Management Audit with Stanton Chase's Executive Assess ...

REGIONAL NEWSLETTER FOR AUSTRIA 

Executive News for Corporate Leaders QUARTER 4, 2009 

Stanton Chase International 

Kärntner Ring 5-7, 1010 Vienna, Austria 

Tel: +43 1 516 26 - 0 | Fax: +43 1 516 26 10 

E-mail: vienna@stantonchase.com 

Focus 

Management Audit with 

Stanton Chase’s Executive Assess! 

Research 

Retention starts with recruiting 

News 

The AESC celebrates its 50th anniversary 

Expertise 

How do you ensure that your executive 

employment contract contains all the 

necessary provisions?

STANTON CHASE INTERNATIONAL 

www.stantonchase.com 

ATTACHED TO THE WIRE 

p1 Welcome to our latest and updated newsletter from SCI’s Vienna Office 

Stanton Chase Vienna Office 

p2 Management Audit with Stanton Chase’s Executive Assess! 

Ask a headhunter: Can you afford a bad hire? 

p3 Who to Contact: Partnership 

Survey: Sustainability Leadership in Global Corporations 

Partner in the Spotlight 

p4 Retention starts with recruiting 

p6 Stanton Chase Continues Global Growth 

High Five for Stanton Chase Stockholm 

p7 How do you ensure that your executive employment contract contains all the necessary 

provisions? 

p8 Stanton Chase International strong presence in CEE and SEE 

The AESC celebrates its 50th anniversary! 

Welcome to our latest and updated newsletter 

from SCI’s Vienna Office 

Dear clients and friends, 

This issue comes at a point in time when the markets 

show the first positive signs after a dramatic slowdown. 

However, all the economies, including the ones in 

Central Eastern Europe, still have to work hard in order 

to face and resolve the deep structural problems that 

the crisis revealed. Lack of a long term strategic focus 

as well as inefficient use of human capital seemed to 

be the main issues most companies had to face-and 

are still facing. 

Based on our long-term executive search experience 

in Western, Central and Eastern Europe, we have 

developed a precise evaluation tool to carefully 

measure a company's senior management talent. By 

assessing an organization’s leadership talent we assist 

our clients in determining how their executives 

compare with the market’s available talent and 

measure internal capabilities and future potential. 

Through this process, the company 

Stanton Chase Vienna Office 

• Based in the centre of Europe, the Stanton Chase 

Vienna office connects the markets of Western 

Europe with the emerging Central Eastern and 

South Eastern region 

• Serves clients in all major industry sectors, 

multinational companies as well as strong local 

players. 

• Five founding partners with a solid and proven 

track record in Executive Search; stable and 

professional team 

• The local partners' expertise covers not only the 

reinforces its position against the challenges of the 

markets and bases its future growth on its most 

important capital: the human talent. 

This state of-the-art management assessment 

tool “Executive Assess!” is highlighted in this issue. 

Furthermore we are pleased to introduce selected 

insights from our Industry Practice Group leaders, 

and provide information about our expertise in 

the Central Eastern and South Eastern European 

regions. 

We hope you will enjoy reading the newsletter and 

are available for any questions or queries with 

regards to Stanton Chase International. Please do 

not hesitate to come back to us with your personal 

feedback. 

Best regards, 

The Stanton Chase Vienna Partnership 

Austrian market but also offers extensive regional 

and international experience. 

• Over 50 years of collective experience in 

Executive Search in Austria, unparalleled expertise 

in the CEE and SEE Region. 

• Services include: 

Executive Search 

Board Services 

Executive Assessment Services 

Management Appraisals 

1


Gert Herold 

Managing Partner 

Stanton Chase Vienna 

g.herold@stantonchase.com 

20% 

80% 


Management Audit with 

Stanton Chase’s Executive Assess! 

Is the manager ready and capable? 

