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Insperity2 0 0 3 A n n u a l R e p o r t 63240 Cover cmyk.indd 1 03/04/2004 7:58:02 AM Contents Profile 1 2 4 9 20 21 Vision and Values Letter from Jon Chait, CEO, and Richard Pehlke, CFO Helping Employers Achieve Success Through People Case Studies Management Directors, Officers and Corporate Information Hudson Highland Group, Inc. Hudson Highland Group, Inc. (NASDAQ: HHGP) offers a full suite of specialized professional staffing, retained executive search and other human capital solutions worldwide. The company employs approximately 3,700 professionals serving clients in more than 20 countries through its Hudson and Highland Partners businesses. More information about Hudson Highland Group is available at www.hhgroup.com. 63240 Cover cmyk.indd 3 03/04/2004 7:58:04 AM 63240 Body.xp5 3/4/04 11:33 AM Page 3 Our Vision To b e t h e w o r l d ’ s b e s t at h e l p i n g e m p l oy e r s a c h i e ve s u c c e s s t h r o u g h p e o p l e Realizing Our Vision What we do: We work with our clients to attract, select, engage, develop and retain the best people. We will become the world’s best As we become the best, we make through: these commitments to our employees: • Specialization (functional and • Growth and opportunity industry-specific) • Knowledge sharing • The environment and tools to succeed • A sense of belonging • Global reach with local touch • Recognition and rewards • Innovation • Operational excellence • A superior employment experience • A values-based culture Our Values Integrity We embrace and uphold the highest standards of personal and professional ethics, honesty and trust. Respect We treat everyone with uncompromising respect, civility and fairness. Collaboration We work as a team and share knowledge for continuous improvement, learning and innovation. Empowerment We are empowered to deliver operational excellence through innovation and leadership at all levels. Responsibility We are responsible to fulfill our commitments to colleagues and clients with a clear understanding of the urgency and accountability inherent in those commitments. 1 63240 Body.xp5 3/4/04 11:33 AM Page 4 y t i n u t r o p p O Letter from the Chief Executive Officer and Chief Financial Officer We believe we have an extraordinary opportunity at Hudson Highland Group. This view is driven by several key factors. • Focus – Last year our spin-off from Monster Worldwide enabled our comple- mentary set of professional service businesses – specialized permanent, contract and project staffing; retained executive search; and employment life cycle human capital solutions – to focus as an independent company on helping clients achieve success through people. • Global – We have a balanced global business platform, primarily led by local nationals in their respective markets, to credibly serve local, regional and multi-national clients through our wholly-owned operations in Europe, North America, Australia/New Zealand, Asia and several emerging markets. • Offering – We combine permanent and project recruitment services for executive, managerial and professional levels with a host of proven employment life cycle solutions spanning major markets worldwide. • Growth – We believe that the global market for helping businesses efficiently recruit, engage and develop the right people will experience strong growth for years to come. Population shifts, societal aging, functional outsourcing trends, new technologies and changing lifestyle patterns are all converging to raise the stakes in the people/business performance equation. • Clients – We have a deep roster of long-standing, satisfied clients. Blue-chip companies from around the world such as Honeywell, Nestlé, Toyota and Westpac have relied on us for years. You can read more about these and other success stories later in this report. • Integrity – We operate at the highest level of legal and ethical principles, and hold ourselves accountable for uncompromising integrity – one of our firm’s core values – with all of our stakeholders. • People – We believe we have the talent, intellectual horsepower and evolving culture at Hudson Highland Group to build an enviable industry force. The year 2003 was one of transition for us. Since becoming a fully independent, publicly held company last spring, we have focused on reducing our cost structure, improving financial and operational discipline, and creating a more efficient and performance-driven global enterprise. In particular: 2 g n i n o i t i s o P 63240 Body.xp5 3/4/04 11:33 AM Page 5 • We tightened our focus on core, stable markets offering strong opportunity for growth in our European, North American and Asia