Making people successful in a changing world - Annual Report 2012

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Drivers in AdeccoIn a highly decentralised, entrepreneurialorganization, Adecco's 30,000 Colleaguesoperating at all levels can and do make apositive difference both to the company’sperformance and to their local communities.The very best are nominated by theirColleagues and are recognised annually inthe Chairmen’s AwardAdecco Chairmen’s Award nominees, pastand future, exhibit an extraordinary balancebetween work and community life, andevery day make a noteworthy and inspiringcontribution to improving both.Chairmen’s Award CriteriaOutstanding Performance Consistentlyproduces excellent business results – bringsinnovation, creativity and new ideas todeveloping and growing Adecco’s business.Commitment to Adecco ValuesConsistently exhibits the following Adeccovalues at work: customer focus, innovationand creativity, empowerment andentrepreneurial behaviour, opencommunication and integrity.Community Involvement Donatespersonal time to a charity or programmethat supports in some way youth, seniors,minorities, the underprivileged, disabled,unemployed or other groups in need.Judy ClineSenior VP, GeneralManager of Lee HechtHarrison in Nashville, USAGloria Cecilia JimenezSouthwest RegionalManager of AdeccoColombiaSince Gloria first became branch managerin Cali, the number of Associates increasedfrom below 100 to over 2,200 across anetwork of seven branches. She is a memberof the army and is also the treasurer of theHuman Resources Association in Columbia.Adolfo Quiles, Adecco Columbia CountryManager said:“Gloria has led a number of outstanding initiatives including:opening innovative operations in the dock of Buenaventurawhere we have almost 400 people and developing anAdecco Training Programme for Associates. Operating in anever-changing economic and political environment, Gloria has areal belief in the value of a flexible workforce – this transmitsto Clients, Associates and Colleagues alike and the results interms of business development are there for all to see. She is aprofessional dedicated to action.”Muriel BusinBranch Manager,Adecco FranceMuriel joined the company in 1979.She manages four branches in theNorth-east of France, and was instrumentalin setting up a specialized branch for theautomobile industry. She is a member ofthe French Employers Association (MEDEF)and part of the Chamber of Commerce ofValanciennes and has been an activemember of the Adecco Work Council forover five years.Marie LamAdecco Country Manager,MalaysiaMarie joined Adecco as OperationsManager in Malaysia in 1997. In Malaysia,there are now five offices. Turnover andprofit have increased year-on-year, throughbuilding long-lasting relationships withmajor global and national companies.Marie also finds the time to contributepersonally to the local community – amongother activities she regularly teaches Englishand Mathematics to underprivilegedchildren on a local rubber estate.Ray Roe, Adecco Asia Pacific Zone Manager,said:“Marie epitomizes the best of Adecco – a totally dedicated andselfless professional. Marie always gives 100 per cent of herselfin everything she does. While building a successful business shemanages to contribute generously to the community.”While space limitations do not allow us totell all their stories, other Chairmen’s Awardwinners of equal merit in 2001 were:Michael Gould, Senior AccountRepresentative, AOC,Walnut Creek, California, USAJean LeMore, Regional VicePresident, Adecco,Irving, Texas, USAJudy has been with Lee Hecht Harrisonsince 1995 and has been instrumentalin building the Nashville office of sevenpeople that serves over 100 customers. Theoffice recently received the highest scoresfor customer satisfaction of any LHH officeworldwide. The Nashville unit is certifiedto deliver Lee Hecht Harrison careermanagement programmes and the officehas worked with eight of the ten largestemployers in the vicinity. Judy is heavilyinvolved in the local business communityand has served as Board Chair for both theAmerican Red Cross and the WorkforceInvestment Board – responsible