“Executive Assess!” professionally evaluates the development capabilities of mid and high level managers. It rates 

their competence in four areas: Education and experience • Benchmark to the market (availability, salary level) • 

Personality, attitudes & objectives • Opportunities to develop 

Your benefit 

Holistic executive assessment is based on three inputs: 

• From the view of the experienced executive search consultant,benchmarked to the market 

• From the view of the experienced coach, regarding development potential, attitude and objectives. 

• Objectively, through the cutting-edge aptitude testing analytical tools 

When Executive Assess! should be applied? 

Whenever a manager faces a significant change in his challenges i.e. mergers and acquisitions, 

re-organization, change of corporate culture, increased need of personnel development, organisational 

development, strategic build-up of new competences, due diligence, new reporting line. 

Building blocks of Executive Assess! 

Module 1 Market Bechmark 

(Research) 

Development 

Module 2 Structured Interview 

(SCI Consultant) 

Report Selection 

Module 3 Structured Interview 

(Coach) 

Module 4 Psychometric 

Succession 

Analysis 

How Executive Assess! works 

• Briefing on corporate strategy and structure 

• Development of competence profile, criteria for evaluation and interview guidelines 

• Kick-Off meeting with candidates 

• Research for market benchmark 

• Structured interviews by SCI Consultant and Coach 

• Aptitude testing - Psychometric analysis 

• Documentation of results (Strengths, weaknesses, competence profile, performance levels etc.) 

• Supervisor input to assess full potential 

• Recommendation on development activities 

• Feedback to candidates 

Ask a headhunter: Can you afford a bad hire? 

Typical organizational perception of actual costs of a bad executive hire 

Direct costs 20% 

Equal to 2-3 times executive's annual salary 

Indirect costs 80% 

Equal to 8-12 times executive's annual salary 

Direct costs include: 

• Executive's initial recruitment and total compensation 

• Executive's extraction from the organization 

• Executive's replacement 

Indirect costs include: 

• Disruption of unit performance and customer relations 

• Loss of unit and leadership productivity 

• Potential opportunity cost 

• Dismissing and replacing lieutenants recruited for departed executive 

• Burning of organizational goodwill, plus reduced morale and retention 

2


HEIMO HECHT 


h.hecht@stantonchase.com 

GERT HEROLD 


g.herold@stantonchase.com 

Survey: Sustainability Leadership 

in Global Corporations 


invites you to share your 

expertise and insight by 

participating in a short 

sustainability survey. The goal 

of our research is to determine 

the preferred skill sets and 

core competencies of today’s 

Chief Sustainability Officers 

“CSOs” and compare these 

findings to the skill sets that 

CEOs anticipate these 

positions will require five years 

from now. We will combine 

the results of this survey and 

follow-up interviews of CEOs 

and Chief Sustainability 

Officers into a White Paper for 

global distribution. 

Please take a moment to 

complete this brief survey: 

TAKE THE SURVEY NOW 

www.surveygizmo.com/s/139813/stantonchase 


Who to contact: Partnership 

The Vienna team of five partners has over 50 collective years of experience in executive search collected 

in leading search firms and has managed over 700 top and middle management level appointments 

since 2000. 

Client and service dedication and our commitment to personal execution of our mandates on partner 

level have generated a solid and sound reputation of quality results and speedy delivery. Our research 

consultants and associates are well trained and supported by state of the art technology. 

All partners have a clear practice group focus and industry specialisation and understand their client's 

needs: 

Our motivation for this 

research flows from the core 

of Stanton Chase’s approach 

to retained executive search. 

The foundation of our 

continued success is our 

commitment to listening to 

our clients, and nowhere has 

that commitment been more 

visible than in the 

sustainability sphere. Whether 

hosting experts at our recent 

global sustainability 

conference or finding a 

company’s visionary leader, 

we understand that our 

success is always rooted in a 

deep knowledge of our 

clients’ needs. 

In addition to completing the 

survey, we ask for your active 

support and participation in 

this research project through 

the distribution of the survey 

to your sustainability network. 

