search-consult issue 16

The International Executive Search Magazine

CorporateGovernance

Technology in Search

Executive Searchin Poland

Search in New York

COMING UP

IN FUTURE

ISSUES:

The International Executive Search Magazine

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Incorporat ing Search-Port fo l io with the latest informat ion on Careers in Execut ive Search

F E A T U R E F E A T U R E F E A T U R E F E A T U R E

www.search-consult.comS U B S C R I B E O N - L I N E

Ludwig Heuse German Interim Market

Technology and the Executive Search - FREE seminars

Alain TanugiDoug BugieBespoke Alliance

Nick RobesonInterim Management: Education is Key

Ludwig Heuse German Interim Market

Alain TanugiDoug BugieBespoke Alliance

Nick RobesonInterim Management: Education is Key

S E A R C H - E D I T O R

3ISSUE 16 2003 search-consult

search-consultMANAGING DIRECTORJason Starr

[email protected]

EDITORIALPilar Gumucio

[email protected]

PRODUCTIONMargaret Jaouadi

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search-consult is published by Dillistone Systems

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Front Cover: Alain Tanugi/TRANSEARCH Int;

Doug Bugie/Norman Broadbent;

Nick Robeson/Boyden Interim Management;

Ludwig Heuse/Ludwig Heuse GmBh

© Copyright 2003 Dillistone Systems Ltd

As regular readers will be aware, earlier this year we made the decision tomove towards an increasingly “features” based format for the magazine,with an electronic news service available from search-consult for readers

interested in monitoring events in the industry on a more regular basis. We’ve beendelighted with the feedback we’ve received from these changes, as we are nowable to announce a series of enhancements to our service offerings.

The search-consult e-news service is the first executive search news service toallow subscribers to select which news stories they wish to receive on a regionalbasis. Subscriptions are available to news round ups for North America, SouthAmerica, Asia Pacific, Germany, UK and the rest of Europe. We also offer a “GlobalRoundup” option. Enhancements being launched in September include:

• Feature article news facility: In addition to being able to receive monthly newsupdates via email, we will now be inviting people involved in the search-industry(or as a user of the search industry) to pen “feature articles". These will beprovided free of charge on the website.

• News search facility: We will be uploading all of our e-news stories, and thesewill now be searchable. We will add features and certain magazine articles tothe search facility and so if, for example, you would like to see all of the storiesabout Search in Japan, or if you are interested in all references to Korn/Ferry, thisfacility will prove a valuable tool.

These enhancements are expected to go live on September 15, 2003. Please visitwww.search-consult.com and give them a try and let us know what you think!

We are also announcing a series of free to attend seminars on the topic of“Technology and the Executive Search Business". search-consult magazine ispublished by Dillistone Systems - the global suppliers of software to the searchindustry. Our resources will be pooled to provide a series of events covering topicssuch as:

• The results of new research among Search Professionals • How technology can generate a competitive advantage and justify the retainer• The implications for winning and implementing international Search assignments • Networks versus Integrated firms - how technology is blurring the borders

Presentations will take place in London, Zurich, Brussels, Frankfurt and New York- full details and registration information may be found at www.dillistone.com.We look forward to meeting as many of our readers as possible at these events!

For more news on the search-industry, register with our free newswire at www.search-consult.com

EditorialWelcome to Issue 16 of search-consult

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iinntteelllliiggeennccee �� SSuuppppoorrtt ffoorr mmoosstt iinntteerrnnaattiioonnaall cchhaarraacctteerr sseettss �� TTeecchhnniiccaall SSuuppppoorrtt aavvaaiillaabbllee WWoorrllddwwiiddee

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S E A R C H - M A R K E T


S E A R C H - M A R K E T

4 search-consult ISSUE 16 2003

2003Since search-consult began

publishing in 2001, the mostfrequently requested reprint has

been our survey of the largest firms in theindustry (Issue 8).

After two years as traumatic as any thatthe retained search industry has everfaced, it seemed like a good idea to revisitthe research - and it is no surprise to seethat wholesale changes have taken place.

Prior to the previous search-consultreview, search firms were typicallyanalyzed in terms of revenues. This can bea flawed approach as it “rewards” scale -

big is far from beautiful in the searchindustry. Large revenues mean eitherlarger fees or more assignments. Moreassignments can mean more blockagesand reduced quality of service. It is hard tomake an argument that directly associatessize with quality, at least in this context.

Even if you accept that revenue countsare meaningless but fun, a second problemis the difficulty in measuring the validity ofsearch firm revenues. A US centricbusiness is likely to bill more than aEuropean firm because of relative salarylevels. A network is likely to bill more than

an integrated firm because of crosscharging (on the assumption that thenetwork’s revenue figure is calculated byadding up the revenues of each memberand that the lead member will bill theclient in full, and then be re-billed by theinternational partner with which itworked). More problems. How do youtreat quoted revenues from firms thatprovide services other than the core“Search” business? Board Appraisal?Interim Management? Internet basedRecruitment? Selection? ManagementConsultancy? Painting and Decorating?Most search firms are private, and so tryingto read anything into the top line revenuefigure becomes close to impossible.

Of course, while “bean counting” may bea flawed approach to analyzing the relativestrengths and weaknesses of search firms,our approach of simply “counting flags” isnot necessarily much better. The fact is thatthe degree of integration between some ofthe companies listed on these pages varieshugely. The Cornerstone Group is anextreme case. Cornerstone is, essentially, afranchise. Unlike other franchises,members do not pay an “up front” fee tojoin; membership fees are calculated as apercentage of referral fees. By definitionthis means that the links andcommunications between members tend tobe weaker that those that underpin anintegrated business in which everyregional office is forced to achieve quarterlyrevenues on behalf of its head office.

However, Cornerstone - and other, noneintegrated firms- are made up of real,genuine, executive search businesses andwe feel that in a survey of this sort,Cornerstone should not be arbitrarilyexcluded (Cornerstone was not included inthe last issue of the survey, and is notnormally considered by the KennedyPublications / Hunt Scanlon listings).Moreover, is the business model in anyway comparable to that of an industry titansuch as Korn/Ferry International? Beyondthe core service that it provides, it probablyisn't. But “not comparable” does notnecessarily mean “better” and does notnecessarily mean “worse” and, at leastfrom the perspective of the client - whocares anyway?

Networks such as Cornerstone wouldargue that lower integration does not meanlower service; that local ownership allowsa firm to react to the needs of the localclient in a way that public firms cannot.That is a stance that the market may bebacking - it is noticeable that the “networkfirms” have, as a whole, performed betterthan public businesses.

SO, WHAT DO THE FIGURES REVEAL?Two years ago, the big three were made

up purely of integrated firms. In fact, thebig three were made up of four integratedfirms. Heidrick and Struggles andKorn/Ferry International (First and Thirdrespectively) have both been forced tomake serious cutbacks. Heidrick inparticular has seen a dramatic fall in officenumbers (from 81 to 57, down from First toEighth in our table). Second place wastaken by an alliance between twointegrated firms - The US based DHRInternational business and Europeanfocused H. Neumann International are nolonger in partnership and, as individualplayers, have dropped to the lowerechelons of the global rankings.

Korn/Ferry maintains position number 3,but they have now been overtaken by bothIntersearch and, at the top position, TheAmrop Hever Group. The Amrop HeverGroup was formed from the ashes of theAmrop and Hever networks and is as wellregarded for the quality of its work as it is

for the number of offices that it boasts.Looking at the regions, in North America

DHR International boasts the largest spreadof offices (although, it should be noted, thata number of the locations are “singleconsultant offices"). In Central and SouthAmerica, Amrop /Hever takes pole position,while the network with the largest spreadin Europe is AIMS. In Asia, the recent ofaddition of Bo Le Consultants means thatStanton Chase has edged ahead of Boyden.

Our last review of the industry finishedwith the following comment, “Thesefigures provide a snapshot of an industry inturmoil. Offices are closing, firms aremerging, networks are restructuring. Wewill carry an update of this review in 12months time - and predict a very differentset of results."

While we were correct in predicting

major changes in the industry, the fact thatwe were unable to predict our publishingschedule means that Nosferatu probablyneed not fear our competition. For what it’sworth, however, we do believe that in 12months time we will be reporting on amuch stronger industry, that the currentfigures represent a “bottoming out” andthat as a result of this, we will be reportingon more, rather than less, offices.

Date Source:

The majority of the information in this survey has been

provided directly by the search firms, and a sample of

this has then been validated. In some cases, firms have

been unwilling/unable to provide the information we

solicited, in which case search-consult staff has

undertaken the research directly. Therefore, while

every effort has been made to ensure that all the

information is accurate, no guarantee can be made.