Pacific operations. • We exited unprofitable locations, repositioned our executive search business and adjusted our work force to align it with business and market conditions. • We effectively managed our working capital and cash reserves for financial flexibility, and further strengthened our balance sheet, writing off impaired goodwill from historical acquisitions and uncollected invoices. • We streamlined various financial, accounting and IT infrastructure processes, enabling greater operational discipline, focus and efficiency. • As important, we made several strategic investments in select geographic markets, solution sets and intellectual capital development. Through this transition, we have brought greater stability and discipline to the organization. Today we have a talented team committed to the best strategies and markets to create value for our stockholders, clients, business partners and employees. While challenges remain, we are encouraged that our strategic investments are starting to deliver results and we remain focused on achieving profitability during 2004. In closing, we are mindful that we must continue to challenge ourselves to improve our business. With the unwavering focus and effort of our senior management team, the dedication of all of our employees and the invaluable advice and guidance of our Board of Directors, we will continue to drive Hudson Highland Group forward. Jon F. Chait Chairman, President and Chief Executive Officer Richard W. Pehlke Executive Vice President and Chief Financial Officer 3 Jon Chait (left) and Richard Pehlke 63240 Body.xp5 3/4/04 11:33 AM Page 6 Helping Employers Achieve Success Through People Hudson Highland Group is one of the world’s largest providers of specialized professional staffing, retained executive search and other human capital solutions. We help our clients achieve greater organizational performance by assessing, recruiting and developing the best and brightest people for their businesses. Our approximately 3,700 employees in more than 20 countries are dedicated to providing unparalleled service and value to our clients. Spun off from Monster Worldwide in March 2003, Hudson Highland Group goes to market globally through two primary brands: Hudson and Highland Partners. Hudson Hudson Global Resources helps leading companies efficiently find specially skilled individuals at the professional and managerial levels for direct hire, contract and project roles around the world. From single placements to comprehensive work force outsourcing, we serve a broad cross section of major industries through our global specialty practices: • Accounting & Finance • Engineering, Operations & Scientific • Healthcare • Human Resources • Information Technology & Telecommunications • Legal • Sales & Marketing Hudson Highland Group is one of the world’s largest providers of specialized professional staffing, retained executive search and other human capital solutions. We help our clients achieve greater organizational performance by assessing, recruiting and developing the best and brightest people for their businesses. 4 63240 Body.xp5 3/4/04 11:33 AM Page 7 Hudson Human Capital Solutions partners with clients around the world to maximize returns on their investments in people. From assessing top talent to improving organizational effectiveness, driving high performance and providing career transition and reintegration services, these solutions span the entire employment life cycle. Our systematic approach to managing human capital blends a deep understanding of how people relate to their work environment with innovative, practical technology solutions. Hudson Inclusion Solutions are designed to transform corporate cultures to embrace and leverage the necessary differences in people, and improve overall business performance as a result. Given that increasing globalization of economies is having dramatic business and cultural effects worldwide, diversity is a top priority for global business leaders today and a key strategy for competitive advantage. Our offerings span Discovery & Assessment, Recruitment, Retention, Leadership Development & Training, Strategic Partnerships, Communications, and Metrics & Measures. Highland Partners Highland Partners is the unique boutique with global reach in C-level retained executive search, specializing in recruiting at the CEO, COO, CIO, CFO and Board of Director levels, as well as senior-level operations and staff positions. We have assembled an elite team of specialized, senior partners who get personally involved in every search assignment booked. We believe this approach enables us to offer our clients an unsurpassed level of quality, service and