Thank you for your feedback, 

and we look forward to sharing 

these valuable results with you. 

ALEXANDER KAIL 


a.kail@stantonchase.com 

FRANZ ROIS 

Partner 

f.rois@stantonchase.com 

Partner in the Spotlight 

Stanton Chase Vienna is 

pleased to present Franz Rois, 

partner and Head of 

Technology Practice 

MICHAEL SCHAUMANN 


m.schaumann@stantonchase.com 

Franz has 12 years experience in management consulting and 

executive-level management in leading international 

companies. He is a Partner with Stanton Chase Vienna and 

Head of the fast growing technology practice, serving leading 

technology companies in Austria and in the whole EMEA 

region. 

In his consulting work, Franz concentrates on top-level 

assignments in the telecommunications and advanced 

technology industries in Europe and the Middle East. He also 

provides executive assessment, leadership consulting and 

board services. Prior to joining Stanton Chase, Franz was a 

Partner and Director of a leading international management 

consulting company. His consulting experience spans more 

than 20 countries in Europe, America and the Middle East. 

Before that, Franz was Chief Marketing and Sales Officer and 

a member of the Executive Board of Tele2 Austria. Previously, 

Franz held the position of Vice President for Strategy at T- 

Mobile International in London. 

Franz holds a Masters Degree in Business Administration 

from Vienna University of Economics and Business 

Administration and a Masters Degree in International 

Management (MIM) from CEMS. He is fluent in German, 

English and Spanish. 

3


By Emerson Hughes 

Managing Director 

Stanton Chase 

Montreal 

...we researched the 

reasons why 

employees leave. 

We learned that 

there are 10 primary 

resignation 

motivators... 

3 are recruiting and 

selection related, 

and 

4 are essentially 

disconnects or 

failures in 

communication. 


Get It Right And Keep It Right: 

Retention Starts With Recruiting 

Hiring the right employees and retaining key employees are fundamental HR practices. Search firms 

that truly partner with their clients participate fully in both practices. We have partnered with clients 

on both fronts for years, long before retention became a hot topic. Now retention is a preoccupation 

as the war for talent heats up. 

We have always believed that providing a service that supports and enhances retention delivers 

additional value to our clients, rendering our core service-recruitment-more cost-effective, and 

strengthening our relationship with our client at the same time. 

Many years ago we researched the reasons why employees leave. We learned that there are 10 

primary resignation motivators, and recent research indicates that those motivators are still at play. 

We analyzed the motivators and determined that we could directly influence 7 of them; 3 are recruiting 

and selection related, and 4 are essentially disconnects or failures in communication. So, we developed 

recruiting and communications protocols to address the motivators in an attempt to obviate 

resignations. These protocols are embedded in everything we do, starting with the first meeting 

with a client to get job specs. We have found them to be effective, as, sadly, many companies are 

resistant to change. They are not doing everything that could be done to retain their employees and, 

as a result, they are watching their talent walk out the door. 

Let's look at the most common reasons employees leave and what external recruiters can do to 

improve the retention of the employees they recruit for their clients. 

1. The job or workplace was not as expected. This 

can be addressed during the recruiting and 

selection process. Recruiters need to present a 

clear and accurate description of the job, the 

performance expectations, the supervisor's 

management style, weaknesses and strengths, 

the corporate culture and values. The corporate 

company and the candidate going into a new 

job should be fully informed. 

2. Poor fit. There is a mismatch between the job 

and the hire, or the hire and the supervisor. This, 

too, can be addressed during the recruiting and 

selection process. The assessment process should 

be rigorous. Drill down; then, drill down again. 

3. There are too few growth and advancement 

opportunities. Again, this is an issue that can be 

addressed during the recruiting and selection 

process. Recruiters should ensure that there will 

be enough of a career runway for the candidate's 

ambitions. The recruiter should understand the 

candidate's career objectives and carefully assess 

motivations. 

4. Once on the job, there is too little coaching and 

feedback, or all too frequently, none at all. This is 

a communication and management problem. 