The GlobalSearch Firms

NAME N AMERICA OTHER AMERICA EUROPE S.E. ASIA OTHER TOTALTHE AMROP HEVER GROUP 9 10 43 14 3 79 (58)

INTERSEARCH 10 6 46 10 2 74 (34)

KORN / FERRY INT 25 8 21 15 69 (71)

BOYDEN INT 17 6 28 16 1 68 (60)

CORNERSTONE 26 3 20 15 3 67 (n/a)

AIMS 7 47 11 65 (n/a)

EGON ZEHNDER 12 6 29 12 59 (57)

HEIDRICK & STRUGGLES 18 6 21 11 1 57 (81)

TRANSEARCH INT 9 8 28 8 2 55 (52)

STANTON CHASE INT 15 6 14 18 1 54 (n/a)

SPENCER STUART 18 5 21 7 1 52 (52)

IIC PARTNERS 11 1 22 11 45 (34)

EMA PARTNERS INT 14 6 19 2 41 (29)

RAY & BERNDSTON 8 5 23 5 41 (47)

DHR INT 38 38 (n/a)

TMP / HIGHLAND PARTNERS 18 14 4 36 (32)

WORLD SEARCH GROUP 10 2 13 7 2 34 (40)

ACCORD GROUP 6 1 19 5 1 32 (33)

RUSSELL REYNOLDS 13 1 11 6 31 (33)

HORTON INT 1 2 18 8 29 (38)

AT KEARNEY 14 1 9 4 28 (29)

IMD INT SEARCH 1 26 1 28 (n/a)

SIGNIUM INT 5 2 14 6 27 (n/a)

H. NEUMANN INT 25 2 27 (n/a)

ITP WW PARTNERSHIP 5 1 7 7 20 (28)

PENRHYN INT 3 1 8 3 15 (n/a)

TOTAL 313 87 546 208 17 1171

TABLE 1: Leading firms by number of offices

By Jason Starr

NAME N AMERICA OTHER AMERICA EUROPE S.E. ASIA OTHER TOTALDHR INT 38 38

CORNERSTONE 26 3 20 15 3 67

KORN / FERRY INT 25 8 21 15 69

HEIDRICK & STRUGGLES 18 6 21 11 1 57

SPENCER STUART 18 5 21 7 1 52

TMP / HIGHLAND PARTNERS 18 14 4 36

BOYDEN INT 17 6 28 16 1 68

Table 2: DHR International leads in North America

NAME N AMERICA OTHER AMERICA EUROPE S.E. ASIA OTHER TOTALTHE AMROP HEVER GROUP 9 10 43 14 3 79


TRANSEARCH INT 9 8 28 8 2 55

HEIDRICK & STRUGGLES 18 6 21 11 1 57

BOYDEN INT 17 6 28 16 1 68

STANTON CHASE INT 15 6 14 18 1 54

EMA PARTNERS INT 14 6 19 2 41

EGON ZEHNDER 12 6 29 12 59

INTERSEARCH 10 6 46 10 2 74

Table 3: The Amrop Hever Group leads in South America

NAME N AMERICA OTHER AMERICA EUROPE S.E. ASIA OTHER TOTALAIMS 7 47 11 65

INTERSEARCH 10 6 46 10 2 74

THE AMROP HEVER GROUP 9 10 43 14 3 79


TRANSEARCH INT 9 8 28 8 2 55

BOYDEN INT 17 6 28 16 1 68

Table 4: AIMS leads in Europe

NAME N AMERICA OTHER AMERICA EUROPE S.E. ASIA OTHER TOTALSTANTON CHASE INT 15 6 14 18 1 54

BOYDEN INT 17 6 28 16 1 68


CORNERSTONE 26 3 20 15 3 67

THE AMROP HEVER GROUP 9 10 43 14 3 79


Table 5: Stanton Chase strong in Asia Pacific Region

S E A R C H - M A R K E T R E V I E W


China:The Challenges

AheadBy Vanessa Moriel

An abundance of businessopportunities in China havecreated unprecedented

recruitment challenges. Corporateclients have become savvier about thetalent market. At the same time, talentedcandidates are being courted as neverbefore. Localization of seniormanagement is in full swing. Being aMatchmaker in this environmentrequires a firm grasp of the currentrealities of the hiring and retainingprocess. The following list of factors thataffect hiring decisions will enlightennewcomers and serve as a refresher forthe ‘Old China Hands'.

DIALECTS• Sales managers who don’t speak

Cantonese in South China, are notgreatly welcomed by their clients ortheir team, even though the national

language is Mandarin. The same istrue for being able to speakShanghainese in Shanghai, whichthereby considerably reduces thesearch target areas and pool.

INTEGRITY• Fake certifications. • False information in resumes where

discrepancies arise concerning jobtitles, responsibilities or reasons forleaving their previous jobs.

• Claiming inflated annual packagesduring interviews. Trying to obtain bigjumps since the recruitment market isoften driven on compensationincrements of 15•20% of the currentpackage. Therefore, reference checks andemployee verification with previousemployers are a must, even on anearly pre•selection stage, helping

avoid problems from arising in the future.

CULTURE AND PERCEPTIONS • Chinese managers prefer not to work

for Japanese or Taiwanesesupervisors. Yes, history plays a partin this, but senior managers fromthese two countries have not made aneffort to correct this misconception.Therefore, corporate branding andimage is key while retaining andrecruiting key staff.

• There are strong preferences to workfor North American companies becausethese companies heavily invest intraining, people and careerdevelopment. In fact, according to aHewitt Survey in 2002, a company’speople•oriented philosophy and highcompetitive packages are the keyfactors that sway candidates’ decisions.

The Challenges Ahead

China:

By Vanessa Moriel

S E A R C H - M A R K E T R E V I E W


Kong) or overseas Chinese orwesterners fluent in Mandarin. Inorder to bridge the communicationsgap, companies end up having to payhigh ex•pat packages and convincethe managers that the benefitsoutweigh the difficulties of working andliving in a second tier city.

COMPETITIVE PAY• Chinese employees have a strong sense

of estimating their value in the marketand are always comparing salariesamong their peers to see where they fitin. In turn, this creates a verycompetitive atmosphere in the market,as professionals strive to be equal orabove the market benchmark.

LOCALIZATION• A company’s efforts to localize top

management positions communicatepotential upward mobility toemployees. Chinese managers are mostattached to companies that do not haveglass ceilings. For example, we havefound a number of managers reluctantto work for Japanese companies whereit is believed only Japanese nationalshave decision•making power and thepossibility to aspire to a managerialrole. The number of Japaneseexpatriates in Japanese corporations isbelieved to be among the highest inChina, appearing to highlight thisbelief even further.

Although these challenges should notbe exaggerated, the reality is thatinternational corporations are facing areal challenge while trying to recruitChinese managers who are able to bridgethe gap. Within this context, the role ofthe search consultant becomes vital as theknow how of local market trends andtricks in this dynamic economy can makeall the difference.

LACK OF CANDIDATE MOBILITY • Moving to a second tier city. Tianjin is a

city with about 1 million habitants andwell known as a high tech andindustrial center. We shouldn’t forgetthat the city infrastructure has nothingto do with the number of inhabitants.

• Moving to a different province or region.A southern Chinese moving into aNorthern city or vice versa. Managersoften face resistance from theirco•workers or clients.

• Moving out of Shanghai. Someprofessionals tend to feel that byleaving this city they will lose theenormous amount of businessopportunities and learning experiencesthat Shanghai, as a leading edge city,offers.

TITLE AND REPORTING STRUCTURE• ‘Face’ has a strong influence on

professional career moves. As a result,titles, seniority, reporting lines, powerand prestige are key considerations forChinese managers. It is important toremember that the single mostimportant cultural aspect that pervadesall relationships with Chinese people isthat of “face". “Face is a complexconcept that defies easy definition butwhat it really boils down to is makingpeople “feel good” • with you andwith the situation. “Respect",“self•esteem” and “worth” are all boundto this concept as are “rank” and“social position".

INTERNATIONAL EXPOSURE• Overseas working experience or

exposure, training, and education arehighly sought after opportunities. Although this has been an old practiceto attract and retain talent it serves as adouble•edged sword, forcing somecompanies to implement strict sanctionsif the employee leaves. This practicehas a negative impact on candidateswho feel they are been treated unfairly.For example, an employee of a worldleading media conglomerate wasoffered sponsorship for an MBA. But, asa result, the employee would have been

required to sign a 10•year contract. Theemployee would have had to pay a100% of the amount with nodepreciation over the course of that10•year contract. The employee’sresponse was “ Is that all I am worth? “The end result was that the employeesoon left the company.

NEW COMERS TO CHINA MARKET• The constant arrival of new companies

in China has caused a battle to attractkey talent. Companies must implementcreative actions in order to fulfillemployee expectations• not only interms of compensation, but personaljob satisfaction as well.

• Set new compensation trends whiletrying to attract the best people andtherefore, tend to inflate salaries.

CORPORATE IMAGE • Company success, market commitment,

awards such Asia’s Best Employer anddistinctions such as being a Fortune 500company strongly influences job choice.This is quite beneficial to the companiesincluded in this prestigious group, butcreates barriers for smaller players toattract key talent. Furthermore, thereputation of a company in China is acritical factor when choosing a job,forcing a number of multinationals toenhance their images. It is importantto note that a company’s world•wideranking is not necessarily the Chineseequivalent as perceptions vary greatly.

EMPLOYEE TURNOVER• There is a lack of value placed on job

loyalty, therefore it is vital to adviseclients on retention strategies andbrief candidates on the importance ofnot being perceived as a “job hopper".

FOREIGN LANGUAGES SKILLS • Outside the first tier cities (Shanghai,

Beijing, Shenzhen, Guangzhou), foreignlanguage skills are lacking. A numberof foreign managers have expresseddifficulties in finding acceptable Englishlevels, forcing them to bring in thirdcountry nationals (e.g. Taiwan, Hong


For more information, contact:

Web: www.fiducia-china.com

S E A R C H - F E A T U R E




Web: www.transearch.com

association will provide users of NormanBroadbent’s search services with benefits,“We have always felt that TRANSEARCH’sAESC membership is another asset. Ouroffices have found that AESC membershipnot only gives them more legitimacy, butalso an extra marketing edge," says Alain.

“We have 52 offices in 35 countries, thismeans that Norman Broadbent now hasaccess to these 52 offices in 35 countries!"Tanugi also believes that the internalknowledge transfer (yearly conferences forpartners, consultants and researchers) isanother valuable benefit for many of theTRANSEARCH offices.