attention, while providing access to an international talent base across all major industries at the very highest levels of management and operations. Hudson Highland Center for High Performance The Hudson Highland Center for High Performance brings together global thought leaders and experienced practitioners to develop effective solutions that maximize performance and improve returns on strategic, financial and human capital investments. The Center recently conducted a systematic global study of the factors that accelerate high performance. The study provides – for the first time ever – proprietary data that allows organizations to benchmark their work groups against quantifiable global standards of high performance. With these insights, businesses can identify key opportunities to achieve sustainable, profitable growth through faster development of new products, services and markets, and enhanced retention of top talent. 5 The Hudson Highland Center for High Performance brings together global thought leaders and experienced practitioners to develop effective solutions that maximize performance and improve returns on strategic, financial and human capital investments. 63240 Body.xp5 3/4/04 11:33 AM Page 8 “ F o r 2 5 y e a r s , I ' ve c o n s u l t e d w i t h t h e t e a m t h at i s n o w H u d s o n H u m Luc De Bruyckere Executive Chairman Ter Beke 63240 Body.xp5 3/4/04 11:33 AM Page 9 s o n H u m a n C a p i t a l S o l u t i o n s o n a l l m a j o r H R d e c i s i o n s .” Luc Luc De De Bruycker Bruyckere Executive Chairman Executive Chairman Ter er BekeBeke 63240 Body.xp5 3/4/04 11:33 AM Page 10 “ H u d s o n G l o b a l R e s o u r c e s h a d ex p e r i e n c e d r e c r u i t e r s i n e ve r y l o c at i o n a r o u n d t h e g l o b e t h at w e w a n t e d t o s t a f f. T h e y m e t o u r a g g r e s s i ve s c h e d u l e a n d f o u n d t h e r i g h t p e o p l e f o r e a c h j o b . Wi t h t h e i r p r o ve n c a p a b i l i t i e s a n d o ve r a l l va l u e , t h e r e ’ s n o r e a s o n t o l o o k b e y o n d H u d s o n H i g h l a n d G r o u p .” Craven TiTimothy mothy R. R. Craven Global Leader Global HR HR Leader Honeywell ACSACS Honeywell 63240 Body.xp5 3/4/04 11:33 AM Page 11 Recruiting Across the Globe When Honeywell Automation and Control Solutions (ACS) needed to recruit professionals in five countries around the world, the business unit’s human resources team turned to another global leader, Hudson Highland Group. The assignment was to recruit for a single type of position – procurement professionals – in five countries: Hungary, the Czech Republic, Poland, Mexico and China. The project later expanded to include Germany, Italy, the United Kingdom and the U.S. Hudson Global Resources got off to a fast start, developing and implementing common selection criteria that incorporated the needs of the position, while at the same time accommodating cultural differences and norms in the various countries. Together, our team of experienced recruiters in each market and the Honeywell ACS human resources staff screened more than 2,000 candidates from 15 countries, resulting in 28 external and five internal hires within the first six months. During the course of the project, additional candidates were identified for other positions. The responsibilities of Hudson Global Resources later expanded to include the staffing of a design center and a new factory in the Czech Republic and the recruitment of product management talent for a business unit in Scotland. Hudson Highland Group’s long-term relationship with Honeywell ACS involves almost every aspect of our service portfolio, from executive search to management selection, project recruiting and human capital solutions. Most important, it highlights how Hudson Highland Group’s global presence and multiple service capabilities can successfully come together to help our clients achieve their business objectives – at home and around the world. “ With our worldwide network of experienced, locally based recruiters, Hudson Global Resources had the unique ability to source high-quality candidates for the same position in nine countries – on time and on budget.” Ferenc Baracskai Country Manager, Hungary Hudson Global Resources 9 63240 Body.xp5 3/4/04 11:33 AM Page 12 Outsourcing “ Our experience with Nestlé illustrates the multi-faceted capabilities of Hudson Global Resources. We’re on-site as an integral part of the Nestlé recruitment team and we’re one of several candidate sourcing firms. That’s strategic partnering at its best.” Joanna Prewett Joanna Prewet Associate Associate Director Hudson Global Hudson Resources Global Resources Director - - Alliance Partnership