fronts as a number of Web: www.transearch.com

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LAWSUITS AGAINST EXECUTIVE RECRUITERS SUBSCRIBE ! ARE ON THE RISE Enjoying this issue? Enjoying this issue? “Change Your Contract, Rather than How You Do Business” Want to make sure you receive the next one? The ONLY way to receive the next copy is to By Michael J. Revness awsuits against Executive Recruiters contracted-for term, which caps the against the difficulty of defending a lawsuit are on the rise. Leading insurance monetary liability of the Executive Recruiter filed 2 or more years after the alleged subscribe! Lbrokers and lawyers across the in the event of a lawsuit. The most common wrongful act or conduct when memories country report that lawsuits against limitation of liability provision caps the have faded, documents have been lost or Executive Recruiters have soared by 30% liability of the Executive Recruiter to a destroyed and witnesses have moved or Subscribe online for either 4 or 10 issues at: over the past few years, and show no sign percentage of the finders fee paid to it by past on. This provision is enforceable in www.search-consult.com of letting up. These lawsuits generally the client. This precludes the client from most states, including Pennsylvania and or e-mail: involve allegations of unqualified recovering consequential damages, such as New Jersey, so long as it is properly [email protected] candidates, failure to perform background loss of anticipated profits-which can be drafted. to find out about discounts for multiple copies. checks or improper screening. The crippling and send an Executive Recruiter Don’t expect clients to roll over and lawsuits are costly to defend. Moreover, into a financial crisis or bankruptcy. In agree to these and other contractual because clients invariably seek lost profits most states across the country, limitations provisions without some persuasion. One arising from business interruption, it is not of liability provisions are valid and negotiating tactic, however, which has unusual for clients to seek tens of proven the test of time, is as follows. The thousands, if not hundreds of thousands, of Executive Recruiter should advise the client dollars in damages. that the fee being charged is based upon A few years ago, clients were more the liability being assumed by the willing to welcome Executive Recruiters Executive Recruiter in the contract. Then, into the corporate family and work with offer the client a greater limitation of them when challenges and problems liability or longer time period to sue in Developing your Search Business - Developing your Search Career arose. Today, however, when there are exchange for higher fees. This negotiating problems clients do not hesitate to hire tactic usually results in a “win win” for the lawyers and race to the courthouse. Executive Recruiter; that is, the client either Clients defend their race to the courthouse agrees to the original limitation of liability by arguing that they are looking to bring and one year time to sue, or agrees to pay some accountability to the Executive the Executive Recruiter more money for ● your next Book of Business Recruiter Profession; Executive Recruiters more protection. Michael J. Revness Retained Search professionals who will enhance your bottom-line counter that they are simply scapegoats for The Executive Recruitment business is corporate executives seeking cover. enforceable so long as they are properly changing. It has come far from the days ● your next Career Move As a result of the flood of lawsuits, drafted. Moreover, most states, including when clients welcomed Executive Exclusive and worldwide opportunities for retained Search professionals Executive Recruiters are being more careful Pennsylvania and New Jersey, allow firms Recruiters into the “Corporate Family". in how they approach a new assignment. to limit liability even for breach of contract Rather than changing how you do business, Handshake and verbal deals have been and negligence. consider changing your legal contract to scraped for written contracts with legal A One Year Time Limitation to File Suit is enable you to prosper in the current protection. And many Executive Recruiters a contracted-for term, which modifies the business and legal environment. are insisting that two key provisions be otherwise applicable statute of limitations For more information visit www.searchtalentglobal.com written into the contract: a Limitation of (usually 2 to 4 years) and provides that any www.search-consult.com Email [email protected] Liability Provision and a One Year Time lawsuit against the Executive Recruiter Limitation to File Suit. must be filed within one year of the date of For more information, contact Mr. Revness: Americas - Europe - Pacific Region A Limitation of Liability Provision is a the hire. This provision helps prevent Tel: www.kurtzrevnesspc.com