As I recall, TRANSEARCH prefers ashare swap arrangement when openingnew offices? Norman Broadbent being apublic company, this was obviously notpossible. How did you structure thealliance?

Bugie answers, “We have signed amembership agreement withTRANSEARCH. A management fee is paidon a yearly basis. The benefits of beingpart of a global organization are thenavailable to us."

“We have opened offices in the pastusing the share swap principle, yes, butwe have to be flexible in the currenteconomic climate. That is what survival isall about," Alain adds.

Does this imply a strategy change forTRANSEARCH?

“We have not abandoned our plans tohave strong key representatives in all themajor economic centers. We might notnecessarily insist that they are whollyowned or even partly owned by us. This ispart of getting the right people on board.We do whatever it takes to keep ourservice at an excellent level!" Tanugiassures me. He continues, “We have justopened an office in Amsterdam. In Asia wehave just appointed an Asia-PacificDirector, Vincent Swift and was also joinedby two more offices in Hong Kong andBangkok. So we are still moving in thesame direction."

Is there any change in your plans toexpand in the US? Norman Broadbenthas an office in the US if I am notmistaken?

Bugie comments, “ Norman Broadbentand TRANSEARCH have signed anagreement to be in partnership in the UK.This implies that even though NormanBroadbent has offices in other countries, itwill remain business as usual for theseoffices. There are overlapping offices inone country, Spain, but we do notanticipate any conflicts arising there."

Tanugi continues, “We do have severalNorth American affiliates and we are verypleased to have them in our midst. We doneed more partners in the US however andwe are currently exploring our optionswith the help of our North Americanpartners."

What has been decided with regardsto branding?

Bugie stated, “The Norman Broadbentbrand will remain firmly nailed to the mast,but our association with TRANSEARCH willbe made clear through marketing materialssuch as business cards."

Alain adds, “ We acknowledge that theNorman Broadbent brand is particularlystrong in the UK. TRANSEARCH would liketo use that as an advantage."

Norman Broadbent offers a range ofservices, while TRANSEARCH is morefocussed on search. Will there be anychanges and what is the implication inpractical terms?

Alain answers, “This only complementsthe current service offering. Therelationship is designed to enhance ourcapabilities on both fronts as a number of

TRANSEARCH offices have successfullystarted to make a breakthrough in a widerrange of services. “

“We do know that our growth isdependent on talented consultants, soattracting and retaining search consultantsremains a priority for Norman Broadbent.The search arm of Norman Broadbent hassigned on as a TRANSEARCH member,"says Doug.

Doug has known Alain for over 12 yearsand has observed his work with interest.He has always thought that theFrenchman’s approach to search isrealistic, proactive and direct. This iswhere they seem to find similarity in theirvision. They are both direct and veryrealistic about what to expect from eachother.

Alain adds that one of the mainprinciples in TRANSEARCH has alwaysbeen to: “think globally and act locally! Wemake sure we have quality people in thevarious offices, this ensures that we fostertrust and camaraderie from day one thismakes cross office work so much easier aswe are all working towards the same goal;finding the best possible talent for ourclients, no matter where they are!"

Alain is further convinced that this is theright combination of competencies andconcludes, “I believe that the culturescomplement each other very well. We arenow in a position to have a substantialpresence in the UK, while NormanBroadbent will be able to project itselfglobally with access to all our offices in theworld. I feel very positive about thematch."

Alain Tanugi and Doug Bugie are two ofthe most charismatic individuals in ourindustry. Both men are tremendouslyenthusiastic about the deal, and - withTRANSEARCH now positioned as a majorplayer in the UK, and with NormanBroadbent now part of a major groupinternationally, it certainly seems that theenthusiasm is well placed.

“think globally and act

locally! We make sure

we have quality people

in the various offices

this ensures thatwe foster trust andcamaraderie from day one.”

S E A R C H - F E A T U R E


By Jason Starr

Bespoke

AllianceThe Partnership between TRANSEARCH Internationaland Norman Broadbent

The search industry has had a toughtime of it. Commentators believethat in excess of 500 businesses

have left the industry, whilst many ofindustry majors have scaled downdramatically. Few search firms haveescaped the toughest period that mostpractitioners can remember, unscathed.

Further evidence of this trend can beseen in our “Global Search Firms” featureon page 4. However, as the long hope forrecovery gathers pace, two of the bestrecognized names in Search -TRANSEARCH International and NormanBroadbent International - have announcedan alliance designed to enable bothbusinesses to enhance their internationalexposure.

We spoke to Doug Bugie, Chief Executiveof Norman Broadbent International in2002. Bugie joined a business that hadbeen through turmoil - formerly one of thelargest search firms worldwide, NormanBroadbent had been reduced to a businesswith wholly owned offices in the UK andSpain only, and with a license in the US.Bugie spoke candidly of his plans forexpansion, “Our strategy will be differentin different markets. In the UK, we will besearching for top consultants to join the

existing business. In other markets we mayacquire, grow organically or look at thelicensing option. “

This, in part, came to fruition. The dealbetween his firm and TRANSEARCH isunusual; it does not simply duplicate thetraditional licensing arrangements, and isnot an acquisition. Alain Tanugi , ChiefExecutive of Transearch International,comments, “Over the past years we haveseen that many search firms determinetheir modus operandi by looking to their

peers. We believe this relationship isunique in that, rather than copy ourcompetitors, we’ve looked at the needs ofour clients and our own businesses, andstructure an arrangement that, we believe,will prove to be beneficial to each."

The deal announced in June took manyobservers by surprise. In practice, it hadbeen under negotiation since late 2002and is perhaps one of the best-kept secretsin the industry.

I met Doug Bugie and Alain Tanugirecently and asked them to outline whythe firms had got together.

Bugie believes that this was the bestroute to develop the Norman Broadbentbusiness further. “It is now more true thanever, executive search firms have to haveglobal capabilities if they want to serviceglobal clients. The best method to obtainsolid and relatively rapid internationalgrowth is to join a group likeTRANSEARCH."

TRANSEARCH International is ranked atNumber 9 in the search-consult industryrankings (based on global reach) andnumber #11 in the Kennedy Informationrankings (based on revenues), NormanBroadbent expects to see benefits of scale.Tanugi also feels that the TRANSEARCH

Doug Bugie and Alain Tanugi

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Americas - Europe - Paci f ic Region

LAWSUITS AGAINST EXECUTIVE RECRUITERS

ARE ON THE RISE“Change Your Contract, Rather than How You Do Business”

By Michael J. Revness

Lawsuits against Executive Recruitersare on the rise. Leading insurancebrokers and lawyers across the

country report that lawsuits againstExecutive Recruiters have soared by 30%over the past few years, and show no signof letting up. These lawsuits generallyinvolve allegations of unqualifiedcandidates, failure to perform backgroundchecks or improper screening. Thelawsuits are costly to defend. Moreover,because clients invariably seek lost profitsarising from business interruption, it is notunusual for clients to seek tens ofthousands, if not hundreds of thousands, ofdollars in damages.

A few years ago, clients were morewilling to welcome Executive Recruitersinto the corporate family and work withthem when challenges and problemsarose. Today, however, when there areproblems clients do not hesitate to hirelawyers and race to the courthouse.Clients defend their race to the courthouseby arguing that they are looking to bringsome accountability to the ExecutiveRecruiter Profession; Executive Recruiterscounter that they are simply scapegoats forcorporate executives seeking cover.

As a result of the flood of lawsuits,Executive Recruiters are being more carefulin how they approach a new assignment.Handshake and verbal deals have beenscraped for written contracts with legalprotection. And many Executive Recruitersare insisting that two key provisions bewritten into the contract: a Limitation ofLiability Provision and a One Year TimeLimitation to File Suit.

A Limitation of Liability Provision is a

contracted-for term, which caps themonetary liability of the Executive Recruiterin the event of a lawsuit. The most commonlimitation of liability provision caps theliability of the Executive Recruiter to apercentage of the finders fee paid to it bythe client. This precludes the client fromrecovering consequential damages, such asloss of anticipated profits-which can becrippling and send an Executive Recruiterinto a financial crisis or bankruptcy. Inmost states across the country, limitationsof liability provisions are valid and

enforceable so long as they are properlydrafted. Moreover, most states, includingPennsylvania and New Jersey, allow firmsto limit liability even for breach of contractand negligence.

A One Year Time Limitation to File Suit isa contracted-for term, which modifies theotherwise applicable statute of limitations(usually 2 to 4 years) and provides that anylawsuit against the Executive Recruitermust be filed within one year of the date ofthe hire. This provision helps prevent

against the difficulty of defending a lawsuitfiled 2 or more years after the allegedwrongful act or conduct when memorieshave faded, documents have been lost ordestroyed and witnesses have moved orpast on. This provision is enforceable inmost states, including Pennsylvania andNew Jersey, so long as it is properlydrafted.

Don’t expect clients to roll over andagree to these and other contractualprovisions without some persuasion. Onenegotiating tactic, however, which hasproven the test of time, is as follows. TheExecutive Recruiter should advise the clientthat the fee being charged is based uponthe liability being assumed by theExecutive Recruiter in the contract. Then,offer the client a greater limitation ofliability or longer time period to sue inexchange for higher fees. This negotiatingtactic usually results in a “win win” for theExecutive Recruiter; that is, the client eitheragrees to the original limitation of liabilityand one year time to sue, or agrees to paythe Executive Recruiter more money formore protection.