Alliance Partnership 63240 Body.xp5 3/4/04 11:33 AM Page 13 Adding Value Through Outsourcing For Nestlé S.A., the world’s largest food company, outsourcing the recruitment process for its United Kingdom operations has proven to be a sweet success. Based in Croydon and York, Nestlé UK employs over 7,000 people in 20 locations throughout the United Kingdom. When the company moved to an HR shared service model, Nestlé human resources management identified the need for an on-site resource manager. With its experienced staff and broad range of capabilities, Hudson Global Resources was the perfect choice. For the past three years, Hudson has provided an on-site resource manager who manages the entire recruitment process and is treated as a Nestlé employee. Responsibilities include managing third-party agencies, establishing and monitoring service levels, setting up and maintaining the vendor assessment process and consulting on recruitment strategies and activities. In addition to our role in managing the entire process, Hudson Global Resources is also one of the third-party vendors recruiting new employees for virtually every available position within the company. In this capacity, we go through the same vendor assessment process as the other firms utilized by Nestlé. For Nestlé, outsourcing the recruitment process has resulted in greater efficiencies in procuring talent and a higher quality of hire, along with increased retention and a more cost-effective recruiting process. For Hudson Global Resources, this strategic partnership is an outstanding opportunity for our people to do what we do best – assist the world’s leading companies in recruiting the talent that will shape their future. “ O u r r e l at i o n s h i p w i t h H u d s o n h a s e v o l ve d o ve r t h e p a s t t h r e e y e a r s , w i t h t h e o n - s i t e r e s o u r c e t e a m b e c o m i n g a n i n t e g r a l p a r t o f t h e N e s t l é H R S h a r e d S e r v i c e i n i t i at i ve . A p a r t i c u l a r s t r e n g t h h a s b e e n t h e w a y i n w h i c h H u d s o n h a s a d v i s e d u s o n r e - e n g i n e e r i n g o u r a p p r o a c h t o v o l u m e r e c r u i t m e n t i n t h e c o r e a r e a s o f o u r b u s i n e s s .” 11 Fionna Alcorn Head of Recruitment Nestlé UK 63240 Body.xp5 3/4/04 11:33 AM Page 14 “ H u d s o n H u m a n C a p i t a l S o l u t i o n s h a s a s t r o n g l o c a l p r e s e n c e a n d ve r y q u i c k l y s h o w e d a n u n d e r s t a n d i n g o f t h e Toy o t a c u l t u r e . T h e i r w i l l i n g n e s s t o c u s t o m i z e t h e i r c o n c e p t s a n d t o o l s t o o u r n e e d s e n a b l e d u s t o t r a n s l at e o u r Toy o t a w a y va l u e s i n t o t h e c o m p e t e n c i e s t h at s u p p o r t o u r p e r f o r m a n c e a n d s e t u s a p a r t f r o m t h e c o m p e t i t i o n .” Ivo etsels Ivo Wetsels Director Director of of Human Toyota oyota Motor Resources Human Resources Motor Marketing Europe Marketing Europe 63240 Body.xp5 3/4/04 11:33 AM Page 15 Instilling Values Across an Organization Toyota Motor Corporation is recognized worldwide for its high quality standards and strong values. Hudson Highland Group is a driving force to help embed these standards and values across Toyota’s global work force. In a pilot project, Toyota turned to Hudson Human Capital Solutions in Brussels, Belgium to make the management competency model developed in Tokyo practical for Toyota Motors Marketing Europe. Working closely with corporate headquarters in Tokyo, the Hudson Human Capital Solutions team assessed the different management functions at the European headquarters and defined the desired behaviors for each position, ranging from top executives to senior professionals. Using this defined criteria, assessment exercises were custom designed to identify the ten critical competencies that have made Toyota so successful. The goal was to help Toyota managers understand the values and apply them in their jobs. During the two-year project, more than 500 executives and managers across Europe will be screened to identify their strengths and development needs in terms of the new competency model. They will be provided with a customized development plan that will help them apply the Toyota standards and values to their job. Executive coaching will help to facilitate the enhancement of work performance. Hudson Human Capital Solutions also designed and manages development centers for training top management in how to work with the new competency model. Hudson Human Capital Solutions’ partnership with Toyota Motors Marketing Europe highlights our international team’s ability to develop customized