External recruiters can facilitate, and sometimes 

orchestrate, communications between a manager 

and employee. We communicate regularly with 

our hires, and when appropriate, we convene 

meetings and include the human resources 

department. The key is that we are proactive. 

5. The employee feels devalued and unrecognized. 

This, too, is a communications and management 

problem. Again, we are proactive and facilitate 

communication between the manager and 

employee. Recognition is one of the most effective 

ways to retain and motivate your employees. 

A well-designed recognition program can have 

a significant impact on employee loyalty and also 

influence behaviours, attitudes, values, customer 

satisfaction, process improvements, time to 

market; quality-the list is potentially endless, and 

unique to every company. The point is, people 

respond to recognition and appreciation. 

6. The employee is stressed from overwork and 

a work-life imbalance. This is frequently a 

communication problem, and it is usually 

solvable. The key is to acknowledge the 

conditions and not permit them to persist 

without attempting to relieve the pressure, even 

temporarily. Without relief, the pressure will build 

and lead to a resignation. 

7. There is a loss of trust and confidence in senior 

leaders. This is frequently a communication 

problem. Leaders who don't communicate or 

communicate ineffectively are often unaware of 

the problem. We encourage our hires to 

precipitate communication with their manager, 

to ask questions, to get informed, to network in 

the company and to reach out to the human 

resources department. 

4


Who is? 

Emerson Hughes is 

Managing Director of 

Stanton Chase 

International's 

Montreal office. 

He has been an executive 

recruiter for more than 

20 years, conducting 

numerous searches at 

C-level and senior 

management levels 

across Canada, North 

America and Europe for 

companies that operate 

in virtually every sector. 

Stanton Chase has 65 

offices in 41 countries. 


We are constantly looking for strategies and ideas that we can share with our clients to help them retain their 

key employees. On a regular basis, we meet with our clients and review their retention practices, their successes 

and disappointments. We nudge them towards adopting retention best practices. Here are some ideas: 

Develop effective corporate employee communications strategies and programs that help employees 

understand the business. Share information, open the channels of communication (starting at the top 

and let the information cascade down) and explain the company's reward philosophy. 

◆ Upgrade your performance-based 

compensation systems and stay ahead of the 

curve. Gradually move the focus of comp plans 

away from base salary toward incentive 

compensation. 

◆ Provide lateral and cross-functional 

assignments or projects. 

◆ Poor performance by colleagues can negatively 

affect the retention of high potential employees; 

therefore, weed out apathetic and 'C' performers. 

Poor managers are a liability. Develop, redeploy 

or replace them. 

◆ Create customized and achievable career and 

skills development plans. 

◆ Keep employees abreast of their progress and 

what they need to do, on a continual basis, to 

remain high-potential employees. Provide tools 

to help them track performance against 

objectives. Amplify the company's long-term 

commitment to them. 

◆ Provide recognition, formal and informal. 

◆ Upgrade your onboarding process. Day 1 can 

have a tremendous impact on engagement. 

◆ Provide tools that help employees improve 

their productivity and effectiveness. 

◆ Use knowledge management systems and 

tools that facilitate collaboration and networking. 

◆ For the right fit, the hiring process should be 

rigorous; get it right in the first place. 

◆ Job sculpts - Design jobs or assignments that 

satisfy employees' interests and use their unique 

talents. 

◆ Ensure that employees appreciate all the 

elements of the company's total rewards package, 

both tangible and intangible. Include training 

and development programs. 

◆ Conduct frequent “'D2stay interviews”'D3. 

◆ Develop and upgrade communication skills 

in supervisors and managers; when skills are 

weak, design programs and tools to facilitate 

communications between boss and subordinate. 

Frequent communications should be mandatory. 

◆ Success in retaining talent should be a 

performance expectation for managers, at all 

levels of the organization. 

◆ Managers and HR should collaboratively ensure 

that employees' career needs and objectives are 

being met. Ensure employees' careers don't stall. 