The Executive Recruitment business ischanging. It has come far from the dayswhen clients welcomed ExecutiveRecruiters into the “Corporate Family".Rather than changing how you do business,consider changing your legal contract toenable you to prosper in the currentbusiness and legal environment.

Michael J. Revness


For more information, contact Mr. Revness:

Tel: www.kurtzrevnesspc.com

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S E A R C H - I N T E R I M M A N A G E M E N T




By Nick Robeson

Interim Management:

Education Is Key

The PC. A world market of perhapsa dozen, one expert said. Thenthere was the cell phone.

Europe’s biggest mobile phonedistributor in 2003 took nine months tosell his first batch of 26 back in 1986.There was the Internet: effectivelyinvented in California in 1962 byacademic Douglas C. Engelbart - but itonly took off in 1998. Yes, that recently.

Then, in each case, culture changetook over, acceptance stormed in andentirely new economies in parts of theworld about which we’d rarely heardstarted dominating markets we didn’tyet know about. We thoughtScandinavia was about Volvo andAbba. It soon became Nokia andEricsson.

Progress was stretching the elasticrope to its limit, and progress won. Theworld leapt forward again and again.

It’s much the case with interimmanagement. The difference is thatprogress has traditionally been downto technology. This time progress isgoing to be down to a fundamentalchange in the DNA of how we dobusiness.

We, as an industry, have a massiveeducation job to do across Europe. But

it’s not necessarily a selling job. As partof the business community we have aduty to educate. And the way manybusinesses are currently operating isnot getting them top marks.

Business commentators acrossEurope have put the way we workunder intense scrutiny. Which countrieswork hardest - the UK tops that league

- the development of remote working,work-life balance, working smarter-not-harder - comparing the intensity ofnorthern European business drive withthe relaxed approach of theMediterranean economy-makers.

But the key to tackling tougheconomic times - and I’m not talkingabout downturn, but a period whendecision-making has never been more

of a challenge - lies not with the front-line workers, but with the corporatepolicy-makers.

The time is here, right now, for everybusiness in Europe to put interimmanagement on the agenda. But thenmost people reading this article believethat. The challenge is that we takeresponsibility for the industry’s futureand we embark upon an aggressiveeducation program highlighting theclear fact that interim executives makea difference.

Dutch born, the perception is actuallythat interim management is “anAmerican thing” carrying all thepeculiarities of American businessculture. Wrong. Right now interimmanagement is equally skepticallyviewed across Europe, businesses areequally ignorant - but a secret businesssociety of interim executives, serviceproviders, professional advisers and aselect collection of businesses acrossthe EU is once again pulling at progresson its elastic lead.

There’s a complex collection offactors influencing the widespreadadoption of interim management as anaccepted business tool. It is the lastremnants of a business handicap we

thought had been long-since banished:resistance to change. But every state inEurope is in a state of change. Everycountry is trying to establish itself atthe perceived ideal economic level, andevery country is subject to differentinfluences: they’re striving to get in tothe EU; they’re striving to make themost of membership; they’re fastprogressing towards parity after escapefrom old centralized economy. Everybusiness, therefore, is in a state of flux.Every business has to change, somemore than most - and it’s “the some”where interim management couldmake a difference.

If only they fully appreciated whatinterim management actually is.

Perhaps the biggest challenge is thatthe businesses that most need interimmanagement are the ones least likelyto consider it. The very people who arerunning businesses that need tochange are of a generation that believethey can change it themselves, andthat they should progress byceremoniously instigating and drivingthe ponderous process of getting to thepoint of making “The Big Appointment”to a senior management role.

Given golden handcuffs and stiffcontracts, that could take a calendaryear. Some markets are undergoing ayear’s worth of change in weeks - yetthe businesses are standing still.

The answer: immediate availabilityof an interim executive. In the UKthey’re often considered to be “bloodyexpensive temps". But everybodyclosely associated with interimmanagement knows that’s far from thetruth.

The future of interim managementlies in education of our target markets.It probably also lies in a complete namechange for the service we provide.

The key is gaining acceptance in twoareas: firstly, because an interimexecutive is immediately available doesnot devalue that person. Second,tradition - and the traditionalemployment process in both privateand public sectors - is about the past.

The future arrives in the blink of an eye- and does not discriminate betweenprivate and public.

When one large global businessappointed an “Interim ChiefRestructuring Officer” in summer 2002to turn it round and get it out ofChapter 11, it was seen as being amassive step forward for interimmanagement. The problem, though,was that every phrase except interimmanagement was mentioned. Why wasthis?

Only after the project was completedid we discover it was an interim role,and even then there were mutteringsamong the uneducated that the teamresponsible for the turn-around hadbeen had - and was disposable.

Across Europe there are rich crops of

case studies relating to the successesdelivered by interim executives. Canwe persuade the companies who havebenefited from this defined-timescaleinput to go public on their resourcing?Rarely, if ever.

There is still the stigma ofconsultancy: consultants tell you whatyou already know about the business.Interim executives tell you what youalready know, perhaps a few thingsyou don’t know - and then dosomething about it, taking the reins,delivering against a deadline through

an immunity to company politics and afocus on strategic decisions.

This is the epicenter of the educationissue: “temps” are temporaryemployees who fill a role managed bya manager. Interim executives achieveagainst objectives.

One European company head - whorequested anonymity - told me, “I hadto make operational changes to thecompany. I had to move fast to changethe management of the business, butthere were no obvious candidates Icould parachute in there and then.”

“The incumbent simply wasn’t up tothe task, so I needed somebody whocould step in and get up to speed rightthere and right then. The interimexecutive I brought in succeeded inturning round the division while I wentoff and found the permanentreplacement. Ironically, the very thingthat put me off recruiting somebody -their age and experience - was exactlywhat we needed in an interimmanager."

He added, “Expensive? There’sanother area of education: day-to-dayin terms of fees, absolutely. But stripout holiday pay and all the otheroverheads associated with apermanent position, plus the speedwith which change is managedthrough and it starts to make greatfinancial sense. I gained greatsatisfaction from seeing the full fruits atthe end of that financial year."

These people are charismatic, lucid,lateral thinkers and take things onboard very quickly. They are a uniquecombination of hunter and farmer. Theyrelish the challenge of performing to atimescale against set businessobjectives.

In plain terms, they are talent-on-demand: in some cases businessBeckhams, Schumachers or Agassis on-demand.



Web: www.boydeninterim.com

Nick Robeson

“the businesses that

most need interim

management are theones least likely toconsider it”





turnover being down from EURO 1.27billion in 2000 to EURO 1.03 billion,depicting a 19,4% loss. Everyone hopedfor the better. And it came worse:Turnover was again down in 2002 by18,5% to EURO 840 million, as theanalysis of the B.D.U, the GermanConsulting Association, reveals. Andwhat do we hope or fear for in thefuture?

Obviously, in times when the corebusiness is in less demand one looks foralternative means of profit generation.The daily bills have to be paid! Thereforemore executive search companies inGermany are now offering coaching-services, management audits,outplacement and interim management.In the case of interim management,German executive search companiesoffer less than 2% of this type of serviceas part of the overall business, which isstill very low.

Those who enter these markets as asupplement tend to learn quickly thatthese are fields are not just waiting forthe plough but have been alreadyattended for many years by farmers thatknow this business very well. And theyalso learn that market developmentusually costs money first before a harvestis due. Seed money, on the other hand,tends to be limited in times of sufferingcore activities. So, what are the results ofthese efforts? In sum, over the last two tothree years, one could say that thefrontiers between the long-term and theinterim markets remained largelyunmoved during the times of turmoil inthe HR-industry.

Seeing interim management as a standalone service, we feel that there hasbeen an increased customer demandover the first six months of 2003, but,pockets being much tighter these daysthan compared to the turn of the decade,in order to get a contract today one hasto work twice as much as yesterday.

Development of the German InterimManagement Market

By Ludwig Heuse

Our annual survey conductedamong the active German interimmanagers reveals a weak general

economy and an even more significantdownturn of the New Economy - whichstill remains the most important singlesector for the Interim Managementcommunity. A comparison between theInterim Management sector and thepermanent employment sector showsinteresting trends.

DEMAND FOR TURN-AROUNDMANAGERS

The demand for interim managershandling crises or implementingrestructuring measures has risensignificantly in 2002 (34% versus 27% in2001). Project management (i.e. transferof operations abroad) remained thesecond most important field ofemployment, obtaining 17% incomparison to 19% in 2001. The cooleddown economy has resulted in a drasticdecline in the “Demand for additionalManagement” segment, obtaining a 38%reduction. The figures depict 13% in2002 and 21% in 2001.

The increase of restructuring and turn-around projects also increased thedemand for interim managers withfinancial and controlling know-how,

rising to 28% from 25% a year earlier.Demand for IT specialists decreased as aresult of the collapse of the NewEconomy.

INTERIM MANAGEMENT AS ANINSTRUMENT FOR SHORT-TERMEFFECTIVE MEASURES

Interim managers are hired toimplement measures within a short timeframe with the aim of achieving rapidpositive results. Typical examples arecost-cutting measures in the purchasingprocess, which can be implemented in a

shorter time frame than activities inother departments.

As a result, the demand for interimmanagers with materials managementand logistics know-how is over-proportionate (13%) in comparison withthe permanent employment sector (5%),as an analysis of the long-termemployment advertisement section of theFrankfurter Allgemeine Zeitung reveals.

On the other hand, in the R&D-sector,where results can be expected only inthe long-term, just 6% of interimmanagers were put to work in 2002, incomparison to 20% of the searches in thefixed employment sector.