solutions for today’s values-driven organizations. “ Toyota is a global leader and our ability to successfully manage such a large-scale project demonstrates our geographic strength and international talent. We were the only provider with the flexibility and mindset to custom design a program that matched the Toyota culture.” Ann-Sophie Cremers Manager, Organizational Development Hudson Human Capital Solutions 13 63240 Body.xp5 3/4/04 11:33 AM Page 16 Solutions “ We d e ve l o p e d a c u s t o m i z e d s o l u t i o n f o r R oya l B a n k o f S c o t l a n d G r o u p t h at m e e t s t h e i r u n i q u e n e e d s . O u r c l i e n t t e a m , w h i c h i s d e v o t e d ex c l u s i ve l y t o R B S g r o u p , c o n s i s t e n t l y d e l i ve r s o n o u r c l i e n t ’ s s t r i n g e n t p e r f o r m a n c e r e q u i r e m e n t s a n d s e r v i c e l e ve l s , i l l u s t r at i n g h o w o u r c o m m i t m e n t , q u a l i t y a n d p r o f e s s i o n a l i s m a d d va l u e t o o u r c l i e n t ’ s b u s i n e s s .” Peter Chater Peter Chater Senior Senior Client Hudson Global Hudson Client Services Manager Services Manager Resources Global Resources 63240 Body.xp5 3/4/04 11:33 AM Page 17 Developing a Customized Recruitment Solution Banking on Hudson Highland Group has resulted in greater uniformity and increased consistency in recruiting for one of Europe’s leading financial services groups. The Royal Bank of Scotland group (RBS) is the second largest bank in the United Kingdom and in Europe, and currently ranks fifth in the world. With thousands of branches and 120,000 employees, recruiting is a major focus – and a significant expense. In prior years, the recruitment of technical staff for positions in human resources, finance, marketing, IT and banking involved over 400 suppliers. Recognizing that this large number of providers created inconsistencies in the recruitment process and minimized opportunities for economies of scale, RBS group management partnered with Hudson Global Resources in developing a customized solution. As a preferred supplier for specialist recruitment, Hudson Global Resources worked closely with RBS group management to develop the best model to meet their diverse needs. We established a team in the UK that works exclusively for RBS group. We know their business, their requirements and their candidate profiles. In addition, with a head office in Edinburgh and recruiting strength in London, we are an excellent geographical fit. Today, RBS group works with four suppliers instead of 400. Hudson Global Resources serves as an extension of RBS group in the marketplace, consistently communicating their messages to candidates throughout the UK and beyond. The recruitment process is procedure-based and uniform. And the new model is achieving significant economies of scale – a benefit that for RBS group is money in the bank. “H u d s o n u n d e r s t a n d s t h e f i n a n c i a l s e r v i c e s s e c t o r a n d t h e r e c r u i t m e n t m a r ke t . T h e y h a v e a s t r a t e g i c f o c u s , w i d e U K c o v e r a g e a n d a r e e x t r e m e l y r e s p o n s i v e t o o u r n e e d s . I f e e l at a l l t i m e s t h at t h e r e p u t at i o n o f R B S g r o u p i s s a f e i n t h e i r h a n d s .” Carol Buckroyd Contract Manager Royal Bank of Scotland 15 63240 Body.xp5 3/4/04 11:33 AM Page 18 “ We sele cte d Highland Partners b e cause we nee de d much more than a re cruiter. They helpe d us to completely transform our o r g a n i z a t i o n a n d p r o d u c e m o r e r e a l c h a n g e t h a n a n y o t h e r p r o j e c t w e h a v e u n d e r t a ke n . H u d s o n H i g h l a n d G r o u p w a s a s t r at e g i c p a r t n e r w i t h a g e n u i n e d e s i r e t o h e l p u s t u r n o u r o r g a n i z at i o n a r o u n d .” Smith Jeff Smith Jeff Chief Chief Information elstra Telstra Officer Information Officer 63240 Body.xp5 3/4/04 11:33 AM Page 19 Reshaping Processes and People When Telstra, Australia’s third largest public company and the world’s thirteenth largest telecommunications provider, had a vision for transforming its Information Technology Services organization, help was just a phone call away. To improve the efficiency, quality, service and speed of its product lines, as well as to reduce costs, Telstra wanted to create a new integrated ITS organization. Changing the culture of an organization of over 2,500 Telstra IT people required the full spectrum of professional staffing, change management, recruitment and human capital solutions. Hudson Highland Group was Telstra’s provider of choice to manage this strategically significant project. Our Highland