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thought had been long-since banished: The future arrives in the blink of an eye an immunity to company politics and a resistance to change. But every state in - and does not discriminate between focus on strategic decisions. Europe is in a state of change. Every private and public. This is the epicenter of the education country is trying to establish itself at When one large global business issue: “temps” are temporary the perceived ideal economic level, and appointed an “Interim Chief employees who fill a role managed by every country is subject to different Restructuring Officer” in summer 2002 a manager. Interim executives achieve influences: they’re striving to get in to to turn it round and get it out of against objectives. Interim Management: the EU; they’re striving to make the Chapter 11, it was seen as being a One European company head - who most of membership; they’re fast massive step forward for interim requested anonymity - told me, “I had progressing towards parity after escape management. The problem, though, to make operational changes to the from old centralized economy. Every was that every phrase except interim company. I had to move fast to change business, therefore, is in a state of flux. management was mentioned. Why was the management of the business, but Every business has to change, some this? there were no obvious candidates I more than most - and it’s “the some” Only after the project was complete could parachute in there and then.” Education Is Key where interim management could did we discover it was an interim role, “The incumbent simply wasn’t up to make a difference. and even then there were mutterings the task, so I needed somebody who If only they fully appreciated what among the uneducated that the team could step in and get up to speed right interim management actually is. responsible for the turn-around had there and right then. The interim Perhaps the biggest challenge is that been had - and was disposable. executive I brought in succeeded in the businesses that most need interim Across Europe there are rich crops of turning round the division while I went By Nick Robeson management are the ones least likely off and found the permanent to consider it. The very people who are replacement. Ironically, the very thing he PC. A world market of perhaps it’s not necessarily a selling job. As part of a challenge - lies not with the front- running businesses that need to that put me off recruiting somebody - a dozen, one expert said. Then of the business community we have a line workers, but with the corporate change are of a generation that believe their age and experience - was exactly Tthere was the cell phone. duty to educate. And the way many policy-makers. they can change it themselves, and what we needed in an interim Europe’s biggest mobile phone businesses are currently operating is The time is here, right now, for every that they should progress by manager." distributor in 2003 took nine months to not getting them top marks. business in Europe to put interim ceremoniously instigating and driving He added, “Expensive? There’s sell his first batch of 26 back in 1986. Business commentators across management on the agenda. But then the ponderous process of getting to the another area of education: day-to-day There was the Internet: effectively Europe have put the way we work most people reading this article believe point of making “The Big Appointment” in terms of fees, absolutely. But strip invented in California in 1962 by under intense scrutiny. Which countries that. The challenge is that we take to a senior management role. out holiday pay and all the other academic Douglas C. Engelbart - but it work hardest - the UK tops that league responsibility for the industry’s future Given golden handcuffs and stiff overheads associated with a only took off in 1998. Yes, that recently. and we embark upon an aggressive contracts, that could take a calendar permanent position, plus the speed Then, in each case, culture change education program highlighting the year. Some markets are undergoing a with which change is managed took over, acceptance stormed in and “the businesses that clear fact that interim executives make year’s worth of change in weeks - yet through and it starts to make great entirely new economies in parts of the a difference. the businesses are standing still. financial sense. I gained great world about which we’d rarely heard most need interim Dutch born, the perception is actually The answer: immediate availability satisfaction from seeing the full fruits at started dominating markets we didn’t that interim management is “an of an interim executive. In the UK the end of that financial year." yet know about. We thought management are the American thing” carrying all the they’re often considered to be “bloody Nick Robeson These people are charismatic, lucid, Scandinavia was about Volvo and peculiarities of American business expensive temps". But everybody lateral thinkers and take things on Abba. It soon became Nokia and ones least likely to culture. Wrong. Right now interim closely associated with interim case studies relating to the successes board very quickly. They are a unique Ericsson. management is equally skeptically management knows that’s far from the delivered by interim executives. Can combination of hunter and farmer. They Progress was stretching the elastic consider it” viewed across Europe, businesses are truth. we persuade the companies who have relish the challenge of performing to a rope to its limit, and progress won. The equally ignorant - but a secret business The future of interim management benefited from this defined-timescale timescale against set business world leapt forward again and again. - the development of remote working, society of interim executives, service lies in education of our target markets. input to go public on their resourcing? objectives. It’s much the case with interim work-life balance, working smarter- providers, professional advisers and a It probably also lies in a complete name Rarely, if ever. In plain terms, they are talent-on- management. The difference is that not-harder - comparing the intensity of select collection of businesses across change for the service we provide. There is still the stigma of demand: in some cases business progress has traditionally been down northern European business drive with the EU is once again pulling at progress The key is gaining acceptance in two consultancy: consultants tell you what Beckhams, Schumachers or Agassis to technology. This time progress is the relaxed approach of the on its elastic lead. areas: firstly, because an interim you already know about the business. on-demand. going to be down to a fundamental Mediterranean economy-makers. There’s a complex collection of executive is immediately available does Interim executives tell you what you

change in the DNA of how we do But the key to tackling tough factors influencing the widespread not devalue that person. Second, already know, perhaps a few things www.search-consult.com business. economic times - and I’m not talking adoption of interim management as an tradition - and the traditional you don’t know - and then do We, as an industry, have a massive about downturn, but a period when accepted business tool. It is the last employment process in both private something about it, taking the reins, For more information, contact: education job to do across Europe. But decision-making has never been more remnants of a business handicap we and public sectors - is about the past. delivering against a deadline through Web: www.boydeninterim.com

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Reasons for interim management appointments turnover being down from EURO 1.27 billion in 2000 to EURO 1.03 billion,

Others depicting a 19,4% loss. Everyone hoped 2002

Coaching 2001 for the better. And it came worse:

Demand for additional Turnover was again down in 2002 by Management 18,5% to EURO 840 million, as the Development of the Bridging of Vacancies analysis of the B.D.U, the German Crisis /Redevelopment / Restructuring Consulting Association, reveals. And Projects (e.g. Production what do we hope or fear for in the Transfer) future? Mergers & Acquisitions German Interim Obviously, in times when the core business is in less demand one looks for 0% 5% 10% 15% 20% 25% 30% 35% alternative means of profit generation. The daily bills have to be paid! Therefore more executive search companies in Management Market NEW ECONOMY REMAINS KEY IM case with T.I.M.E., where there is Germany are now offering coaching- SECTOR DESPITE DRASTIC DECLINE continuous change through the rise and services, management audits, The implosion of the New Economy is decline of numerous start-ups and where outplacement and interim management. evident when comparing different the planning horizon only goes as far as In the case of interim management, By Ludwig Heuse sectors. In the year 2001, 29 of 100 the next financing round (IM 19%, German executive search companies interim managers were employed in the permanent employment 4%). The trade offer less than 2% of this type of service ur annual survey conducted shorter time frame than activities in sectors of telecom, IT, internet and and logistics sector has been in a change as part of the overall business, which is among the active German interim other departments. multimedia, whereas in the year 2002 and consolidation phase for years in still very low. Omanagers reveals a weak general As a result, the demand for interim only 19 were retained there. This sector, Germany, continuously squeezing mid- Those who enter these markets as a economy and an even more significant managers with materials management however, remains the largest with 19% size companies out of the market (IM supplement tend to learn quickly that downturn of the New Economy - which and logistics know-how is over- compared to industrial goods/mechanical 11%, permanent employment 3%). Public these are fields are not just waiting for still remains the most important single proportionate (13%) in comparison with and industrial engineering that represent Services account for 12% of the fixed the plough but have been already sector for the Interim Management the permanent employment sector (5%), 17%. employment search market; however, attended for many years by farmers that community. A comparison between the as an analysis of the long-term Sectors undergoing change mainly only 1 of 100 interim managers works know this business very well. And they Interim Management sector and the employment advertisement section of the tend to employ the flexible instrument of there. Should one draw the conclusion also learn that market development permanent employment sector shows Frankfurter Allgemeine Zeitung reveals. interim management, as the comparison that this sector, so far, has been left usually costs money first before a harvest interesting trends. On the other hand, in the R&D-sector, between the interim and permanent untouched by the “winds of change"? is due. Seed money, on the other hand, where results can be expected only in employment market demonstrates. It is tends to be limited in times of suffering DEMAND FOR TURN-AROUND the long-term, just 6% of interim irrelevant whether the change is the WHERE IS THE INTERIM MARKET core activities. So, what are the results of MANAGERS managers were put to work in 2002, in result of globalization, as is the case of GOING IN 2003? these efforts? In sum, over the last two to The demand for interim managers comparison to 20% of the searches in the the automotive sector (IM 10%, For the overall executive search market three years, one could say that the handling crises or implementing fixed employment sector. permanent employment 5%) or, as is the the year 2001 was bad, industry frontiers between the long-term and the restructuring measures has risen Ludwig Heuse interim markets remained largely

