A period of economic growth was characterized by increasing globalization, rapid technological advancement, the rise of the World Wide Web and financial deregulation. In 1995, we established our global Financial Services Practice and in 1998 we launched Global Intelligence, later renamed Spencer Stuart Executive Assessment Services. This unique assessment service offering helps clients accurately assess senior executive teams when critical leadership decisions need to be made, for example, for succession planning, CEO transition and team-building, and during mergers and acquisitions.
Accompanying the economic boom were a number of high-profile corporate collapses, which threw a spotlight on the value and importance of good corporate governance. Initiatives by national governments spread around the world, resulting in a combination of legislation and new corporate governance codes designed to minimize the risk of corporate failures. A renewed focus on the role and composition of boards, and tougher requirements for independent directors, increased demand for Spencer Stuart’s governance advisory and director recruitment services expertise around the world.
In 1994, we introduced the Client Satisfaction Survey — the first of its kind in the search industry. Ever since, we have been gathering feedback from clients on what they think of our performance after each assignment, underscoring our commitment to quality and enabling us to continually enhance our standards of client service. In 1998, we launched an enhanced version of our industry-leading information system, QuestNT, providing real-time access across our global network.
By the end of the decade, Spencer Stuart had opened an additional 22 offices, in Argentina, Chile, China, Colombia, Europe, Mexico, South Africa and the U.S. Firm revenues had almost trebled to $362 million.