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Hay Group

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Hay Group
File:Korn Ferry Hay Group logo.svg
Former type
Private
ISIN🆔
IndustryProfessional services
Fateacquired by Korn Ferry
Founded 📆1943; 78 years ago (1943)
Founder 👔
Defunct2015
Headquarters 🏙️Philadelphia, Pennsylvania, the United States
Number of locations
86 offices in 49 countries
Area served 🗺️
Worldwide
Key people
Mark Arian, CEO
Products 📟 Management consulting services
Members
Number of employees
4,000 Employees
🌐 Websitewww.kornferry.com/haygroup/
📇 Address
📞 telephone

Hay Group is a global management consulting firm based in Philadelphia, Pennsylvania, with 86 offices in 49 countries as of 2015. It is specialized in transforming organisations, providing services related to people strategy.

Established in 1943 as Hay Associates, the firm was a pioneer in developing the field of compensation benchmarking.[1]

In September 2015, Korn Ferry announced that it would acquire Hay Group. As part of the deal, worth a reported $452 million in cash and stock, Korn Ferry will bundle its Leadership and Talent Consulting advisory business with Hay Group and operates under the name of Korn Ferry Hay Group, creating a 7,000 man strong human capital advisor.

History[edit]

In 1943, Edward N. Hay established a sole proprietorship in space rented from First Pennsylvania Bank. He named his firm Edward N. Hay and Associates, Management Consultants. Its first major compensation project was with General Foods. Hay purchased Personnel Journal, which provided a platform for his views on work, people, and the workplace. In 1946, the firm incorporated as E.N. Hay and Associates, Inc. In 1950, the firm published "Men and Management", a one-page thought piece for executives on current issues. Hay Guide Charts were invented by Dale Purves in 1951 and Compensation Survey Comparisons began in 1954.

In 1958, Hay died at age 67 and the company became a partnership with co-managing partners Milton Rock and Dale Purves. The first office outside of Philadelphia was established in 1960 in Toronto, Ontario, Canada, the first overseas consulting operation was established in London in 1963, and the second U.S. office opened in San Francisco in 1965. Purves died In 1966, and Rock became managing partner.

In 1984, Saatchi & Saatchi Company, PLC, acquired the Hay Group, which was then combined with Saatchi-owned McBer & Company, a human resources planning and redevelopment firm. Rock became chairman of Saatchi Consulting.

In 1985, Rock retired, and Charles Fiero became CEO of the Hay Group. Robert Rock succeeded Fiero as CEO in 1986, followed by Chris Matthews in 1987.

In 1990, the Hay Group's managers bought the company from Saatchi.

In 1997, the Hay Group conducted the first annual survey of "The World's Most Admired Companies" for Fortune. In 1999, Daniel Goleman published Working With Emotional Intelligence with research conducted by the Hay Group.

In 2005, the Hay Group conducted the study for Chief Executive magazine's "Best Companies for Leaders".

By 2006, the Hay Group had expanded to 86 offices in 49 countries by acquisition and organic growth.

In January 2013, CFO Stephen Kaye became CEO.[2]

In September 2015, Korn Ferry announced that it would acquire Hay Group, and that Stephen Kaye would continue in the role of CEO.[3]

References[edit]

  1. Philadelphia Inquirer
  2. "Stephen Kaye Named President and CEO of Hay Group". Reuters. 2013-01-31. Retrieved 2015-10-01.
  3. Feintzeig, Rachel. "Korn/Ferry to Buy HR Consultancy Hay Group for $452 Million". Wall Street Journal. ISSN 0099-9660. Retrieved 2015-10-01.

External links[edit]


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