Economic Recession and Dennis Carey

Despite the fact that we all keep hearing how the country – and indeed the world – is undergoing a huge economic recession, things might not be as bad as they seem after all. According to a survey undertaken by Korn/Ferry International (where Dennis Carey is Senior Client Partner), it seems that investor relations officers haven’t been suffering at all, at least not in the fiscal department. This survey – conducted with the National Investor Relations Institute – found that the salaries of these employees “held steady between $126,000 and $150,000.”

Dennis Carey and Finances

Korn/Ferry International in which Dennis Carey is involved, is an extremely successful international company. Happily for those in the industry its findings showed that those employed in this area are not suffering as much as the public would have been led to believe. True, the survey did also find that bonuses were reduced and salaries did remain on an even keel (as opposed to enjoying an increase) but they didn’t decrease so that has to be a good thing. Nonetheless, still more than 40% of respondents who, “received an annual cash bonus of more than $100,000.” So it seems like businesses such as the ones Dennis Carey play an active part in might just be the way to go when it comes to remaining unaffected – or at least minimally affected – by the recession.

CEOs Taking Action - Quickly or Slowly?

When a new CEO comes into a company, the rest of the company can certainly anticipate that there will be many changes. The question, however, is how quickly those changes will occur. According to executive recruiter Dennis Carey, the depth and speed of those changes usually has a lot to do with the hiring circumstance of the CEO. If someone has been promoted from within, and they are working with a well-run company, they may greatly limit the turnover rate. If, however, a CEO has been brought in from elsewhere, and the company is failing, the executive changes will be quite fast and sweeping.

Dennis Carey continued to explain that under these later situations, the first jobs to turnover are usually the CFO, the general counsel, and the head of human resources.

Kevin Coyne, a management consultant and a professor at Emory University’s business school, said that CEOs typically decide on their strategy within the first 60 days. They will group the workers into four categories: those who will be invaluable; those they are keeping, but who aren’t exceptional; those they are keeping for now but will eventually fire; and those they are firing right now.