Partners team worked closely with Telstra’s ITS management staff and strategy consultants to perform a complete review of the IT services and processes and develop the structure, capabilities and competencies for the new organization and the leadership team. Highland Partners managed the assessment and selection of internal and external candidates utilizing Highland Partners’ S4 management assessment methodologies. We reviewed more than 1,000 internal candidates and matched appropriately qualified Telstra employees to newly designed management positions. Leveraging the online technology of Hudson Global Resources and the redeployment and career counseling capabilities of Hudson Human Capital Solutions, Highland Partners facilitated the redesign and establishment of 300 new roles and subsequent hires from the internal and external marketplace which included the evaluation of another 2,000 employees. In just a short time, the new Telstra ITS team has been recognized for providing superior service with a reduction in cycle times and costs – the benchmark of positive change. “ This was a premier example of how Hudson Highland Group brings together all of the resources needed to exceed our client’s expectations. The powerful combination of resources from Highland Partners, Hudson Global Resources and Hudson Human Capital Solutions enabled us to accomplish what no other provider could.” Mark Lelliott Managing Partner, Melbourne Highland Partners 17 63240 Body.xp5 3/4/04 11:33 AM Page 20 Partnering “ Our relationship with Westpac has evolved from a transactional supplier to a strategic recruitment partner as company management saw firsthand how we could add value to the business.” Karen Karen ColfeColfer General General Manager Hudson Global Hudson Manager, , Westpac Resources Global Resources Account estpac Account 63240 Body.xp5 3/4/04 11:33 AM Page 21 Strategic Partnering for High Volume Recruitment At one time, Westpac Banking Corporation, a major Australian bank employing 28,500 people across the Asia Pacific market, had over 280 providers for the recruitment of permanent and temporary staff with salaries up to $50,000. Now they have only one – Hudson. Since 2000, Hudson Global Resources has been recruiting for all of Westpac’s positions up to $50,000 including bank tellers, branch managers, call center and administrative staff and junior business analysts. Hudson, however, is more than a recruitment partner. We are also the sole supplier of psychological assessment services and are on a panel of suppliers for all executive roles ($50-$250K). Westpac’s confidence and trust in our team has resulted in a relationship that spans the entire business. A dedicated team of specialists from Hudson Human Capital Solutions worked with line managers from Westpac to design nationally consistent assessment center models for nine job families, an Internet-based ordering system, on-line application and screening, and a suite of customized management reports. In addition, a diversity recruitment program designed for Westpac won the Prime Minister’s award in 2002. Our team also helped Westpac with the integration of a major acquisition, which required more than 550 joint interviews. In addition, over 560 staff attended interview techniques and/or resume-building workshops designed and administered by Hudson. In three years, the Hudson team has placed 6,500 permanent staff and currently has 1,200 temporary staff working in the bank. More importantly, Westpac now has assessment models and recruitment processes in place to provide consistency across the organization and has reduced recruitment spending by millions of dollars per year. Now that’s real savings. “ H u d s o n i s n ’ t j u s t a n a g e n cy t o u s ; t h e y ’ r e a s t r at e g i c partner for our organization . They understand our busine ss d r i ve r s , w h i c h h e l p t h e m m a ke s m a r t c h o i c e s o n o u r b e h a l f. T h e y r e p r e s e n t u s ve r y w e l l a n d w e p u t a l o t o f r e s p o n s i b i l i t y i n t h e i r h a n d s .” Rachael Rossiter Portfolio Manager Recruitment, Retention & Employer of Choice Westpac Banking Corporation 19 M a n a g e m e n t Hudson Hudson Global Resources Asia Gary Lazzarotto – Chief Executive Officer Albert Kwong – Chief Financial Officer Vanessa Goss – General Counsel and Group Company Secretary, Asia Pacific China Odilia Poon – General Manager Hong Kong Erika Morton – General Manager Japan Gary Lazzarotto – Chief Executive Officer Singapore Stefanie Cross-Wilson – General Manager Australia/New Zealand Vittoria Borazio – Chief Financial Officer Vanessa Goss – General Counsel and Group Company Secretary, Asia Pacific Kimberley