◆ Provide regular performance evaluations. 

Managers should schedule regular meetings with 

subordinates to discuss strengths, weaknesses 

and progress toward career goals. 

◆ Develop good communication and leadership 

skills across the organization. Take frequent 

employee satisfaction surveys. Find out what 

employees value in a workplace environment. 

Broadcast your efforts to act on the findings. 

◆ Provide managers with performance 

management training. 

◆ Strengthen internal sourcing and recruiting 

processes. Provide recruiters with frequent 

training. Benchmark your processes against other 

organizations. 

◆ Ensure that recruiting criteria on job 

descriptions are consistent with criteria to be 

used subsequently in performance reviews. 

◆ Extend your succession planning programs. 

Include every key position. If the position is 

'mission critical', plan for succession. 

◆ Provide work-life balance support and options, 

such as flexitime, telecommuting or job sharing. 

◆ Provide managers with interview training. 

Hold out for the best fit candidate. 

◆ Conduct rigorous reference checks. 

◆ Provide a clear statement of how employee 

performance is measured. Clearly differentiate 

between excellent and average performance. 

Describe how performance is measured, assessed, 

recognized and rewarded. 

The championship is won in the draft, and we 

owe it to our clients and to the people we recruit 

to get it right the first time. It may seem obvious, 

but if rigorous due diligence isn't applied to the 

talent acquisition process, then, it can be very 

difficult to right the ship. We should do everything 

we can to help our clients keep it right. That is 

the value we add. 

5



Stanton Chase Continues Global Growth 

Stanton Chase International is expanding its global 

presence with four new offices in Africa, Europe 

and North America. The new offices are located 

in Brussels, Sofia, Lagos and Toronto. This growth 

reflects the increasing success of Stanton Chase's 

partnership-focused approach to executive search 

at meeting the needs of clients during these 

challenging economic times. 

With this expansion, Stanton Chase increases its 

locations to 68 offices in 41 countries, offering 

clients services in Europe, the Middle East, Africa, 

Asia Pacific, Latin America and North America. 

This growth enhances the professional executive 

search capabilities and resources Stanton Chase 

can access to help its clients with their corporate 

leadership programs. 

The Brussels expansion adds a strong and proven 

team in the Benelux region. “With our presence 

in Belgium and Luxemburg we close a gap in our 

Western European presence and can offer our 

clients, executive search services on the highest 

level in one of Europe's most important markets” 

says Steve Watson, International Chairman of 

Stanton Chase. 

“The Sofia office supports our service capacity in 

Central and Eastern Europe and has been raised 

to full partner status. This is a reflection of the 

professional and successful work of the Sofia team 

and the importance of the Bulgarian market in 

the CEE” says Watson. 

The new Lagos office establishes Stanton Chase 

as the leader in executive search in Africa, joining 

the well-established office in Johannesburg. “By 

opening this office we become pioneers in Nigeria 

and set the pace of executive search on the African 

continent” says Watson. As the only international 

executive search specialist in Nigeria, Stanton 

Chase is able to offer clients a unique connection 

to an increasingly important market. With 140 

million people, Nigeria is the economic hub of 

West Africa and key to several industries. 

“The new Toronto office expands our presence 

into Canada's industrial and financial heartland” 

says Watson. Stanton Chase has national coverage 

in Canada with established offices in Montreal 

and Calgary. The Toronto office further enhances 

Stanton Chase's significant North American service 

coverage. 

This growth stems from the alignment of the 

Stanton Chase approach with client needs and 

expectations. Stanton Chase focuses on listening 

to clients, understanding their problems and 

challenges and then working closely with them 

in partnership as an extension of their team. 

“With the strength of our global presence, our 

partners are able to refer client assignments 

between offices in the knowledge and confidence 

that client interests will be served professionally, 

with extremely high quality and reliability” says 

Watson. Partners react quickly to client needs and 

offer clear unparalleled advice. 