significantly in 2002 (34% versus 27% in DECREASED CAPACITY UTILIZATION / sectors unmoved during the times of turmoil in 2001). Project management (i.e. transfer rising to 28% from 25% a year earlier. INCREASED FEES the HR-industry. Consultation & further of operations abroad) remained the Demand for IT specialists decreased as a The average daily fees of the interim Services Seeing interim management as a stand Public Services & second most important field of result of the collapse of the New managers responding rose by about 5% Administration alone service, we feel that there has Building Trade & Real employment, obtaining 17% in Economy. to EURO 910 despite the decreased Estate been an increased customer demand Financial Management & comparison to 19% in 2001. The cooled capacity utilization from 68% to 61%. Insurance over the first six months of 2003, but, down economy has resulted in a drastic INTERIM MANAGEMENT AS AN The main reason is that the demand for Trade & Logistics pockets being much tighter these days T.I.M.E.-Sector (Telco, IT, decline in the “Demand for additional INSTRUMENT FOR SHORT-TERM restructuring experts is currently Internet, Multimedia) than compared to the turn of the decade,

Management” segment, obtaining a 38% EFFECTIVE MEASURES particularly high, but the nationwide Automotive in order to get a contract today one has reduction. The figures depict 13% in Interim managers are hired to availability of experienced managers in Capital Goods, Mechanical to work twice as much as yesterday. & Industrial Engineering 2002 and 21% in 2001. implement measures within a short time this field is more on the low side. This is Consumer Goods / Pharmaceutics The increase of restructuring and turn- frame with the aim of achieving rapid reflected in rising fees. Capacity Industrial Intermediate www.search-consult.com Products 2002 PermEmploy(F.A.Z.) 2002 IM around projects also increased the positive results. Typical examples are utilization has not improved and interim Energy, Raw Materials & 2001 IM demand for interim managers with cost-cutting measures in the purchasing managers report a continuous decline in Pre-products For more information, contact: 0% 5% 10% 15% 20% 25% 30% financial and controlling know-how, process, which can be implemented in a demand over the year 2002. Web: www.interim-management.de

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him or her. Add this cost to the lower handle a factory move, implement a new Germany, for example, although most turnover the company has been IT system, and arrange a recruitment people speak English, it’s unreasonable experiencing and it’s easy to see how an program or an expansion. to expect the workers not to speak in IM is a more cost effective option. When It’s not a case of putting a sticking their mother tongue. Using culturally an IM comes to the end of his contract he plaster on a wound, but of taking extra aware and fluent speakers boosts Fat Cat Report or she just leaves. The measure of vitamins to give the company additional credibility with customers, local success is in the focus on key tasks and oomph to get it off the starting blocks and employees and peer group managers. deliverables that are clear, defined and into orbit. Too many British businesses feel accepted from the outset by the Last year 25% of Global’s appointments management experience and a Highlights need for agreement between an IM supplier like were made to companies wanting to use background in their particular field are Global Executives, the client company IMs strategically. This year that figure sufficient to enable them to handle and the executive. Failure by the IM is not has risen to 35%. European expansions and subsidiaries. Company Recruitment an option - or he or she doesn’t work Another growth area for IM is among For example, American companies again. Everyone is a winner, especially UK companies with overseas subsidiaries coming into Europe don’t realize that the the shareholders. who are becoming increasingly aware of different European countries have distinct An interim manager has made a the need to employ someone with the cultures. The value of using an IM with all conscious decision to leave the corporate linguistic and cultural skills of the host these skills is that he or she can act as a jungle and to operate independently. He cultural interface. or she is not among the raft of failed Although Holland, Luxembourg and executives about which Booz Allen Belgium have a strong tradition of using Shake-up Hamilton reports. There is no hiding an IM - indeed the whole concept was place for the IM. Contracts are clear, open born in Holland - other European and focused for success; indeed they countries have some way to go before By Nigel Corby encourage and demand success. By getting up to speed. The potential IM appointing one a company can get market in Europe is vast and it is a case he culture of multi-million pound the 253 chief executives who left office in and stakeholders with good intent but someone who is focused on the task in of educating overseas businesses on the payoffs for failed chief executives 2002 were forced out - compared with ineffectively, thus ensuring the cycle just hand, someone whose abilities are benefits of using an executive expert on a Tcould be replaced by a system of 25% the year before. repeats itself. Not only do boards often proven and who doesn’t have a corporate short or medium term basis, both appointing interim managers who have Chief executives who were dismissed make the wrong decision - by a shocking axe to grind, someone who cannot afford reactively and proactively. to perform - or face losing their job in 2002 generated total shareholder 40% it seems - but the new executive to fail. Interim managers can provide a vital without a golden handshake. return 6.2% points lower than those who then has no incentive to perform, or Although traditionally used reactively - link between subsidiaries and head As Managing Director of one of retired voluntarily. This compared with reform from their last failure, thanks to to plug a management gap, to handle a offices. IM can immediately tackle the Europe’s leading interim management an 11.9% point gap in 2001 and a 13.5% the immense payoffs offered to those who company turnaround, redundancy urgent issues, and pass on expertise and suppliers Global Executives, this call point gap in the previous year. are not up to the job. program, merger, acquisition or financial experience to local teams - at the same follows the recent publication of a survey The report also showed CEO turnover is A more cost effective and financially downturn - businesses are becoming Nigel Corby time advising head office about local in the Independent showing average accelerating at a higher rate in Europe satisfactory alternative would be to take more strategic in their use of interim financial and trading practices which are FTSE 100 chief executive pay has risen to and Asia than in North America, and that on an interim manager in the short to managers. IMs operate at all managerial country. Although the number of not always understood by the parent £1.73m and a league table of the utilities and telecom companies are most medium term. This has a number of levels and across a wide range of businesses using IMs overseas is growing company personnel. country’s worst value for money directors. at risk. benefits. Firstly, it gives the board time to disciplines. the potential market is huge. More than a Although Europe is currently the most Top of the league, according to the Both these reports highlight the fact look thoroughly at the options available When the concept of interim third of the interim managers on Global’s lucrative spawning ground for interim Independent, comes Sir Peter Bonfield, that something is critically wrong with for a permanent replacement. Once they management first hit the UK marketplace database are fluent in a second language, assignments, this concept is expanding. former BT chief executive, who was given the way companies are recruiting their have taken the time to get it right and in the early 1980s IMs were seen purely with 35% of those fluent in three or more In fact, Global has carried out a number of a payoff of almost £3m despite seeing top-level executives and structuring they’ve found the right person, the as Superman characters who would languages. assignments further a field - including returns slump by 70% in three years and reward packages, which simply do not interim can move onto his or her next swoop in, sort out the problems, turn the British based firms all too often send South East Asia and Africa, and last leaving the company £30bn in debt. penalize failure. Then, pressed by their assignment. Secondly, while the company round and swoop away again their own in-house staff to handle year it finalized an agreement with The Independent survey coincides with own decision to terminate a failing chief remuneration costs of an IM are broadly and onto the next corporate rescue. While overseas operations with disastrous, or Buenos Aires based IM International to the release of another major report, executive, too often boards don’t take the similar to those of a fulltime CEO, with an this is still very much a vital role of IMs, certainly disappointing, results. It’s enable it to expand into the South carried out by management consultancy time to evaluate the root of the failure, IM there is no severance package, no we are seeing a growing number of essential that UK companies expanding American market. Booz Allen Hamilton, showing a sharp establish their real future needs and the terminal bonus nor pension organizations contacting us who want to into other countries take on someone

