ManpowerGroup 2008 Annual Report Download - page 6

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4Shareholder’s Letter Manpower Annual Report 2008
the pulse of the world of work. Whether it be helping women enter
or re-enter the workforce, adapting to young people looking at
work in new and different ways, or working with our clients to
develop innovative ways to keep the baby boomers engaged in
their careers longer, Manpower has been at the forefront of these
changing dynamics. Having the insight to identify these shifts,
the agility to adapt to them and the ability to help our clients and
candidates understand and navigate them, has been key to our
success over the past 60 years and it’s what will position us to
take off for the next 60.
When I think about the future of Manpower, I get very excited
because I don’t feel like we’ve even scratched the surface of
opportunity. There is still so much potential. In many ways, we are
a 60-year-old start-up. Not many 60-year-old companies can say
the historic core of their business, in our case staffing, is alive and
growing. This secular trend in several geographies and sectors
generates long-term fuel for our growth. And when that growth is
coupled with our prospects for acceleration in the specialty areas,
you can see why we feel so optimistic about our business.
Over the years, we have strategically acquired and developed
assets, and matured our attributes, but the most valuable asset
at Manpower is our culture: the engagement of our team and
relentless pursuit of a client-first focus. During 60 years of operation,
we’ve gone through several ups and downs, including the
infamous double dip in the early 1980s. There are still many
people in our organization who were with us at that time, and
we have learned how to navigate and take advantage of the
opportunity that a downturn presents.
One important lesson we’ve learned is that trying to take advantage
of a downturn once the downturn hits is too late. We know that it
requires a continual process of innovation, lean operations and a
team that is committed to our vision and strategy. This combination
creates the resilience and capability that has continued to pay off
During 60 years
of operation, we
have learned how
to navigate and
take advantage
of the opportunity
that a downturn
presents.
Emerging Market Revenue
in millions ($)
Emerging market revenue grew 44% in 2008.
Key expansion markets grew: India (+40%),
China (+15%) and Eastern Europe (+38%).
338.7
489.2
06 217.9
05
04
07
132.1
71.0
08