“This expansion brings us closer to our clients and 

this enhances our ability to deliver a high level of 

service, responsiveness and results” says Watson. 

High Five for Stanton Chase Stockholm 

After only three years on the Swedish market, Stanton Chase Stockholm is now ranked among the 

top five executive search firms in Sweden. 

The largest local business magazine, Veckans Affarer, annually publishes a list of the top 10 executive 

search firms in Sweden. The survey is conducted among the largest companies that use executive 

search services. Several members of the management team receive questionnaires covering topics 

such as the level of confidence, client focus, competence and the results of different executive search 

firms, as well as the likelihood of hiring them in the near future. 

According to this year's survey, Stanton Chase Stockholm had made the biggest progress compared 

to last year, climbing from the 11th to the 5th position. 

6


This depends upon how 

successful you are in your 

negotiations. This article sets 

forth several techniques that can 

be employed to obtain the best 

deal possible: 


How do you ensure that your executive employment 

contract contains all the necessary provisions? 

First, you cannot begin your negotiation sessions 

until you fully understand what your, and your 

potential employer’s, goals are. You should set 

down on paper, in order of importance, what you 

want out of the new position, both from a 

compensation perspective and from a career 

standpoint. For example, do you plan to be at the 

new company for the long haul or are you using 

it merely as a stepping stone to bigger and better 

things? If the former, you may want to stress longterm 

compensation, such as equity participation 

in the employer, as well as current salary and 

bonus. Conversely, if you only expect to be with 

the company for a short period of time, then 

current compensation (including annual bonus) 

may be more important. 

At the same time that you are analyzing your goals, 

do your best to determine the goals and interests 

of the potential employer. In doing so, you may 

find that there are situations where imaginative 

bargaining could lead to mutually beneficial 

solutions. For example, through subtle questioning 

you may find that the potential employer currently 

is short of cash, but has significant potential for 

growth. Thus, you can steer the negotiations to 

provide you with substantial equity participation, 

more than you would have known to ask for had 

you not known of the company’s financial 

condition and prospects. 

Second, you must evaluate your leverage against 

that of the potential employer. How badly does 

each party want to do the deal? For example, how 

much do you need the job? Are you reasonably 

secure or insecure in your current position? 

Similarly, what is the potential employer’s fall-back 

position? Do they have anyone waiting in the 

wings who is as qualified as you? How badly do 

they need to fill this position and how quickly 

must this be done? Deriving answers to all of these 

questions will give you a fair idea of the relative 

leverage between the parties and, accordingly, 

will tell you how “tough” you can be in your 

negotiations. 

Third, when you make your compensation desires 

known to the other side, you must be able to 

thread the needle between selling yourself short 

on the one hand and making exorbitant demands 

on the other, which could cast a pall over, if not 

outright kill, ongoing negotiations. To do this 

effectively, you must do your homework. What 

are your comparables (i.e., what are your 

colleagues in similar positions in similarly sized 

companies earning in terms of salary, incentives 

and benefits, etc.)? This information can be derived 

through careful research, often using 

compensation tools found on the internet, by 

hiring a compensation expert or by relying on 

experienced counsel. 

Fourth, and most important, is the strategy you 

employ in the actual negotiation process. You do 

not want to appear too eager by making quick 

offers and concessions. Although it sometimes 

can be useful to make the first offer (as it would 

be setting expectations on your playing field) in 

most cases dealing with employment contracts it 

is the potential employer who makes the first 

move, at least with respect to salary issues. This 

would allow you to “bracket” your eventual 

compensation through your counter offer. For 

example, if at some point you are offered “x” per 

year in salary, and you would like to settle 

somewhere in the “y” range (assuming that this 

desire is backed up by useful comparables), you 

would then counter in the “z” range, with the 

expectations that you and the other party would 

meet somewhere in the middle, your classic “split 

the difference” approach which often will work in 

end-stage negotiations. However, it is very 

important that you not make any concessions to 

quickly. Early concessions are usually larger than 

those made at the end of the negotiation process. 