DECREASED CAPACITY UTILIZATION /INCREASED FEES

The average daily fees of the interimmanagers responding rose by about 5%to EURO 910 despite the decreasedcapacity utilization from 68% to 61%.The main reason is that the demand forrestructuring experts is currentlyparticularly high, but the nationwideavailability of experienced managers inthis field is more on the low side. This isreflected in rising fees. Capacityutilization has not improved and interimmanagers report a continuous decline indemand over the year 2002.

NEW ECONOMY REMAINS KEY IMSECTOR DESPITE DRASTIC DECLINE

The implosion of the New Economy isevident when comparing differentsectors. In the year 2001, 29 of 100interim managers were employed in thesectors of telecom, IT, internet andmultimedia, whereas in the year 2002only 19 were retained there. This sector,however, remains the largest with 19%compared to industrial goods/mechanicaland industrial engineering that represent17%.

Sectors undergoing change mainlytend to employ the flexible instrument ofinterim management, as the comparisonbetween the interim and permanentemployment market demonstrates. It isirrelevant whether the change is theresult of globalization, as is the case ofthe automotive sector (IM 10%,permanent employment 5%) or, as is the

case with T.I.M.E., where there iscontinuous change through the rise anddecline of numerous start-ups and wherethe planning horizon only goes as far asthe next financing round (IM 19%,permanent employment 4%). The tradeand logistics sector has been in a changeand consolidation phase for years inGermany, continuously squeezing mid-size companies out of the market (IM11%, permanent employment 3%). PublicServices account for 12% of the fixedemployment search market; however,only 1 of 100 interim managers worksthere. Should one draw the conclusionthat this sector, so far, has been leftuntouched by the “winds of change"?

WHERE IS THE INTERIM MARKETGOING IN 2003?

For the overall executive search marketthe year 2001 was bad, industry

Ludwig Heuse



Web: www.interim-management.de

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By Nigel Corby

The culture of multi-million poundpayoffs for failed chief executivescould be replaced by a system of

appointing interim managers who haveto perform - or face losing their jobwithout a golden handshake.

As Managing Director of one ofEurope’s leading interim managementsuppliers Global Executives, this callfollows the recent publication of a surveyin the Independent showing averageFTSE 100 chief executive pay has risen to£1.73m and a league table of thecountry’s worst value for money directors.

Top of the league, according to theIndependent, comes Sir Peter Bonfield,former BT chief executive, who was givena payoff of almost £3m despite seeingreturns slump by 70% in three years andleaving the company £30bn in debt.

The Independent survey coincides withthe release of another major report,carried out by management consultancyBooz Allen Hamilton, showing a sharprise in the number of chief executivesdismissed worldwide.

The study of 2,500 of the world’slargest listed companies shows 39% of

the 253 chief executives who left office in2002 were forced out - compared with25% the year before.

Chief executives who were dismissedin 2002 generated total shareholderreturn 6.2% points lower than those whoretired voluntarily. This compared withan 11.9% point gap in 2001 and a 13.5%point gap in the previous year.

The report also showed CEO turnover isaccelerating at a higher rate in Europeand Asia than in North America, and thatutilities and telecom companies are mostat risk.

Both these reports highlight the factthat something is critically wrong withthe way companies are recruiting theirtop-level executives and structuringreward packages, which simply do notpenalize failure. Then, pressed by theirown decision to terminate a failing chiefexecutive, too often boards don’t take thetime to evaluate the root of the failure,establish their real future needs and thekey tasks and deliverables that theyshould be demanding from the new jobholder.

They appoint to appease shareholders

and stakeholders with good intent butineffectively, thus ensuring the cycle justrepeats itself. Not only do boards oftenmake the wrong decision - by a shocking40% it seems - but the new executivethen has no incentive to perform, orreform from their last failure, thanks tothe immense payoffs offered to those whoare not up to the job.

A more cost effective and financiallysatisfactory alternative would be to takeon an interim manager in the short tomedium term. This has a number ofbenefits. Firstly, it gives the board time tolook thoroughly at the options availablefor a permanent replacement. Once theyhave taken the time to get it right andthey’ve found the right person, theinterim can move onto his or her nextassignment. Secondly, while theremuneration costs of an IM are broadlysimilar to those of a fulltime CEO, with anIM there is no severance package, noterminal bonus nor pensionconsideration.

If a permanent CEO fails to live up toexpectations, as is now increasinglyevident, it can cost millions to get rid of

him or her. Add this cost to the lowerturnover the company has beenexperiencing and it’s easy to see how anIM is a more cost effective option. Whenan IM comes to the end of his contract heor she just leaves. The measure ofsuccess is in the focus on key tasks anddeliverables that are clear, defined andaccepted from the outset by theagreement between an IM supplier likeGlobal Executives, the client companyand the executive. Failure by the IM is notan option - or he or she doesn’t workagain. Everyone is a winner, especiallythe shareholders.

An interim manager has made aconscious decision to leave the corporatejungle and to operate independently. Heor she is not among the raft of failedexecutives about which Booz AllenHamilton reports. There is no hidingplace for the IM. Contracts are clear, openand focused for success; indeed theyencourage and demand success. Byappointing one a company can getsomeone who is focused on the task inhand, someone whose abilities areproven and who doesn’t have a corporateaxe to grind, someone who cannot affordto fail.

Although traditionally used reactively -to plug a management gap, to handle acompany turnaround, redundancyprogram, merger, acquisition or financialdownturn - businesses are becomingmore strategic in their use of interimmanagers. IMs operate at all manageriallevels and across a wide range ofdisciplines.

When the concept of interimmanagement first hit the UK marketplacein the early 1980s IMs were seen purelyas Superman characters who wouldswoop in, sort out the problems, turn thecompany round and swoop away againand onto the next corporate rescue. Whilethis is still very much a vital role of IMs,we are seeing a growing number oforganizations contacting us who want togrow their business strategically. Theysee that by the appointment of an expertin his or her field for a number of monthsthey can enjoy solid benefits. It may be to

handle a factory move, implement a newIT system, and arrange a recruitmentprogram or an expansion.

It’s not a case of putting a stickingplaster on a wound, but of taking extravitamins to give the company additionaloomph to get it off the starting blocks andinto orbit.

Last year 25% of Global’s appointmentswere made to companies wanting to useIMs strategically. This year that figurehas risen to 35%.

Another growth area for IM is amongUK companies with overseas subsidiarieswho are becoming increasingly aware ofthe need to employ someone with thelinguistic and cultural skills of the host

country. Although the number ofbusinesses using IMs overseas is growingthe potential market is huge. More than athird of the interim managers on Global’sdatabase are fluent in a second language,with 35% of those fluent in three or morelanguages.

British based firms all too often sendtheir own in-house staff to handleoverseas operations with disastrous, orcertainly disappointing, results. It’sessential that UK companies expandinginto other countries take on someonewho is not only bilingual but alsobicultural. It’s vital to understand theculture of the people and how businesspractice operates in the host country. In

Germany, for example, although mostpeople speak English, it’s unreasonableto expect the workers not to speak intheir mother tongue. Using culturallyaware and fluent speakers boostscredibility with customers, localemployees and peer group managers.

Too many British businesses feelmanagement experience and abackground in their particular field aresufficient to enable them to handleEuropean expansions and subsidiaries.

For example, American companiescoming into Europe don’t realize that thedifferent European countries have distinctcultures. The value of using an IM with allthese skills is that he or she can act as acultural interface.

Although Holland, Luxembourg andBelgium have a strong tradition of usingan IM - indeed the whole concept wasborn in Holland - other Europeancountries have some way to go beforegetting up to speed. The potential IMmarket in Europe is vast and it is a caseof educating overseas businesses on thebenefits of using an executive expert on ashort or medium term basis, bothreactively and proactively.

Interim managers can provide a vitallink between subsidiaries and headoffices. IM can immediately tackle theurgent issues, and pass on expertise andexperience to local teams - at the sametime advising head office about localfinancial and trading practices which arenot always understood by the parentcompany personnel.

Although Europe is currently the mostlucrative spawning ground for interimassignments, this concept is expanding.In fact, Global has carried out a number ofassignments further a field - includingSouth East Asia and Africa, and last year it finalized an agreement withBuenos Aires based IM International toenable it to expand into the SouthAmerican market.

Fat Cat ReportHighlights need forCompany Recruitment



Web: www.globalexecutives.com

Shake-up

Nigel Corby





FutureInterim Management

for

The

By Robert Lambert

My initial thoughts when I wasinvited to become Chairman ofthe Interim Management

Association were:• How can I increase awareness of the

benefits of using Interim Managers• How do I differentiate IMA members

from non members and • How do I ensure that users of Interim

Managers get a quality serviceSome months later, my thoughts have

not changed. I see these threerequirements as being my key initiativesduring my term as Chairman.

SO HOW CAN WE ADDRESS THESEKEY ISSUES?

Firstly, let us look at the benefits ofusing interim managers. Prior torunning an Interim Management

practice I spent five years as a practicinginterim manager. All my roles were atboard or senior management level andas a result I was able to contributesignificant added value to thecompanies that engaged me.

It is hardly surprising then that for meone of the key objectives for careerinterim managers should be their abilityto demonstrate significant added value.

Their ability to do this can only beachieved if clients are appointing peopleto line management roles, setting outclear goals and giving them theauthority to get on with the objectives.

In this way they can use theirindependence to maximum advantageand make a real difference to companyperformance. In my opinion a goodcareer interim manager should be able

to demonstrate bottom line added valueof, at least, five times the cost to theclient.

