67 WALL STREET, New York - January 24, 2012 - The Wall Street Transcript has just published its Staffing & Outsourcing Services Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Workforce Flexibility Requirements - Stalwarts Look to Acquire Small Caps - Rich Industry Leaders to Acquire Small Cap Competitors - BPO & IT Outsourcing Reduce Labor Costs
Companies include: Accenture (ACN); Adecco (ADEN.VX); Alliance Data Systems (ADS); CGI Group (GIB); CSC (CSC); and many more.
In the following brief excerpt from the STAFFING & OUTSOURCING SERVICES Report expert analysts discuss the outlook for the sector and for investors.
Don Murray is Executive Chairman and Chief Executive Officer of Resources Connection. Drawing from his 30 years of business experience and management roots from the Big Four, he founded Resources Connection in June 1996 with funding from the venture board of Deloitte & Touche LLC, where he served as a Partner. After a management buyout led by Mr. Murray and two other Founders, Resources Connection went public in December 2000. As Executive Chairman and CEO, Mr. Murray focuses on the company's strategic vision, employment culture and brand, as well as business and geographic development, while leading the company's more than 80 global offices and 2,900 employees. Under his leadership, the company has cultivated a client base, including 44 of the Fortune 50 companies, and more than half the Fortune Global 100. Mr. Murray earned his B.S. in business administration and accounting from California State University, Los Angeles, and his master's degree in business taxation from The University of Southern California.
TWST: Please start with a brief history and overview of Resources Connection.
Mr. Murray: We started Resources in 1996 as a venture investment for Deloitte And Touche. We started it and branded it separately because we always had a plan to spin it out. Then with some of the issues that were occurring post-Enron, the firm decided to spin it out faster because of the independence concerns and things. So we found a private equity firm to invest with us, and we did a management buyout of Deloitte in 1999, and the next year, we took the company public, and we've been public ever since. So that's a brief history. We started with the premise that clients trust their accountants - all the big audit firms were strictly audit firms, and then in the 1970s, as clients got bigger and the audit firms got bigger, the clients of the audit firms would ask them to help them solve problems, which is basically the genesis of all the consulting firms that exist today. They were solving client problems, and then they decided to start a whole division to do that.
TWST: How would you describe the overall business focus, strategy and culture at Resources Connection? My sense is the company is not a temp agency, per se, but it places high-level professionals with your clients.
Mr. Murray: That's right. The majority of our business is helping clients solve problems, so we take on projects for a lot of these big companies that don't have the right resources around the world to get them done. Before I started Resources, we used to get clients coming to us, asking us to help them solve issues, and typical consultants back in the 1990s didn't really want to do things. They wanted to basically tell the client what to do. Then clients would come to the partners, and then they would come to me, and they would say, "We need somebody to go out there and help them." And we just didn't have the experienced people who actually wanted to do that, so that gave us the genesis of the idea. If there had been existing qualified consultants, who really wanted to help clients fix business, there wouldn't have been a need for us.
TWST: You opened an office in Seoul earlier this year. Is that an area you see for future growth?
Mr. Murray: Right now, the place where we're going to continue to open offices will be China, because we've been growing tremendously there. So far, our only curb on growing in China is having internal people that can continue to grow the business, so we are investing in China. Korea is an investment because we have so much work there that's inbound work, and we need to have a presence there. There are a lot of huge Korean companies, and they want to be world-leading companies. I met with a Korean bank, and they want to become one of the top 25 banks in the world. They are buying banks in Europe, they are buying banks in the United States, and so there is new work in the United States to help them integrate these banks, etc. So Korea has a lot of promise, but it's not like a China, or hopefully, like India is going to become.
The Wall Street Transcript is a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
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