rise in the number of chief executives key tasks and deliverables that they consideration. grow their business strategically. They who is not only bilingual but also www.search-consult.com dismissed worldwide. should be demanding from the new job If a permanent CEO fails to live up to see that by the appointment of an expert bicultural. It’s vital to understand the The study of 2,500 of the world’s holder. expectations, as is now increasingly in his or her field for a number of months culture of the people and how business For more information, contact: largest listed companies shows 39% of They appoint to appease shareholders evident, it can cost millions to get rid of they can enjoy solid benefits. It may be to practice operates in the host country. In Web: www.globalexecutives.com

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to demonstrate bottom line added value skills. through a provider you need to ensure of, at least, five times the cost to the High performers display presence, self that both are adding value to the client. confidence and leadership skills that process. You will note that I consistently refer enable them to take people with them In my view the only way in which you to career interim managers. It is as often the task involves a high degree can do this from a business perspective essential that you select those of change. is to build a strategic partnership with a individuals that have chosen interim This can be seen from their details preferred supplier network of career management as a career. If there is any and the assignments they have interim managers. dissatisfaction with interim performance completed. It is also becoming more In this way you can control and then in my experience it tends to be noticeable that the very best interim monitor the individuals that you use. It among those clients that have selected managers are now only registering their is also important to set up a strategic The an individual on the incorrect premise. details with the higher quality providers partnership with clients to ensure that a These tend to be individuals in because of the level of support that they full understanding of the issues and the between permanent jobs, friends of receive. business is obtained. friends and individuals that just lack the As a result the quality of the people Perhaps one of the most worrying correct level of experience. that are provided by these providers has aspects of the market at the moment is On the other hand career interim improved. Clients should be aware that the tendency for clients to shop around managers have the right mental attitude, those individuals that are breaking into and treat the process as a contingency they know that they are not in the recruitment exercise. position for a long period, the success of This is probably driven by the need to “Perhaps one of the Futurefor the assignment is based on their ability minimize costs and the fact that the to deliver, and with low boredom companies do not recognize the added thresholds they will soon be looking for most worrying aspects value contribution that true interim the next challenge. management can make to their Interim Management In short, it makes them highly of the market at the operation. committed and results oriented. As with all business situations, the Secondly, why should you use a moment is the cheapest option does not always equate member of the Interim Management the best value nor the right quality, and Association? Members have set a very tendency for in a proportion of the cases; what the By Robert Lambert high entry level in terms of the delivery company needs is an experienced of services to the client. clients to shop interim manager. All members subscribe to the Code of If you are in a position that requires an Practice that can be viewed on our around and treat experienced career interim manager, y initial thoughts when I was practice I spent five years as a practicing website and the Association is regulated you can minimize the risk by invited to become Chairman of interim manager. All my roles were at through the membership and the process as a approaching a specialist interim Mthe Interim Management board or senior management level and disciplinary committee. management provider. Association were: as a result I was able to contribute Within the Association, there is a real contingency In doing so, you should establish how • How can I increase awareness of the significant added value to the desire to differentiate the service that the provider adds value to the process benefits of using Interim Managers companies that engaged me. we offer and to create clear water recruitment and their exact method of operation. • How do I differentiate IMA members It is hardly surprising then that for me between Interim and Consultancy at one Ensure that you know how much the from non members and one of the key objectives for career end and contracting and temp agencies exercise.” provider is taking as margin and ensure • How do I ensure that users of Interim interim managers should be their ability at the other. that it is competitive and finally Managers get a quality service to demonstrate significant added value. One of the ways in which the majority the market will register with everyone remember that the best value does not Some months later, my thoughts have Their ability to do this can only be of interim providers operate is to work in an effort to secure an assignment. always mean the cheapest. not changed. I see these three achieved if clients are appointing people with a selected group of career interim Many of these individuals will be Above all else, if you get the wrong requirements as being my key initiatives to line management roles, setting out managers whose skills and track record looking to secure a permanent role and interim it can cost you money so during my term as Chairman. clear goals and giving them the are well known. will not be in the right frame of mind to minimize the risk and go to an authority to get on with the objectives. Such providers will only deliver the add real value to the operation. IMA provider. SO HOW CAN WE ADDRESS THESE In this way they can use their details of two or three individuals that Thirdly, one of my favorite expressions

KEY ISSUES? independence to maximum advantage demonstrate the correct skill set. is that “you do not get quality products www.search-consult.com Firstly, let us look at the benefits of and make a real difference to company Experience demonstrates that the from crap raw material". using interim managers. Prior to performance. In my opinion a good individuals who deliver the results are Interim management is no different For more information, contact: running an Interim Management career interim manager should be able those that exhibit the right management and in this case when using interims Web: www.interimmanagement.uk.com Robert Lambert

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A total of 1,651 interim assignments Manufacturing was the single largest were completed during the period, sector, which used interims (16%) with which provided an average of 1.46 more than a quarter of assignments in assignments per interim. The average 2002 at the highest executive level length of assignments (please see (27%). Some 15% of these Interim Management below) showed only slight variation on assignments were at rates of £1,000 the previous year. per day and higher.