You will note that I consistently referto career interim managers. It isessential that you select thoseindividuals that have chosen interimmanagement as a career. If there is anydissatisfaction with interim performancethen in my experience it tends to beamong those clients that have selectedan individual on the incorrect premise.

These tend to be individuals inbetween permanent jobs, friends offriends and individuals that just lack thecorrect level of experience.

On the other hand career interimmanagers have the right mental attitude,they know that they are not in theposition for a long period, the success ofthe assignment is based on their abilityto deliver, and with low boredomthresholds they will soon be looking forthe next challenge.

In short, it makes them highlycommitted and results oriented.

Secondly, why should you use amember of the Interim ManagementAssociation? Members have set a veryhigh entry level in terms of the deliveryof services to the client.

All members subscribe to the Code ofPractice that can be viewed on ourwebsite and the Association is regulatedthrough the membership anddisciplinary committee.

Within the Association, there is a realdesire to differentiate the service thatwe offer and to create clear waterbetween Interim and Consultancy at oneend and contracting and temp agenciesat the other.

One of the ways in which the majorityof interim providers operate is to workwith a selected group of career interimmanagers whose skills and track recordare well known.

Such providers will only deliver thedetails of two or three individuals thatdemonstrate the correct skill set.

Experience demonstrates that theindividuals who deliver the results arethose that exhibit the right management

skills. High performers display presence, self

confidence and leadership skills thatenable them to take people with themas often the task involves a high degreeof change.

This can be seen from their detailsand the assignments they havecompleted. It is also becoming morenoticeable that the very best interimmanagers are now only registering theirdetails with the higher quality providersbecause of the level of support that theyreceive.

As a result the quality of the peoplethat are provided by these providers hasimproved. Clients should be aware thatthose individuals that are breaking into

the market will register with everyonein an effort to secure an assignment.

Many of these individuals will belooking to secure a permanent role andwill not be in the right frame of mind toadd real value to the operation.

Thirdly, one of my favorite expressionsis that “you do not get quality productsfrom crap raw material".

Interim management is no differentand in this case when using interims

through a provider you need to ensurethat both are adding value to theprocess.

In my view the only way in which youcan do this from a business perspectiveis to build a strategic partnership with apreferred supplier network of careerinterim managers.

In this way you can control andmonitor the individuals that you use. Itis also important to set up a strategicpartnership with clients to ensure that afull understanding of the issues and thebusiness is obtained.

Perhaps one of the most worryingaspects of the market at the moment isthe tendency for clients to shop aroundand treat the process as a contingencyrecruitment exercise.

This is probably driven by the need tominimize costs and the fact that thecompanies do not recognize the addedvalue contribution that true interimmanagement can make to theiroperation.

As with all business situations, thecheapest option does not always equatethe best value nor the right quality, andin a proportion of the cases; what thecompany needs is an experiencedinterim manager.

If you are in a position that requires anexperienced career interim manager,you can minimize the risk byapproaching a specialist interimmanagement provider.

In doing so, you should establish howthe provider adds value to the processand their exact method of operation.

Ensure that you know how much theprovider is taking as margin and ensurethat it is competitive and finallyremember that the best value does notalways mean the cheapest.

Above all else, if you get the wronginterim it can cost you money sominimize the risk and go to an IMA provider.



Web: www.interimmanagement.uk.comRobert Lambert

“Perhaps one of the

most worrying aspects

of the market at the

moment is thetendency forclients to shoparound and treatthe process as acontingencyrecruitmentexercise.”





on performance related bonuses,particularly those in managing directorturnaround roles with clearly definableend results.

My own view here is that themanufacturing sector has been in aprolonged period of turbulence and,subsequently, has been importingexperts in the form of interimexecutives to introduce newmanagement techniques and effectchanges critical for survival.

Similarly, financial services hadbeen going through a difficult period.Nearly a quarter of the 237assignments were in change andproject management. Companies inthis sector were responding to thechallenges by changing their businessmodels and engaging external interimexecutives to help manage and drivethrough these change projects.

The percentage of interims assignedat rates of £1,000 a day and above was38% in financial services, whichreflected the senior nature of theirassignments. Many of these peoplewere leading huge programs of changethat would effectively restructure theirindustry in preparation for the nextupturn in the economic cycle.

Again, I feel that ahead of anygeneral pickup in the economy thereare always green shoots of aneconomic revival. When that happens,clients need to bring in people at veryshort notice with the requisite skilllevels. Using interim managers allowscompanies to meet the upturn indemand without adding fixed costs.



Web: www.praxisinterim.co.uk

By Patrique Habboo

have made a major contribution todeclining daily rates or at least furtherconfused the market place about therole and benefit of interim managers.

Similarly, a significant number ofinterim managers felt that their clients’knowledge of the role and value ofinterims continued to be poor. Therewas an educational issue that they feltproviders should take steps to address.

This was further reinforced by aworrying number of interims whoquoted similar examples of why they

had failed to obtain assignments.These ranged from being overqualified to being considered too old.Clearly, ageism in the workplace is stilla real issue.

There was a general feeling thatproviders should do more to retain theloyalty of their interim managers bygiving them greater support. Concernwas also expressed about the poorbriefing interims receive fromproviders and a general lack offeedback. Many cited examples oftheir phone calls not being returned.

An important lesson to be drawnfrom the survey was that there was anincreasing perception that interim carewas fast becoming a key differentiatorin the market place - point that shouldnot be lost on providers.

The survey was conducted over anumber of weeks earlier in the yearand involved responses from almost1,400 interims. Of these, 146 had notworked throughout the course of2002-2003 and a further 122 had onlycompleted consultancy work. Thesurvey, therefore, focused on 1,130“pure” interims, making it the largestsurvey of its type of interim managersin the United Kingdom.

A total of 1,651 interim assignmentswere completed during the period,which provided an average of 1.46assignments per interim. The averagelength of assignments (please seebelow) showed only slight variation onthe previous year.

LENGTH NO % PRIOR YEAR %

Up to 3 months 347 21 16

3-6 months 389 23 19

6-9 months 422 26 34

9-12 months 323 20 19

12 months + 170 10 12

TOTAL 1651 100 100

As at 1 February 2003, 46% ofinterim managers were on assignmentcompared with of 43% for the samedate last year. Given the feedback onthe state of the market, this wasperhaps surprising. But it may wellindicate that the market was alreadybeginning to show signs of recovery.

However, 59% of interims surveyedbelieved that market conditions forinterim management were worse in2002 than in any previous year, withonly 9% stating that they were better.

Interims’ predictions for 2003 weregenerally more positive with 72%sharing the view that the marketwould pick up, albeit not until thesecond half of the year. Concerncontinued to be expressed about thepressure on daily rates and activitylevels apart from those at the ‘lowend'.

Analysis of daily rates showed thatalthough 33% of assignments weresecured at daily rates of approximately£400 per day, activity at the higherend of the market was still significantwith 22% of assignments beingsecured at £801, or more, per day.

Manufacturing was the single largestsector, which used interims (16%) withmore than a quarter of assignments in2002 at the highest executive level(27%). Some 15% of theseassignments were at rates of £1,000per day and higher.

The public sector with 14% of totalassignments moved from fifth place in2001 to joint second with financialservices in 2002, which was thelargest sector move and revealed theboom area for interim managers. Themain areas of employment here werefinance and IT (16% and 15%), whichinvolved organizational change andproject management assignments.

However, telecoms (8%), energy(6%) and food and drink (5%) weresectors that showed the lowest use ofinterim managers in 2002, and despitebeing distressed areas, the lowdemand was thought to reflect the factthat these sectors were at differentstages of the economic cycle.

The survey also showed that therewere an increasing number of people

The largest annual survey of interimmanagers in the UK, conducted byPraxis Interim Management, hashighlighted some of the main concernsof practitioners. In this article PatriqueHabboo, Managing Director of Praxis,discusses some of these concerns andother issues raised in the survey.

One of the areas we wanted toexplore with interim managerswas what they felt was

influencing daily rates, especiallysince there was a general consensusthat rates had declined in certainsectors over the previous 12 months.

There was an overwhelming viewthat pointed the finger to two factors.Firstly, the growth of “non career”interims - professionals who had beenmade redundant and while searchingfor new permanent positions weremaking themselves available fortemporary assignment work.Secondly, there was the emergence of“pseudo” interim providers such assome management consultants andrecruitment agencies, who were nowtreating interim management as anadjunct to their core services.

Combined, these factors were felt to

Interim Management

in the UK

Patrique Habboo

“there was an

increasing perception

that interim carewas fast becominga key differentiatorin the marketplace”

S E A R C H - C O M M E N T


a worldwide challengeBy Peter Felix, AESC President

The recent decisions on affirmativeaction by the Supreme Court in theUnited States brought a double

message: Diversity efforts are acceptable,but quotas aren’t. Shining a powerfulspotlight on a pervasive theme inAmerican organizational life the Court hasmade people sit up and reevaluate theirefforts to help create a multiracial andethnic society.

“In order to cultivate a set of leaderswith legitimacy in the eyes of thecitizenry, it is necessary that the path toleadership be visibly open to talentedand qualified individuals of every raceand ethnicity." So said Justice Sandra DayO’Connor who gave the casting vote infavour of the University of Michigan’scontention that affirmative action in theadmissions policy for its undergraduatelaw school was legal.

Ever since the days of the Civil Rightsmovement in the United States during the60’s diversity has been near to the top ofthe social agenda. Many organizationshave striven to implement diversity

strategies and some have begun tochange. But realistically, generationalchange is likely to be the most importantinfluence.