Hubble – General Manager, Sales and Marketing Australia Melanie Kontze – General Manager, Victoria Geoff Qurban – General Manager, Regional Australia Andrew Staite – General Manager, New South Wales New Zealand Greg Thompson – General Manager Europe Tim Livett – Chief Financial Officer Andrew McNeilis – European Commercial Director Marcel Spaargaren – Head of Interim/Contracting Sarah Gregory – General Counsel Belgium/Luxembourg Ivan de Witte – Country Manager Central Europe Hans-Joachim Fritz – Regional Head, Germany and Central Europe Czech Republic/Slovakia Irena Brichta – Country Manager Hungary Ferenc Baracskai – Country Manager Poland Agnieszka Maciejewska – Country Manager France Patrick Reneleau – Country Manager Italy Leonardo Zaccheo – Country Manager The Netherlands Max Schep – Country Manager Scotland/Ireland/Nordics Russell Yeomans – Regional Head Ireland Bernadette Cox – Country Manager Norway Andreas Wettre – Country Manager Scotland Andy Rogerson – Country Manager Sweden Ann-Sofie Hoffman – Country Manager Spain Montserrat Luquero – Country Manager United Kingdom John Rose – Country Manager North America Brendan Flood – Chief Financial Officer and Chief Operating Officer Jason Beck – Executive Vice President, Engineering, Aerospace and Defense Resources Troy Gregory – Executive Vice President, Legal Resources Kevin Knaul – Executive Vice President, IT Resources and IT Solutions Dee Lonn – Executive Vice President, Accounting and Finance Resources Josh Sorkin – Executive Vice President, Management Search Group Steven Wolfe – Executive Vice President, Healthcare Jeff Anderson – Senior Vice President, National Accounts Garrett Sheridan – Vice President/Practice Leader, North America Marc Timmerman – Director, Europe Hudson Inclusion Solutions Billy Dexter – President Michelle Vanderlaan – Senior Vice Pre s i d e nt Highland Partners Asia Pacific Dan Dumitrescu – Chief Executive Officer John Neale – Financial Director Australia Catherine Andersen – Managing Partner, Sydney Alexandra Goodfellow – Managing Partner, Sydney Mark Lelliott – Managing Partner, Melbourne Europe/North America Michael Corey – Vice Chairman, Group Leader – Financial Services Sector Robert Rollo – Vice Chairman, Group Leader – Specialty Practices and Managing Partner, Los Angeles Bud Wright – Vice Chairman, Group Leader – Consumer & Industrial Sectors and Managing Partner, Atlanta Europe United Kingdom John Sharkey – Non-Executive Chairman Simon Rhodes – Managing Partner, London Switzerland Rainer Faistauer – Managing Partner, Mark Fenske – Senior Vice President, Zurich Energy Group Michele Minten – Senior Vice President, Permanent Services Scott Salantrie – Senior Vice President, Finance and Planning Tim Bosse – Vice President, Life Sciences and Pharmaceutical Group Randy DePiero – Vice President, Management Search Group, Canada Alicia Doyle – Vice President, Human Resources Michael Kelly – Vice President, Real Estate Carla Snell – Vice President, Engineering Practice Group David Rhind – General Counsel Hudson Human Capital Solutions Matthew Levin – Vice President, Global Operations Officer Ivan de Witte – Managing Director, Europe David Reynolds – Managing Director, Australia/New Zealand Max Schep – Managing Director, Re-Integration Services, Europe Ramie Green – Vice President/Practice Leader, North America North America Canada Marcelo Mackinlay – Managing Partner, Toronto United States Michael Ballenger – Managing Partner, San Francisco Gerard Cameron – Managing Partner, Boston, New York, Princeton and Stamford Patrick Corey – Managing Partner, Chicago Jeremy Hanson – Managing Partner, Minneapolis Neal Maslan – Managing Part n e r, Encino Judy Stubbs – Managing Part n e r, Dallas Hudson Highland Center for High Performance Mark Smith – President and Chief Operating Officer George Hogenson – Senior Vice President, Program Development Sasha Song – Vice President, Professional Services 20 63240 Body.xp5 3/4/04 11:33 AM Page 23 Corporate Information Directors Jon F. Chait – Chairman, President and Chief Executive Officer, Hudson Highland Group, Inc. (a) Rick Gray – Vice President, Marketing and Communications* Steven B. London – Vice President, Global Treasurer* John J. Haley – President and Chief Executive Officer, Watson Wyatt and Company (b) (c) (d) Jennifer Laing – Associate Dean, London Business School (c) Nicholas G. Moore – Director, Bechtel Group, Inc. (b) (c) David G. Offensend – Senior Advisor, Evercore Partners Inc. (a) (b) (c) (d) Richard W. Pehlke – Executive Vice President and Chief Financial Officer, Hudson Highland Group, Inc. (a) René Schuster – Global Marketing Director, Vodafone Group, PLC (d) (a) 2004 Executive Committee (b) 2004 