LENGTH NO % PRIOR YEAR % on performance related bonuses, Up to 3 months 347 21 16 “there was an particularly those in managing director 3-6 months 389 23 19 turnaround roles with clearly definable 6-9 months 422 26 34 increasing perception end results. 9-12 months 323 20 19 My own view here is that the 12 months + 170 10 12 that interim care manufacturing sector has been in a in the UK TOTAL 1651 100 100 prolonged period of turbulence and, was fast becoming subsequently, has been importing experts in the form of interim a key differentiator executives to introduce new management techniques and effect in the market changes critical for survival. By Patrique Habboo Similarly, financial services had place” been going through a difficult period. The largest annual survey of interim had failed to obtain assignments. Nearly a quarter of the 237 managers in the UK, conducted by These ranged from being over assignments were in change and Praxis Interim Management, has qualified to being considered too old. As at 1 February 2003, 46% of project management. Companies in highlighted some of the main concerns Clearly, ageism in the workplace is still interim managers were on assignment this sector were responding to the of practitioners. In this article Patrique a real issue. compared with of 43% for the same challenges by changing their business Habboo, Managing Director of Praxis, There was a general feeling that date last year. Given the feedback on models and engaging external interim discusses some of these concerns and providers should do more to retain the the state of the market, this was executives to help manage and drive other issues raised in the survey. loyalty of their interim managers by perhaps surprising. But it may well through these change projects. giving them greater support. Concern indicate that the market was already The percentage of interims assigned ne of the areas we wanted to was also expressed about the poor beginning to show signs of recovery. at rates of £1,000 a day and above was explore with interim managers briefing interims receive from However, 59% of interims surveyed 38% in financial services, which Owas what they felt was providers and a general lack of believed that market conditions for The public sector with 14% of total reflected the senior nature of their influencing daily rates, especially feedback. Many cited examples of interim management were worse in assignments moved from fifth place in assignments. Many of these people since there was a general consensus their phone calls not being returned. 2002 than in any previous year, with 2001 to joint second with financial were leading huge programs of change that rates had declined in certain An important lesson to be drawn only 9% stating that they were better. services in 2002, which was the that would effectively restructure their sectors over the previous 12 months. from the survey was that there was an Interims’ predictions for 2003 were largest sector move and revealed the industry in preparation for the next There was an overwhelming view increasing perception that interim care generally more positive with 72% boom area for interim managers. The upturn in the economic cycle. Patrique Habboo that pointed the finger to two factors. was fast becoming a key differentiator sharing the view that the market main areas of employment here were Again, I feel that ahead of any Firstly, the growth of “non career” have made a major contribution to in the market place - point that should would pick up, albeit not until the finance and IT (16% and 15%), which general pickup in the economy there interims - professionals who had been declining daily rates or at least further not be lost on providers. second half of the year. Concern involved organizational change and are always green shoots of an made redundant and while searching confused the market place about the The survey was conducted over a continued to be expressed about the project management assignments. economic revival. When that happens, for new permanent positions were role and benefit of interim managers. number of weeks earlier in the year pressure on daily rates and activity However, telecoms (8%), energy clients need to bring in people at very making themselves available for Similarly, a significant number of and involved responses from almost levels apart from those at the ‘low (6%) and food and drink (5%) were short notice with the requisite skill temporary assignment work. interim managers felt that their clients’ 1,400 interims. Of these, 146 had not end'. sectors that showed the lowest use of levels. Using interim managers allows Secondly, there was the emergence of knowledge of the role and value of worked throughout the course of Analysis of daily rates showed that interim managers in 2002, and despite companies to meet the upturn in “pseudo” interim providers such as interims continued to be poor. There 2002-2003 and a further 122 had only although 33% of assignments were being distressed areas, the low demand without adding fixed costs. some management consultants and was an educational issue that they felt completed consultancy work. The secured at daily rates of approximately demand was thought to reflect the fact

recruitment agencies, who were now providers should take steps to address. survey, therefore, focused on 1,130 £400 per day, activity at the higher that these sectors were at different www.search-consult.com treating interim management as an This was further reinforced by a “pure” interims, making it the largest end of the market was still significant stages of the economic cycle. adjunct to their core services. worrying number of interims who survey of its type of interim managers with 22% of assignments being The survey also showed that there For more information, contact: Combined, these factors were felt to quoted similar examples of why they in the United Kingdom. secured at £801, or more, per day. were an increasing number of people Web: www.praxisinterim.co.uk

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a worldwide challenge

By Peter Felix, AESC President

he recent decisions on affirmative strategies and some have begun to AMR Corporations had even directly action by the Supreme Court in the change. But realistically, generational supported the University of Michigan’s TUnited States brought a double change is likely to be the most important defence in the Supreme Court hearing. message: Diversity efforts are acceptable, influence. What does all this mean for Executive but quotas aren’t. Shining a powerful White males still run major parts of Search? Simply put - a lot. This Supreme spotlight on a pervasive theme in Corporate America - in Europe it’s even Court decision way well be one of the American organizational life the Court has more the case. Niall Fitzgerald, Co- most important in recent Civil Rights made people sit up and reevaluate their Chairman of Unilever in London, said history and will do much to sustain and efforts to help create a multiracial and recently about a gathering of his 100 top underpin diversity programs within ethnic society. managers in Costa Rica, amongst whom organizations. As search professionals, “In order to cultivate a set of leaders there was not a solitary woman: “We’d we are in a unique position to help clients with legitimacy in the eyes of the never had that group together before. It achieve their goals in diversity and help citizenry, it is necessary that the path to was only when I saw the all male line up implement affirmative action as a leadership be visibly open to talented that I thought, ‘My God, how can we have selection tool in a positive and helpful and qualified individuals of every race put so much into gender diversity and see manner. and ethnicity." So said Justice Sandra Day no reflection of it in the top leadership?" What takes root in the United States O’Connor who gave the casting vote in But in the United States its not just invariably ends up in Europe. The favour of the University of Michigan’s about gender. Its as much, if not more, Supreme Court decision may well have contention that affirmative action in the about race and ethnicity. These issues a ripple effect across the Atlantic and admissions policy for its undergraduate have yet to loom so largely on the contribute to long term changes there law school was legal. European radar screen - but of one thing as well. Ever since the days of the Civil Rights we can be certain, they will. movement in the United States during the US Corporations have seized upon the www.search-consult.com 60’s diversity has been near to the top of Supreme Court decision to support their the social agenda. Many organizations own diversity affirmative actions For more information, contact: have striven to implement diversity programs. A number such as Ford, GE and Web: www.aesc.org