White males still run major parts ofCorporate America - in Europe it’s evenmore the case. Niall Fitzgerald, Co-Chairman of Unilever in London, saidrecently about a gathering of his 100 topmanagers in Costa Rica, amongst whomthere was not a solitary woman: “We’dnever had that group together before. Itwas only when I saw the all male line upthat I thought, ‘My God, how can we haveput so much into gender diversity and seeno reflection of it in the top leadership?"

But in the United States its not justabout gender. Its as much, if not more,about race and ethnicity. These issueshave yet to loom so largely on theEuropean radar screen - but of one thingwe can be certain, they will.

US Corporations have seized upon theSupreme Court decision to support theirown diversity affirmative actionsprograms. A number such as Ford, GE and

AMR Corporations had even directlysupported the University of Michigan’sdefence in the Supreme Court hearing.

What does all this mean for ExecutiveSearch? Simply put - a lot. This SupremeCourt decision way well be one of themost important in recent Civil Rightshistory and will do much to sustain andunderpin diversity programs withinorganizations. As search professionals,we are in a unique position to help clientsachieve their goals in diversity and helpimplement affirmative action as aselection tool in a positive and helpfulmanner.

What takes root in the United Statesinvariably ends up in Europe. TheSupreme Court decision may well havea ripple effect across the Atlantic andcontribute to long term changes thereas well.



Web: www.aesc.org

W W W . S E A R C H T A L E N T G L O B A L . C O MW W W . S E A R C H T A L E N T G L O B A L . C O M

CAREER OPPORTUNITIES

Principal or Managing Director Ref 1211US - Philadelphia, PA or Washington, DCHealthcare SearchWe are interested in speaking with a Healthcare Searchprofessional with a demonstrable background in hospitalmanagement or nursing. This specific role will involve alarge percentage of travel and we seek someone with aproven successful ability to mentor people. You will beasked to execute a non-disclosure agreement prior todiscussing this unique long-term role. There is plenty ofgrowth potential and sweat equity will be discussed withthe right candidate.For a full discussion please email Georgina Tremayne [email protected]

Principal Ref 1201US - New York City, NYLegal SearchOffering a substantial sign-on bonus and a minimum 50%commission structure, this New York City based Legalsearch specialist company is currently interested inspeaking with strong individuals with a proven trackrecord in placing legal professionals at Partner level. JD isan advantage. Mentoring / coaching is activelyencouraged with additional financial reward. The peopleyou will be joining are a highly motivated team who havecreated a solid and collegial environment in which to work.For a full discussion please email Georgina Tremayne [email protected]

2 Partners Ref 1216 & 1207US - San Francisco, CA and Stamford, CTLife Sciences and TechnologyThis progressive and exciting tier 1 technology search firmwith 2 international offices is currently interested in speakingwith Partners with a focus on Life Sciences as their practicesector. This search firm’s client base is comprised of VentureCapital and emerging companies that are among the mostclosely watched in the High Technology marketplace. Theirvertical markets are Media, Telecom, Software, NetworkComponents and several other areas. They are currentlyseeking a West Coast partner for the Technology practice.The Technology partner will show a track record of billing aminimum $1M per annum for 2001 and 2002. This searchfirm is actively seeking a Life Sciences partner that can seethe opportunity to cross-sell and further expand the verticalmarkets for their existing client base. The Life Sciencespartner will show billings of $600k for the same timeframe.The Life Sciences partner will be a key member of the teamand will be expected to grow the Life Sciences practicewithin the US with a clear view to expanding it to Europeand Asia where the existing international offices are located.For a full discussion please email Georgina Tremayne [email protected]

ISan international consultancyrecruiting search professionalsinto search firms, withdiscretion.

For further details:1. www.SearchTalentGlobal.com2. Click Current Opportunities (on left)3. Enter Ref Number or other criteria

If you are interested in working withSearchTalent to help you find your nextpartner, open a new office or find searchprofessionals to fulfil a specific role in yoursearch team, contact us for a fully confidentialdiscussion.

Georgina Tremayne (US) +1 201 795 5168 (East Coast)Alex Jenner-Akehurst (UK)+44 20 8422 9845

www.SearchTalentGlobal.com


Principal or Managing Director Ref 1217US - Baltimore, MD (and possibly another location)Professional Services or Interim ManagementSearch Our client is actively interested in expanding thisgeneralist global search firm location with searchprofessionals offering a variety of expertise tocomplement the proven highly profitable existing searchpractice areas. The search practice areas seekingrepresentation are: Public Sector, Not-for-Profit,Technology, Professional Services, Interim Managementand Management Consulting. If you billed a minimumof $500k in 2002 and you are on track for the same ormore in 2003 please contact:Georgina Tremayne for a confidential [email protected]

Senior ResearcherUS - Chicago, IL Ref 1215TechnologyStrong research skills and search firm experience arerequired for this role at a tier 1 progressive technologysearch firm based in downtown Chicago. You will be anintegral part of the team and your role will include:Reactive project-oriented research: Proactive knowledgedevelopment efforts: Proactive business developmentresearch efforts: Maintaining the integrity of thedatabase (FILEFINDER). Please note, you must be willingto work in downtown Chicago and there is noopportunity to work virtually.For a full discussion please email Georgina Tremayne [email protected]

Consultant Ref 1198 UK/European Equities Our clients focus is in Asia, Japan and Europe on all aspects ofthe global markets, particularly : Equity markets, Debt capitalmarkets, Fund management and other Senior financialmanagement positions. The senior management team hasextensive financial markets search experience in Europe, NorthAmerica and Asia and bring in-depth local knowledge andinternational credibility to the firm. Working with the GlobalManaging Partner to identify, win and oversea senior levelsearches in the Equities research, sales and trading teams ofmajor blue-chip clients. Pivotal role in developing andmanaging close relationships with a view to taking fullresponsibility for this sector. If you would like to talkconfidentially about this role please contact: Alex Jenner-Akehurstfor a confidential discussion [email protected]


Partner, Senior Consultants Ref 1189 UK, Asia & Europe Our client delivers leadership capital to technology, media andtelecommunications organisations. They have redefinedTechnology resourcing through their specialist focus andmarket insight, coupled with a worldwide presence and speedof delivery. Due to exceptional growth and a well defined andstrong strategic vision for attracting the very best Talent fromthe Executive Search industry, our client would like to inviteexperienced, credible and mature individuals with at least 5-10years executive search experience. You will also haveconsiderable depth of knowledge and experience within theTechnology sector. You will have the ability to drive pipelinebusiness and above all possess strong business developmentand client management skills. If you would like to talkconfidentially about this role please contact:Alex Jenner-Akehurst for a confidential [email protected]

Partner, Consultants Ref 1168UK, Europe Our client is a leading Global Executive Search organization.They are renowned for their professional, seamless approach toclient partnering offering executive search and managementassessment services to a global client base. Working across allmajor markets they have an in-depth market knowledge onmultinational and local levels. They deliver a premium searchservice within the Healthcare market working with clientsranging from early-stage firms, global pharmaceuticalcompanies, managed care, hospitals and healthcare consultingfirms. Ideally you will be closely aligned with the globalHealthcare and related markets and posess considerablemanagement experience within a complimentary environmentprior to your career in executive search. You will thrive in anentrepreneurial, open and collegial environment, dedicatedresearch team and specialist intellectual communicationchannels as standard. If you would like to talk confidentiallyabout this role please contact: Alex Jenner-Akehurst for aconfidential discussion [email protected]

We are also interested in meetingConsultants who focus on other sectors ormarkets within the Investment andCommercial Banking, Fund Management andSecurities Industry who wish to join a globalsearch firm where they can quickly make asignificant impact. Opportunities exist invarious locations around the world.

Considered using your Search knowledge in adifferent way?US VP Sales, Software firm targeting Executive SearchJersey City, NJ or Dallas, TX

We are actively interesting in speaking with Executive Search recruitersor software sales people with the following qualities: demonstrableunderstanding of the retained search process, good networker, activeinvolvement in the search industry, collegial, commercially aware,honest, motivated, organized, ability to close a sale, business-levelunderstanding of Microsoft applications, PCs and networks, able towork without local supervision, great verbal and writtencommunication skills, comfortable giving presentations, outgoingattitude, occasional willingness to travel both domestically and abroad.

Please call Georgina Tremayne (201) 795 5168 (East Coast) or emaildirect [email protected] for a confidential discussion.

S E A R C H - P E O P L E


CHASEAMERICA, INC.

✉ USA

☎ +1 (561) 622 1120

David Stefan([email protected])www.chaseamericainc.com

At CHASEAMERICA INC the mission is clear:

Recruit top talent for companies in Sports

Marketplace, Builders and Developers and Golf

Course Communities. That’s the business we

know better than anyone else --- we’re

specialists!

Integer Consulting Limited

✉ China

☎ +86 (21) 6334 5522

Xinhua Dang ([email protected])Matthew Maslin ([email protected])www.integer-consulting.com

Headquartered in Shanghai, Integer Consulting is

one of the leading executive search firms in China

focused on hiring senior business leaders for

multinational and domestic Chinese companies.

RSMR Global Resources, Inc.

✉ USA

☎ +1 (312) 399 5700

Chris Swan ([email protected])www.rsmr.com

RSMR Global Resources is committed to

“Finding Solutions That Work”, a

comprehensive approach to executive search that

solves clients’ business needs.

Stephen Raby Associates

✉ UK

☎ +44 (0)20 7255 1515

Stephen Raby ([email protected])www.stephenraby.com

Stephen Raby Associates provide a professional

and discrete executive search service specialising

in fixed income, equity and related financial

markets throughout Europe.