Regardless of whether you are experienced in the 

negotiation techniques described above, it is very 

important that you consider utilizing an attorney 

to handle the process for you. First, use of an 

experienced attorney will give you a degree of 

credibility in your negotiations that you otherwise 

may not have. Second, the attorney can be your 

“bad cop,” making demands on your behalf while 

you stay above the fray and whom you can 

disavow if negotiations take a turn for the worse. 

Third, your attorney will have knowledge of many 

important legal issues of which you simply may 

not be aware. Lastly, as mentioned above, your 

attorney (again, if experienced) will be aware of 

the standards of the industry, which will prevent 

you from making unreasonable demands on one 

hand and from underselling yourself on the other. 

Published on: https://www.bluesteps.com/newsletter/Contract-Negotiation.aspx 

Author: Robert M. Fields represents executives on a national and international basis and can be reached at his New York 

City office at (212) 672-1672 or his Westchester County, New York office at (914) 763-3788. You can also contact him by 

e-mail at rmfields@rmfieldslaw.com 

7


Stanton Chase International strong presence 

in CEE and SEE 

Over the years Stanton Chase International´s 

Vienna office has become one of the key 

players in executive search in Austria as well 

as Central and South Eastern Europe. 

Based in Vienna, considered to be “the heart 

of Europe”, our partnership has developed a 

unique profile in the region since the fall of 

the “Iron Curtain”. In close co-operation with 

the local offices in the neighbouring CEE and 

SEE countries we successfully accompanied 

our clients in their effort to build their local 

management structure in the emerging part 

of Europe. Being pioneers in the recruitment 

of executives in the Central European region 

we offer unparalleled experience in handling 

difficult search mandates on a national and 

international level. Presence in local markets 

and profound insider understanding of their 

conditions are prerequisites for competent 

consulting services. 

The AESC celebrates its 50 th anniversary 

In 1959 when the AESC (originally "AERC" 

Association of Executive Recruiting Consultants) 

was founded retained executive search consulting 

was very different to what it is today. Firstly, this 

new profession was really only practiced in the 

United States. Secondly, it consisted of a few small 

firms, mostly headed by principals who had left 

management consultancies such as McKinsey 

and Booz Allen. And thirdly, it produced revenues 

that were only a tiny fraction of the $11 billion 

that we estimate the worldwide revenues to be 

today. Much has changed since then, but much 

has also remained the same. 

As always, the purpose of retained executive 

search has been to provide an exclusive and 

committed service to the top management of 

organizations when recruiting executive talent. 

Confidentiality, ethical and professional practices, 

and high level consulting and recruiting skills still 

typify the seasoned executive search consultant. 

Such attributes are rightly valued by clients. On 


Kärntner Ring 5-7, 1010 Vienna, Austria 

Tel: +43 1 516 26 -0 | Fax: +43 1 516 26 10 

E-mail: vienna@stantonchase.com 


CEE AND SEE OFFICES 

Vienna (Bratislava, Budapest) • Prague • Warsaw • Moscow 

Bucharest • Ljubljana • Sofia • Belgrade • Athens • Istanbul 

March 5th, at the Metropolitan Club in New York, 

we had occasion to celebrate the amazing growth 

of our profession and to honour some of those 

who contributed to its development and to the 

growth of the AESC. An historical overview of the 

development of executive search, an industry 

panel about the future of the industry and a gala 

dinner were the highlights of our anniversary 

celebrations capture on our website. In honour 

of our 50th Anniversary, the AESC has published 

“A history of retained executive search”. 

“In the midst of a severe economic downturn it 

is difficult to be optimistic about the future. 

However, I am firmly convinced that the demand 

for executive talent will return and sooner than 

some think. The need for talented leaders is 

greater at times like these than at any other. The 

executive search profession will not only serve 

that need but continue to prosper as it does so” 

says Peter Felix, the President of AESC.

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