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CAREER OPPORTUNITIES CAREER OPPORTUNITIES CAREER OPPORTUNITIES

Principal or Managing Director Ref 1211 Principal or Managing Director Ref 1217 Partner, Senior Consultants Ref 1189 US - Philadelphia, PA or Washington, DC US - Baltimore, MD UK, Asia & Europe Healthcare Search (and possibly another location) Our client delivers leadership capital to technology, media and telecommunications organisations. They have redefined We are interested in speaking with a Healthcare Search Professional Services or Interim Management Technology resourcing through their specialist focus and professional with a demonstrable background in hospital Search market insight, coupled with a worldwide presence and speed management or nursing. This specific role will involve a Our client is actively interested in expanding this of delivery. Due to exceptional growth and a well defined and large percentage of travel and we seek someone with a generalist global search firm location with search strong strategic vision for attracting the very best Talent from proven successful ability to mentor people. You will be the Executive Search industry, our client would like to invite professionals offering a variety of expertise to experienced, credible and mature individuals with at least 5- IS asked to execute a non-disclosure agreement prior to complement the proven highly profitable existing search 10years executive search experience. You will also have discussing this unique long-term role. There is plenty of practice areas. The search practice areas seeking considerable depth of knowledge and experience within the an international consultancy growth potential and sweat equity will be discussed with representation are: Public Sector, Not-for-Profit, Technology sector. You will have the ability to drive pipeline the right candidate. Technology, Professional Services, Interim Management business and above all possess strong business development and client management skills. If you would like to talk recruiting search professionals For a full discussion please email Georgina Tremayne AMtalent@search- and Management Consulting. If you billed a minimum consult.com confidentially about this role please contact: of $500k in 2002 and you are on track for the same or Alex Jenner-Akehurst for a confidential discussion into search firms, with more in 2003 please contact: [email protected] discretion. Principal Ref 1201 Georgina Tremayne for a confidential discussion [email protected] US - New York City, NY Partner, Consultants Ref 1168 Legal Search UK, Europe For further details: Our client is a leading Global Executive Search organization. 1. www.SearchTalentGlobal.com Offering a substantial sign-on bonus and a minimum 50% Senior Researcher They are renowned for their professional, seamless approach to commission structure, this New York City based Legal US - Chicago, IL Ref 1215 client partnering offering executive search and management 2. Click Current Opportunities (on left) search specialist company is currently interested in assessment services to a global client base. Working across all Technology 3. Enter Ref Number or other criteria speaking with strong individuals with a proven track major markets they have an in-depth market knowledge on record in placing legal professionals at Partner level. JD is Strong research skills and search firm experience are multinational and local levels. They deliver a premium search required for this role at a tier 1 progressive technology service within the Healthcare market working with clients If you are interested in working with an advantage. Mentoring / coaching is actively ranging from early-stage firms, global pharmaceutical encouraged with additional financial reward. The people search firm based in downtown Chicago. You will be an SearchTalent to help you find your next integral part of the team and your role will include: companies, managed care, hospitals and healthcare consulting you will be joining are a highly motivated team who have firms. Ideally you will be closely aligned with the global partner, open a new office or find search created a solid and collegial environment in which to work. Reactive project-oriented research: Proactive knowledge Healthcare and related markets and posess considerable professionals to fulfil a specific role in your For a full discussion please email Georgina Tremayne AMtalent@search- development efforts: Proactive business development management experience within a complimentary environment search team, contact us for a fully confidential consult.com research efforts: Maintaining the integrity of the prior to your career in executive search. You will thrive in an database (FILEFINDER). Please note, you must be willing entrepreneurial, open and collegial environment, dedicated discussion. to work in downtown Chicago and there is no research team and specialist intellectual communication channels as standard. If you would like to talk confidentially 2 Partners Ref 1216 & 1207 opportunity to work virtually. about this role please contact: Alex Jenner-Akehurst for a Georgina Tremayne (US) US - San Francisco, CA and Stamford, CT For a full discussion please email Georgina Tremayne AMtalent@search- confidential discussion [email protected] consult.com +1 201 795 5168 (East Coast) Life Sciences and Technology Alex Jenner-Akehurst (UK) This progressive and exciting tier 1 technology search firm +44 20 8422 9845 with 2 international offices is currently interested in speaking Consultant Ref 1198 with Partners with a focus on Life Sciences as their practice UK/European Equities We are also interested in meeting sector. This search firm’s client base is comprised of Venture Our clients focus is in Asia, Japan and Europe on all aspects of Considered using your Search knowledge in a Capital and emerging companies that are among the most the global markets, particularly : Equity markets, Debt capital Consultants who focus on other sectors or different way? closely watched in the High Technology marketplace. Their markets, Fund management and other Senior financial markets within the Investment and vertical markets are Media, Telecom, Software, Network management positions. The senior management team has US VP Sales, Software firm targeting Executive Search Commercial Banking, Fund Management and Components and several other areas. They are currently extensive financial markets search experience in Europe, North Jersey City, NJ or Dallas, TX America and Asia and bring in-depth local knowledge and Securities Industry who wish to join a global seeking a West Coast partner for the Technology practice. international credibility to the firm. Working with the Global search firm where they can quickly make a We are actively interesting in speaking with Executive Search recruiters The Technology partner will show a track record of billing a Managing Partner to identify, win and oversea senior level