Fullmark Human Resources Management Ltd

✉ China

☎ +852 2889 3268

Connie Pun ([email protected])www.fullmarkhrm.com

“Outsourcing - your Partner in human

resources services” - Fullmark offers

professional, quality recruitment and HR

management solution services to organizations

that value people as an asset.

The Adkins Group, Inc.

✉ USA

☎ +1 (512) 916 9600

Jeff Adkins ([email protected])www.theadkinsgroup.com

The Adkins Group, a privately held corporation,

based in Austin, Texas, specializes in delivering

high-quality executive search and recruitment

consulting services to established and start-up

organizations across the United States.

Career Development Consulting Co.

✉ China

☎ +86 (10) 8525 2033

Wallace Gao ([email protected])Michael Liu ([email protected])www. www.echinacareer.com

We provide four leadership services, including:

CEO service, Executive Search, Recruitment,

Outsourcing.

The Fiderion Group

✉ USA

☎ +1 (404) 995 4700

James B. Norton, III([email protected])www.fiderion.com

Backed by decades of experience, Atlanta-based

Fiderion Group provides high-quality, strategic

executive search, human capital and consulting

services. The specialized firms within Fiderion

Group are led by veterans from the financial

services and life sciences industries.

Rochester Italia srl

✉ Italy

☎ +39 02 87 76 91

Valeria Canzi ([email protected])www.rochpar.com

Rochester is an independent specialist search and

selection firm which works on behalf of some of

the world’s leading investment banks and financial

institutions on a regional and global basis.

KBS Associates / The Amrop Hever Group Moscow

✉ Russia

☎ +7 (0)95 935 8959

Sophie Vergnas([email protected])www.amrophever.com

Our mission statement - to facilitate progressive

changes in our clients organizations through

bringing those leaders capable of driving and

managing complex business solutions.

Kingsbury Wax Bova, LLC

✉ USA

☎ +1 (617) 868-6166

Robert M. Wax ([email protected])www.kwb.com

Kingsbury Wax Bova, LLC is a global executive

retained search firm, specializing in Financial Services,

Financial Management, Legal, Information Services,

Technology, Security and Printing Industries. During the

last 25 years, we have successfully completed over

2,000 searches for a broad base of international clients

ranging from startup companies to global organizations.

With offices in Boston, New York, San Francisco and

London we offer our clients an unparalleled resource for

hiring outstanding executives, anywhere in the world.

Antesi UK

✉ UK

☎ +44 (0) 20 7847 1807

Carl Wynne ([email protected])www.antesi.co.uk

Antesi is a European Company providing executive

search in the UK and continental Europe. We

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.

Every firm listed on this page has invested in the “FILEFINDER Client Interaction Module” which is designedto help them to offer a still higher level of service to their clients.

On request, they will provide you with up-to-the-minute Assignment reports - delivered via the web. You will beable to review information on your shortlist and provide immediate feedback. Particularly in scenarios with multipledecision makers or multiple time zones, this can reduce the search cycle significantly. Contact the firms listed onthis page. The list of CIM-enabled search firms is growing constantly, so if you are unable to find a firm in yourarea, please contact [email protected] for assistance.

Some Search Firms offer thatlittle bit more to their Clients

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

David Winterburn had been elected Chairman of theAssociation of Search and Selection Consultants(ASSC), a division of Recruitment & EmploymentConfederation. He has worked in the recruitmentindustry for 13 years and is currently a SeniorConsultant at Ramsey Hall Executive Search andSelection.

Heidrick & Struggles names New CEO and Chairmanof the Board. Thomas Friel, who joined Heidrick in1979, has held numerous leadership positions withthe company. Prior to this appointment, he was ViceChairman of Heidrick & Struggles, Chairman of theTechnology practice and Chairman of the LeadershipServices Group.

A year after departing Heidrick & Struggles, DonaRoche-Tarry, a top recruiter in the Technology andCommunications sector, rejoins the Chicago-basedexecutive search firm. She left Heidrick & Strugglesfor Whitehead Mann last year to co-manage theTechnology and Media practice for the London-basedcompany.

In London, Heidrick & Struggles hires SallyDunwoody to the Interim Management practice as anAssignment Manager. Ms.Dunwoody helped developthe successful legal recruitment boutique, QuarryDougall, which was later bought by the globalrecruitment firm TMP Worldwide. She then workedat TMP as a Consultant, working on board andmanagement searches in FMCG, Public Sector, Retail,Telecommunications and Financial Services.

Whitney Group has appointed Jeffrey G. Bell asManaging Director and member of the Board ofDirectors. Mr. Bell previously served as SeniorPartner/Director at Spencer Stuart. At WhitneyGroup, Mr. Bell will work closely with Mr. Goldstein toexpand Whitney Group’s client base, open newsegments of the financial services market and attracttalented search professionals to the firm.

David N. Schwartz joins Gow & Partners as SeniorPartner and Head of the New York base of its globalpractice. Mr. Schwartz most recently served as GlobalHead of Recruiting for the investment bankingdivision of Goldman, Sachs & Co.

New York City-based executive search firm Gould,McCoy and Chadick changes its name to GouldMcCoy Chadick Ellig, with the appointment of JaniceReals Ellig as Managing Director and Partner. Prior toher joining the firm, Ms. Ellig was a Principal in theFinancial Services practice of Heidrick & Struggles.

Morgan Howard has appointed Marc D. Lewis asPresident of its North American operations. MarcLewis has over a decade of experience in executivesearch and until most recently, was a FoundingPartner and leader of Christian & Timbers’ two-office New York region, as well as a key member ofthe firm’s Corporate Information Technology practice.

Korn/Ferry International welcomes John Johnson asa Senior Client Partner, jointly based in its Clevelandand New York offices. With more than 26 years ofsearch experience in the Industrial, Automotive andConsumer Durables sectors, Mr. Johnson has a vasttrajectory. Most recently, he served at TMP/HighlandPartners. He has also held the position of Chairman atAmrop International, as well as President, CEO andWorldwide Chairman of Lamalie Associates.

Allison Galligan joins Charles J. McBride &Associates as Managing Director of the New Yorksearch and human consulting firm that specializes inthe real estate and construction industry. Ms. Galliganpreviously worked at Citigroup AlternativeInvestments, where she was responsible for capitalraising for private real estate investments.

Caliber Associates adds Bettina Bolla as Principal,based in the San Francisco office. Bettina has over tenyears of experience in Retained Executive Search,both in North America and Europe, focusing on LifeSciences. Prior to joining Caliber Associates, Bettinawas a Consultant with a US-top-ten executive searchfirm.

Rhodes Associates has added David Thalhamer as aPartner as he will focus on the Real Estate industry.Previously, Mr. Thalhamer co-headed the Global RealEstate practice at Russell Reynolds Associates.

Battalia Winston International welcomes Grant M.Hanson as a Partner in the Healthcare practice for thefirm’s Edison, New Jersey office. Mr. Grant comes toBattalia Winston from Boyden Global ExecutiveSearch, where he served as Managing Director ofHealthcare strategies in the Summit, New Jerseyoffice.

Jeffrey G. Neuberth joins Hunt Howe Partners asPartner and Managing Director. Mr. Neuberth hasmore than 15 years of executive search experience,most recently serving as a Partner for TMPWorldwide and previously having served at RussellReynolds Associates and Canny Bowen.

Napier Scott has appointed Simon Bell as a Partner inits Wealth Management Search division. Bell comesfrom Alexander Mann Global Markets and prior tothat, was a Director of Norman Broadbent.

Norman Broadbent welcomes Beth Cauldwell asManaging Director of the newly created Supply Chain,Logistics and Procurement division. Ms. Cauldwellcomes from TMP Worldwide where she set up andsuccessfully ran TMP’s Supply Chain, Logistics andProcurement practice.

Odgers Ray & Berndtson welcome Darrin as thefirm’s Head of Financial Services practice. He comesfrom The Rose Partnership where he was the Headof Equities since 2000. He replaces John Holmes, whoremains at Odgers in a business development roleand will oversee corporate finance and assetmanagement recruitment.

Torres & Partners strengthen its PharmaceuticalRecruitment practice with the appointments of BenWood and Jordi Pastor. Ben Wood, who will head upthe firm’s Pharmaceutical practice, joins the executiverecruitment consultancy from Ahead Consulting Ltd,where he was a Senior Consultant in thePharmaceutical team. Meanwhile, Jordi Pastor joins asa Recruitment Consultant, coming from ArmstrongCraven. In addition to an excellent understanding ofthe European pharmaceutical marketplace, Jordibrings additional language skills, as he is fluent inCatalan, Spanish, Italian and English.

Key moves in Execut ive Search

Keep us up to date with any corporate announcements! Email [email protected]

and the

Over 350 Search Professionals attended the 2001 “Internet and Search”seminars, presented by Dillistone Systems, the only global softwarehouse 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 highlightingthe latest products and services that are already generating benefits for manysearch firms.

Seminars take place in the following locations:

CITY DATELondon, UK 23 September 2003Zurich, Switzerland 30 September 2003 Brussels, Belgium 7 October 2003Frankfurt, Germany 14 October 2003New York, USA 23 October 2003 2004

Sydney, Australia to be confirmedHong Kong, China to be confirmedTokyo, 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 1202UK and mainland Europe: +44 (0)20 7749 6100Asia Pacific Region: +61 2 9006 1194

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

Technology

FREE SEMINARSExecutive Search Business

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