With this acquisition, the organisational advisory firm will have an edge over rivals in attracting top talent and designing compensation and reward incentives.
Korn Ferry, the global people and organisational advisory firm is all set to acquire Hay Group. The two companies have entered into a definitive agreement on the same.
The combination of the two brands — Korn Ferry and Hay Group — in the human resources space, will definitely result in a stronger presence, as both companies have a rich heritage and a combined experience of 100 years.
Hay Group was founded in 1943 and is a significant player in the business of people strategy and organisational performance.
It has a portfolio of intellectual property, which includes a comprehensive management database.
Korn Ferry, which has been around for 50-odd-years, currently operates in 78 offices in 37 countries, and has approximately 3,900 employees.
A combination of the two organisations will take the team strength to 7,000.
With the addition of the Hay Group, Korn Ferry will be in a better position to attract top talent, designing compensation and reward incentives. It will also provide an integrated approach to the entire leadership and people continuum.
“Since the beginning of time, people have been the ultimate differentiator. Yet, today, this simple truth is all too often plastered on office walls, but rarely acted upon in the halls. We need a new conversation on people,” says, Gary D. Burnison, CEO of Korn Ferry.
“When people are aligned to a strategy, and are developed and empowered to succeed, anything is possible,” he adds.
Stephen Kaye, CEO of Hay Group, says, “We feel this is the perfect combination of two great firms that will be uniquely positioned to help clients achieve their strategic goals and highest aspirations.”
“In Korn Ferry, we have found a like-minded partner committed to enabling stellar business performance through people and organisational effectiveness. We are now witnessing an extraordinary transformation that will shape the future of work and the global business environment. United, we offer an incomparable capacity to help clients succeed in this new context.”
On closing the transaction, the Hay Group will be merged with Korn Ferry’s Leadership and Talent Consulting (LTC) segment. This combined advisory business will be branded as Hay Group. Stephen Kaye, CEO of Hay Group, will continue to serve in the same capacity, with Korn Ferry.