or software sales people with the following qualities: demonstrable minimum $1M per annum for 2001 and 2002. This search searches in the Equities research, sales and trading teams of significant impact. Opportunities exist in understanding of the retained search process, good networker, active major blue-chip clients. Pivotal role in developing and involvement in the search industry, collegial, commercially aware, firm is actively seeking a Life Sciences partner that can see various locations around the world. the opportunity to cross-sell and further expand the vertical managing close relationships with a view to taking full honest, motivated, organized, ability to close a sale, business-level responsibility for this sector. If you would like to talk understanding of Microsoft applications, PCs and networks, able to markets for their existing client base. The Life Sciences confidentially about this role please contact: Alex Jenner-Akehurst work without local supervision, great verbal and written partner will show billings of $600k for the same timeframe. for a confidential discussion [email protected] communication skills, comfortable giving presentations, outgoing attitude, occasional willingness to travel both domestically and abroad. The Life Sciences partner will be a key member of the team and will be expected to grow the Life Sciences practice Please call Georgina Tremayne (201) 795 5168 (East Coast) or email within the US with a clear view to expanding it to Europe direct [email protected] for a confidential discussion. and Asia where the existing international offices are located. For a full discussion please email Georgina Tremayne [email protected] www.SearchTalentGlobal.com SEARCH-PEOPLE Some Search Firms offer that Key moves in Executive Search little bit more to their Clients David Winterburn had been elected Chairman of the New York City-based executive search firm Gould, Battalia Winston International welcomes Grant M. Association of Search and Selection Consultants McCoy and Chadick changes its name to Gould Hanson as a Partner in the Healthcare practice for the (ASSC), a division of Recruitment & Employment McCoy Chadick Ellig, with the appointment of Janice firm’s Edison, New Jersey office. Mr. Grant comes to Every firm listed on this page has invested in the “FILEFINDER Client Interaction Module” which is designed Confederation. He has worked in the recruitment Reals Ellig as Managing Director and Partner. Prior to Battalia Winston from Boyden Global Executive to help them to offer a still higher level of service to their clients. industry for 13 years and is currently a Senior her joining the firm, Ms. Ellig was a Principal in the Search, where he served as Managing Director of Consultant at Ramsey Hall Executive Search and Financial Services practice of Heidrick & Struggles. Healthcare strategies in the Summit, New Jersey On request, they will provide you with up-to-the-minute Assignment reports - delivered via the web. You will be Selection. office. Morgan Howard has appointed Marc D. Lewis as able to review information on your shortlist and provide immediate feedback. Particularly in scenarios with multiple Heidrick & Struggles names New CEO and Chairman President of its North American operations. Marc Jeffrey G. Neuberth joins Hunt Howe Partners as decision makers or multiple time zones, this can reduce the search cycle significantly. Contact the firms listed on of the Board. Thomas Friel, who joined Heidrick in Lewis has over a decade of experience in executive Partner and Managing Director. Mr. Neuberth has this page. The list of CIM-enabled search firms is growing constantly, so if you are unable to find a firm in your 1979, has held numerous leadership positions with search and until most recently, was a Founding more than 15 years of executive search experience, the company. Prior to this appointment, he was Vice Partner and leader of Christian & Timbers’ two- most recently serving as a Partner for TMP area, please contact [email protected] for assistance. Chairman of Heidrick & Struggles, Chairman of the office New York region, as well as a key member of Worldwide and previously having served at Russell Technology practice and Chairman of the Leadership the firm’s Corporate Information Technology practice. Reynolds Associates and Canny Bowen. CHASEAMERICA, INC. Fullmark Human Resources Management Ltd Rochester Italia srl Services Group. ✉ USA ✉ China ✉ Italy Korn/Ferry International welcomes John Johnson as Napier Scott has appointed Simon Bell as a Partner in ☎ +1 (561) 622 1120 ☎ +852 2889 3268 ☎ +39 02 87 76 91 A year after departing Heidrick & Struggles, Dona a Senior Client Partner, jointly based in its Cleveland its Wealth Management Search division. Bell comes David Stefan Connie Pun ([email protected]) Valeria Canzi ([email protected]) Roche-Tarry, a top recruiter in the Technology and and New York offices. With more than 26 years of from Alexander Mann Global Markets and prior to ([email protected]) www.fullmarkhrm.com www.rochpar.com Communications sector, rejoins the Chicago-based search experience in the Industrial, Automotive and that, was a Director of Norman Broadbent. www.chaseamericainc.com “Outsourcing - your Partner in human Rochester is an independent specialist search and executive search firm. She left Heidrick & Struggles Consumer Durables sectors, Mr. Johnson has a vast At CHASEAMERICA INC the mission is clear: resources services” - Fullmark offers selection firm which works on behalf of some of for Whitehead Mann last year to co-manage the trajectory. Most recently, he served at TMP/Highland Norman Broadbent welcomes Beth Cauldwell as Recruit top talent for companies in Sports professional, quality recruitment and HR the world’s leading investment banks and financial Technology and Media practice for the London-based Partners. He has also held the position of Chairman at Managing Director of the newly created Supply Chain, Marketplace, Builders and Developers and Golf management solution services to organizations institutions on a regional and global basis. company. Amrop International, as well as President, CEO and Logistics and Procurement division. Ms. Cauldwell Course Communities. That’s the business we that value people as an asset. Worldwide Chairman of Lamalie Associates. comes from TMP Worldwide where she set up and know better than anyone else --- we’re KBS Associates / The Amrop Hever Group Moscow In London, Heidrick & Struggles hires Sally successfully ran TMP’s Supply Chain, Logistics and specialists! The Adkins Group, Inc. ✉ Russia Dunwoody to the Interim Management practice as an Allison Galligan joins Charles J. McBride & Procurement practice. ✉ USA ☎ +7 (0)95 935 8959 Assignment Manager. Ms.Dunwoody helped develop Associates as Managing Director of the New York Integer Consulting Limited ☎ +1 (512) 916 9600 Sophie Vergnas the successful legal recruitment boutique, Quarry search and human consulting