Kaye/Bassman's Tim White Quoted in Investment News Article, "Keegan producers may find retention deals disappointing."

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Kaye/Bassman's Tim White Quoted in Investment News Article, "Keegan Producers May Find Retention Deals Disappointing."

Dallas, Texas, 1/31/2012:

In early summer, before layoffs began sweeping across Wall Street, billboard-sized photos of employees were plastered on the walls, pillars and elevator banks of Credit Suisse Group AG's offices in the United States and abroad.

The museum-quality prints, depicting workers from administrative assistants to senior executives, were emblazoned with motivational words like "Proactive" and "Partner." By mid-July, however, the photos disappeared and the Swiss banking giant began laying off 2,000 employees.

Security guards prevented employees from taking cell-phone pictures as the posters were stripped away, according to one employee who was present.

"It sent an entirely wrong message," said an employee, who was not authorized to speak publicly. "Management literally threw away that kind of money on something so trivial, while planning to cut thousands of jobs."

A bank spokeswoman declined to comment on the internal campaign or the employee's comments.

Credit Suisse's timing illustrates the unanticipated dangers of rampant job-cutting, which tend to run in cycles on Wall Street. Employee morale often plummets at a time when survivors are asked to pick up more responsibility and customer relations can suffer as service and relationships deteriorate.

What's more, layoffs inartfully constructed can come across to shareholders as Band-Aid solutions that at best temporarily cut expenses and at worst pare away reserves of talented people.

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"They finished cutting the fat and now they're into the muscle and bone," said Tim White, a managing partner who specializes in wealth management at the recruiting firm Kaye/Bassman International in Dallas.

It's clear, however, that money isn't the only — or even the most important — motivating factor for Morgan Keegan advisers. During the six months it took for Regions to find a buyer for the firm, fewer than 30 advisers out of a force of nearly 1,100 left Morgan Keegan. According to recruiters, they are devoted to their branch managers and want to avoid the hassle of moving their clients to a new firm.

“I don't think these advisers are as motivated as many by a big check,” said Tim White, a managing partner at recruiting firm Kaye Bassman International Corp. “They care more about culture and the impact of change on their lives.”

Read the full story.

About Kaye/Bassman
Founded in 1981, Kaye/Bassman has grown to become the largest single-site executive search and recruitment firm in the United States with the simple mission of impacting companies and enhancing careers by providing the finest in professional, executive, technical and scientific search. Kaye/Bassman provides strategic recruiting and executive search solutions in over 20 industry practice areas including construction recruiting, healthcare recruiting, banking executive search, energy recruitment and many more. Next Level Recruiting Training, a recruiting training organization, Next Level Exchange, a recruiting training best practices information exchange, and Next Level Marketing Communications are also Kaye/Bassman companies.

For additional information or a sample copy, contact:
Darren McDougal
Kaye/Bassman International
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Source: http://www.investmentnews.com/article/20120129/REG/301299977

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Kaye/Bassman's Tim White Quoted in Investment News Article, "Keegan producers may find retention deals disappointing."

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