Heidrick & Struggles International Inc. (NASDAQ:HSII) Q3 2020 Earnings Conference Call - Final Transcript

Oct 26, 2020 • 05:00 pm ET


Heidrick & Struggles International Inc. (NASDAQ:HSII) Q3 2020 Earnings Conference Call - Final Transcript


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Krishnan Rajagopalan

while having improved our growth potential and expanded our future opportunities. We are especially encouraged by the trend we are seeing in demand for our services. During the quarter, we saw confirmations improve from June to July. August confirmations were lower, as is typical for that time of year and then we saw a rebound in September, which has continued into October.

While economic uncertainty continues across the markets we serve, we are seeing continued geographic recovery in Asia-Pacific markets such as China, Singapore, India and Korea. In Europe, we're seeing some improvements in the UK, Germany, Denmark and Switzerland and in the Americas confirmations are showing signs of improvement from Q2, but these vary by industry and country. We remain focused on working at the top of organizations and our team has been creative and proactive in finding new ways to convene with our clients in this virtual world as we continue to build momentum and emerge from this crisis as an even stronger firm.

Importantly client feedback has been extremely positive and our team of people around the world is staying resilient and connected through collaborative projects and large-scale engagements across search and consulting.

In terms of key trends across our business, our clients continue to embrace the digital delivery of our services and we're seeing increased demand across a wide range of areas, including Healthcare & Life Sciences, especially from innovative biotech companies, healthcare technology and healthcare provider segments.

In diversity and inclusion, or D&I, where there is a heightened focus on creating inclusive workplace cultures across the US and globally, an increasing number of our clients are using our leadership assessments to help them identify and measure agility in leaders. And there is a growing focus on leading high-performance teams, particularly in a more virtual and distributed working world.

Let me give you a few recent examples of some interesting client works we have embarked on. On the virtual delivery of our integrated services on a global scale, this quarter we worked with a global real estate investment firm and virtually convened a global team of nearly 100 consultants to deliver 100-plus assessments including organizational design and restructuring and have launched numerous search engagements as a part of that effort.

On the topic of D&I and linking culture and inclusion to business performance, we began advising a leading beverage company on linking their workplace culture to performance using our ABC methodology, which focuses on accelerating D&I impact on results by building visible representation and creating inclusive cultures.

And on measuring agility, for one of our global logistics services clients we are using our proprietary framework and tools to assess high-potential leaders and their capabilities, including their ability to lead with agility. As we enter fall we continue to see varying COVID scenarios around the world with some countries stabilizing and others experiencing a surge or preparing for another potential wave. While we see signs that the markets we serve are on the road to recovery, we