firm that specializes in Odgers Ray & Berndtson welcome Darrin as the ✉ China Jeff Adkins ([email protected]) Dougall, which was later bought by the global the real estate and construction industry. Ms. Galligan firm’s Head of Financial Services practice. He comes ☎ +86 (21) 6334 5522 ([email protected]) www.amrophever.com recruitment firm TMP Worldwide. She then worked previously worked at Citigroup Alternative from The Rose Partnership where he was the Head Xinhua Dang www.theadkinsgroup.com Our mission statement - to facilitate progressive at TMP as a Consultant, working on board and Investments, where she was responsible for capital of Equities since 2000. He replaces John Holmes, who ([email protected]) The Adkins Group, a privately held corporation, changes in our clients organizations through management searches in FMCG, Public Sector, Retail, raising for private real estate investments. remains at Odgers in a business development role Matthew Maslin based in Austin, Texas, specializes in delivering bringing those leaders capable of driving and Telecommunications and Financial Services. and will oversee corporate finance and asset ([email protected]) high-quality executive search and recruitment managing complex business solutions. Caliber Associates adds Bettina Bolla as Principal, management recruitment. www.integer-consulting.com consulting services to established and start-up Whitney Group has appointed Jeffrey G. Bell as based in the San Francisco office. Bettina has over ten Headquartered in Shanghai, Integer Consulting is organizations across the United States. Kingsbury Wax Bova, LLC Torres & Partners strengthen its Pharmaceutical Managing Director and member of the Board of years of experience in Retained Executive Search, one of the leading executive search firms in China ✉ USA Recruitment practice with the appointments of Ben Directors. Mr. Bell previously served as Senior both in North America and Europe, focusing on Life focused on hiring senior business leaders for Career Development Consulting Co. ☎ +1 (617) 868-6166 Wood and Jordi Pastor. Ben Wood, who will head up Partner/Director at Spencer Stuart. At Whitney Sciences. Prior to joining Caliber Associates, Bettina multinational and domestic Chinese companies. ✉ China Robert M. Wax ([email protected]) the firm’s Pharmaceutical practice, joins the executive Group, Mr. Bell will work closely with Mr. Goldstein to was a Consultant with a US-top-ten executive search ☎ +86 (10) 8525 2033 www.kwb.com recruitment consultancy from Ahead Consulting Ltd, expand Whitney Group’s client base, open new firm. RSMR Global Resources, Inc. Wallace Gao ([email protected]) Kingsbury Wax Bova, LLC is a global executive where he was a Senior Consultant in the segments of the financial services market and attract ✉ USA Michael Liu ([email protected]) retained search firm, specializing in Financial Services, Rhodes Associates has added David Thalhamer as a Pharmaceutical team. Meanwhile, Jordi Pastor joins as talented search professionals to the firm. ☎ +1 (312) 399 5700 www. www.echinacareer.com Financial Management, Legal, Information Services, Partner as he will focus on the Real Estate industry. a Recruitment Consultant, coming from Armstrong Chris Swan ([email protected]) We provide four leadership services, including: Technology, Security and Printing Industries. During the David N. Schwartz joins Gow & Partners as Senior Previously, Mr. Thalhamer co-headed the Global Real Craven. In addition to an excellent understanding of www.rsmr.com CEO service, Executive Search, Recruitment, last 25 years, we have successfully completed over Partner and Head of the New York base of its global Estate practice at Russell Reynolds Associates. the European pharmaceutical marketplace, Jordi RSMR Global Resources is committed to Outsourcing. 2,000 searches for a broad base of international clients practice. Mr. Schwartz most recently served as Global brings additional language skills, as he is fluent in “Finding Solutions That Work”, a ranging from startup companies to global organizations. Head of Recruiting for the investment banking Catalan, Spanish, Italian and English. comprehensive approach to executive search that The Fiderion Group With offices in Boston, New York, San Francisco and division of Goldman, Sachs & Co. solves clients’ business needs. ✉ USA London we offer our clients an unparalleled resource for ☎ +1 (404) 995 4700 hiring outstanding executives, anywhere in the world. Stephen Raby Associates James B. Norton, III Keep us up to date with any corporate announcements! Email [email protected] ✉ UK ([email protected]) Antesi UK ☎ +44 (0)20 7255 1515 www.fiderion.com ✉ UK Stephen Raby ([email protected]) Backed by decades of experience, Atlanta-based ☎ +44 (0) 20 7847 1807 www.stephenraby.com Fiderion Group provides high-quality, strategic Carl Wynne ([email protected]) Stephen Raby Associates provide a professional executive search, human capital and consulting www.antesi.co.uk and discrete executive search service specialising services. The specialized firms within Fiderion Antesi is a European Company providing executive in fixed income, equity and related financial Group are led by veterans from the financial search in the UK and continental Europe. We markets throughout Europe. services and life sciences industries. specialise in senior management and commercially focussed roles in the consultancy and technology sector. We believe that by investing in our own infrastructure, we are able to provide the highest possible levels of service to our clients.

If your search firm would like to learn more about FILEFINDER CIM, contact [email protected]

26 search-consult ISSUE 16 2003 Technology and the Executive Search Business FREE SEMINARS

ver 350 Search Professionals attended the 2001 “Internet and Search” seminars, presented by Dillistone Systems, the only global software Ohouse specialising in the supply of software and services to Executive Search firms. Now, we present a major update to this series; revealing the results of brand new research into technology trends in your sector, and highlighting the latest products and services that are already generating benefits for many search firms.

Seminars take place in the following locations:

CITY DATE London, UK 23 September 2003 Zurich, Switzerland 30 September 2003 Brussels, Belgium 7 October 2003 Frankfurt, Germany 14 October 2003 New York, USA 23 October 2003

2004 Sydney, Australia to be confirmed Hong Kong, China to be confirmed Tokyo, Japan to be confirmed

All events are FREE and bookings will be taken on a “First-come, first-served” basis. Refreshments will be provided.

To attend, please register online at www.dillistone.com, send an email to [email protected] or call one of the following numbers: USA: +1 (201) 795 1202 UK and mainland Europe: +44 (0)20 7749 6100 Asia Pacific Region: +61 2 9006 1194

Book NOW! We look forward to seeing you at one of our events!