for theintroduction of the ‘Middle TennesseeOne Stop Career Centre’.President of Lee Hecht Harrison,Steve Harrison, said:“LHH is right on the pulse of change in the Nashville businessarena - thanks to the drive and energy of Judy and her team.”As well as being a Town Councillor between1995 and 2001, she is a Member of theLions Club and is actively involved in arange of charitable initiatives.Adecco France Country Manager,Philippe Marcel, said:“Muriel is truly passionate about the company. Her attitudeis always positive and constructive, and she has made a hugecontribution to the development of Adecco in her Region.”Brigitte Desriac, BranchManager, Adecco,Dinan, FranceKim Clary, Senior TestConsultant, Ajilon,Dallas, Texas, USATherese Knoll, ProjectManager, Adcom,Frankfurt, GermanyThe global market leader – drivingglobal market growth.30
Drivers inEmerging MarketsThe appetite for workforce flexibility andbroader human resources services isgrowing in the developing as well asdeveloped markets. So too is the conceptof temporary work among an increasinglyeducated, skilled and mobile workforce.Adecco is at the cutting edge of industrydevelopment in the emerging Far East,Asia Pacific and Latin American markets,driving global growth through localentrepreneurial initiative.Adecco ThailandDespite the overall economic downturnand the local legislation imposing theregistration of a legal entity per branch,Adecco Thailand sustained growth in 2001.Two milestones were significant in thedevelopment of Adecco Thailand:In 1998, Adecco capitalized on thegovernment modification of the ‘LabourProtection Act’ that radically changed thedefinition of ‘Employer’. Combined withan aggressive sales activity, this boostedAdecco’s temporary Associates’ headcount.In 1999, Adecco Thailand answered aQantas Airlines request to recruit andemploy outstanding Thai customer serviceprofessionals to be part of Qantas’ firstoverseas-based long haul cabin crew team.Through dedication and hard work, AdeccoThailand started a long-term businessrelationship with Qantas and now employs250 Flight Attendants based in Bangkok.Building upon this experience, AdeccoThailand secured volume recruitmentprojects with CP-Orange (a telecomcompany) for over 800 call centre staff and,in the banking industry, with Citibank forover 100 Direct Sales and Telesales staff.Shayne Nealon, Qantas General ManagerCabin Crew Long Haul said:“Qantas has a high regard for the Bangkok base crew, thesuccessful integration of the Bangkok base and the high levelof expertise provided by Adecco Bangkok.”Adecco Greater China –Flexible staffingThe demand for flexible staffing in GreaterChina has increased dramatically in recentyears, with both multinational companiesand leading local corporations using theservice to help manage risk in anever-changing business climate. Reluctanceto implement flexible staffing on the partof local organizations, once fuelled byconservative Human Resources policiesand unclear legal liabilities, is waning.Adecco Staffing Director Greater China,Cindy Chen says:“The concept of introducing flexible staffing by distinguishingbetween core staff and non-core staff has helped us to landsubstantial outsourcing contracts with companies likeChina Trust Bank.”China Trust Bank is Taiwan’s largest localcommercial bank. Adecco Greater Chinapioneered the bank’s flexible staffingoutsourcing plan in 1999. Adecco Staffingnow provides over 550 employees includingtemporary, payroll and contracted staff, inpositions that include customer servicerepresentatives, collection agents,management assistants and administrators.Cindy Chen adds:“With China Trust Bank setting an example in this changingeconomy, flexible staffing services show great potential fordevelopment in Greater China.”In addition to flexible temporary staffingsolutions, Adecco Greater China alsoprovides Executive Search and Selectionrecruitment services through specialtybranches in the cities of Beijing, Shanghai,Guangzhou, Hong Kong, Taipei, Hsinchu,Taichung and Kaohsiung. As the threemarkets of Taiwan, Hong Kong and Chinabecome more unified and liberalized, themovement of mid-level