Audit Committee (c) 2004 Compensation Committee (d) 2004 Nominating and Governance Committee Officers and Executive Management Corporate Jon F. Chait – Chairman, President and Chief Executive Officer* Richard W. Pehlke – Executive Vice President and Chief Financial Officer* Margaretta Noonan – Executive Vice President, Global Human Resources* Richard A. Harris – Senior Vice President and Chief Information Officer* Ralph O’Hara – Vice President and Global Controller* Latham Williams – Vice President, Legal Affairs and Administration, Corporate Secretary* Eric Marcus – Chief Knowledge Officer Business Divisions Susan Lucia Annunzio – Chairman and Chief Executive Officer, Hudson Highland Center for High Performance Bob Goodman – Chairman and Chief Executive Officer, Hudson Global Resources, Asia Pacific, and Chairman, Hudson Human Capital Solutions Michael T. Kelly – Chairman, Highland Partners Anne Hatton – President, Hudson Global Resources and Human Capital Solutions, Australia/New Zealand Chris Herrmannsen – President, Hudson Global Resources and Human Capital Solutions, Europe Thomas Moran – President, Hudson Global Resources, North America John Wallace – President and Chief Executive Officer, Highland Partners Chris Rigby – Executive Vice President, International Sales Chris Beck – Chief Financial Officer, Highland Partners Laurent Chen – Vice President, Interactive Services Jennifer McClard – Chief Information Officer, Highland Partners Neil Funk – Vice President, Internal Audit* * Executive Officer Forward-Looking Statements This report contains statements that the company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this report, including statements regarding the company’s future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict,” “believe” and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward- looking statements. These factors include, but are not limited to, the impact of global economic fluctuations on the company’s temporary contracting operations, the cyclical nature of the company’s executive search and mid-market professional staffing businesses, the company’s ability to manage its growth, risks associated with expansion, the company’s heavy reliance on information systems, the impact of potentially losing or failing to develop technology, competition in the company’s markets, fluctuation in the company’s operating results from quarter to quarter, risks relating to the company’s foreign operations, including foreign currency fluctuations, the company’s dependence on its highly skilled professionals and key management personnel, the impact of employees departing with existing executive search clients, risks maintaining the company’s professional reputation and brand name, restrictions imposed by blocking arrangements, the company’s exposure to employment-related claims from both clients and employers and limits on related insurance coverage, the impact of government regulations, the company’s ability to successfully operate as an independent company and the level of costs associated therewith, and restrictions on the company’s operating flexibility due to the terms of its credit facility. These forward-looking statements speak only as of the date of this report. The company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements. 21 Annual Meeting The annual meeting of Hudson Highland Group, Inc. will be held on Friday, April 30, 2004, at 8:00 a.m., local time, at the Nasdaq MarketSite, 4 Times Square (Broadway and 43rd Street), New York, NY 10036. Stockholder Information Form 10-K for the year ended December 31, 2003 (without exhibits), as filed with the Securities and Exchange Commission, accompanies this Hudson Highland Group report and, together with this report, constitutes Hudson Highland Group’s 2003 Annual Report to Stockholders. Investor Information/ Quarterly Reports For quarterly earnings reports, press releases and other investor information, please visit our web site at www.hhgroup.com or e-mail your inquiries to investor.relations@hhgroup.com. Common Stock Hudson Highland Group, Inc. common stock is listed on the Nasdaq National Market under HHGP. Transfer Agent and Registrar The Bank of New York Shareholder Relations Dept. P.O. Box 11258 Church Street Station New York, NY 10286 800-524-4458 www.stockbny.com Independent Auditors BDO Seidman, LLP 330 Madison Avenue New York, NY 10017 Legal Counsel Foley & Lardner LLP 777 East Wisconsin Avenue Milwaukee, WI 53202 Corporate Headquarters Hudson Highland Group, Inc. 622 Third Avenue 38th Floor New York, NY 10017 Tel: 212-351-7300 www.hhgroup.com 63240 Cover cmyk.indd 2 03/04/2004 7:58:02 AM
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