professionals andsenior executives has risen dramatically,increasing the demand for cross-borderplacements. Currently, there are nearly300,000 professionals from Taiwan whowork in the greater Shanghai area.Latin AmericaAdecco is the No. 1 in Latin America withover 55,000 temporary Associates every dayin 2001. This year, Adecco added 20 morebranches to make a network of 230 in totalin the region across 15 countriescomprising Argentina, Brazil, Costa Rica,Guatemala, Uruguay, Chile, Bolivia, Ecuador,Peru, Venezuela, Colombia, Panama,Dominican Republic, Mexico, Puerto Rico.The labour market in the region has adiverse legal environment. In Colombia,for example, comprehensive temporarywork legislation is in place, creating astable market for Clients and Associates.Here, temporary staffing has thrived and4.6% of the Columbian working populationis engaged in temporary work. However,Chile, Mexico and Bolivia have no temporarywork legislation yet.Ask Me is the on-line Adecco Candidatedatabase that all the branches in eachLatin American country share. Launchedat the end of 2000, branches use Ask Me toshare information about Candidates, andadvertising costs have been significantlyreduced.In 2001, Adecco Club was launched, givingClients an on-line human resourcesmanagement and consulting program.When Clients buy Adecco services on-line,they win points (miles) that in the futurethey can change for additional Adeccoservices.Adecco Bolivia and EntelAdecco Bolivia opened its doors inOctober 2000. Entel, the leadingtelecommunications company in Boliviais a key Client. Adecco manages its payrollfor 1,000 employees using POTRO software.According to Entel Human ResourcesDirector, Giacinto Maddalena:“Adecco’s solution has delivered greater efficiency in the payrollmanagement - with fewer problems and happier employees,enabling us to focus our internal effort on activities where wecan really add value and build our business further.”Adecco also supplies permanent placement,temporary work and performance evaluationservices to Entel.Adecco Argentina andTelefónica de ArgentinaAdecco Argentina has worked withTelefónica – one of the stars in the nationaleconomy – since 1999. After thetelecommunications deregulation law waspassed, Telefónica could offer their servicesover all 24 states in Argentina and needed apartner with parallel national reach.Adecco created a special division‘Commercial Target’ to recruit and retainKey Account Executives and alsoTelemarketing personnel for Telefónica’scall centres. Adecco also providesAssessment Centre, permanent placementand temporary work services to Telefónica.31
Page 1 and 2: ANNUAL REPORT 2001Operational Revie
Page 3 and 4: Table of ContentsAdecco at a Glance
Page 5 and 6: RevenuesProfitsGeographical Distrib
Page 7 and 8: Klaus J. JacobsChairmanPhilippe For
Page 9: For all those people seeking to fin
Page 12 and 13: Strong management delivers resultsR
Page 15 and 16: Adecco: 30,000 entrepreneursseizing
Page 17 and 18: Patrick DeMaeseneire, AjilonStaffin
Page 19 and 20: Social change and the fitness of th
Page 21 and 22: The Agenda for ChangeLength of Assi
Page 23 and 24: Drivers inTechnologyPeople, Bricks
Page 25 and 26: And to ensure that all Adecco and s
Page 27 and 28: Hewlett Packard in South Korea -Mob
Page 29: Adecco Learning CentresAdecco UK op
Page 33 and 34: Ajilon Staffing &Adecco Staffing Di
Page 35 and 36: Directors, Management and AuditorsB
Page 37 and 38: ANNUAL REPORT 2001Financial ReviewM
Page 39 and 40: Table of ContentsFinancial Review 4
Page 41 and 42: Financial reviewIn millions, except
Page 43 and 44: Selected Financial Information - Un
Page 45 and 46: Consolidated Statements of Operatio
Page 47 and 48: Consolidated Statements of Changes
Page 49 and 50: Notes to Consolidated Financial Sta
Page 61 and 62: Report of the Group Auditors to the
Page 63 and 64: Statements of Operations (Holding C
Page 65 and 66: Notes to Financial Statements (Hold
Page 67 and 68: Major Consolidated SubsidiariesGrou
Page 69 and 70: Investor InformationStock Price Per
Page 71 and 72: Directors, Management and AuditorsB

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