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STANTON CHASE SOFIA NEWSLETTER                                                                      JUNE 2012


Welcome to our
      first local newswire!
                               Darina Peneva,                        A BlueSteps report for 2011 states that 58%
                               Managing Director                     of the executives surveyed worldwide believe
                               d.peneva@stantonchase.com             competition for executive level jobs has increased,
                                                                     changing to an extent where younger and out of
                               We started our business               work executives are included as well.
                               six years ago and we can
                               already say we had the                The same report shares the findings that senior
                                                                     executives continue to believe that working for 3
                               strange luck to live through          organizations in a ten-year period is the maximum to
                               times that convinced the              remain credible (around 80 % of the respondents).
                               world nothing will come
                               back the way that we                  It also identifies a slight decline in executives’
                               knew it. And this is great!           willingness to relocate internationally for a career
Industries change, new professions appear in the blink               opportunity. Relocating family remains the biggest
of an eye and true professionals become more and more                concern about relocation.
valued. In order to attract and retain these professionals
and develop talents within organizations, companies                  According to a recent report by Birkman
need influential leaders with entrepreneurial approach               International and Stanton Chase, the most critical
in search of alternative solutions. The economic                     leadership competency sought after is the ability to
environment and decreasing business volumes demand                   manage change (for 41 % of the respondents).
better and more adequate identification of customers’
needs in order to create new market niches.                      And finally, when back in 2010, eight hundred managers
                                                                 worldwide were asked whether they would consider
We would like to share with you some interesting global          working fewer hours if this meant a proportionate decrease
trends we feel are relevant for our otherwise specific           in earnings, two thirds replied that they would not consider
local market. We will leave it to you to discover how they       such a reduction, even if it meant a better lifestyle. We are
correspond to findings from our CEO survey (p. 6).               wondering is this how you feel now, in 2012.




      Pharmaceutical companies welcome
       professionals from other industries
Life Science and Healthcare
d.peneva@stantonchase.com

According to data by IMS Bulgaria, pharmacy market in            further increase in sales. We observe the development of the
the country is expected to grow with 10 % in 2012. During        following two new roles – product specialists and market
2011 sales grew with 12.4 %, food supplements marking            access managers. Product specialists are an intermediate level
the biggest growth, followed by OTC drugs. This data helps       between medical representatives and product managers.
illustrate the growing need for professionals from other         Market access managers are mostly needed in companies that
industries, especially FMCG, in pharmaceutical companies.        produce original and innovative drugs and their main focus is
Our successful placements in this sector prove that experience   work with all stake holders so as to gain new drugs access to
in the sales, marketing and supply chain functions in FMCG       the market.
companies is rather valuable when it comes to reaching




                                                                                                                             1
STANTON CHASE SOFIA NEWSLETTER                                                                JUNE 2012


FMCG managers                                                            are interested in
Consumer Products and Services                                             career change
i.andonova@stantonchase.com

Today FMCG companies in Bulgaria focus mainly on            insights, digital marketing, market analyses, etc.)
internal processes, related to optimization, on the         are often key for these positions.
one hand, and elaboration of strategies and tactics,        Our observations show that managers from the
on the other, in order to maintain their business           CPS industry are often willing to change sectors.
in a decreasing market. Excellence programs are             There is strong interest in further career growth in
introduced to ensure processes improvement and              pharmaceutical companies and organizations with
business sustainability through implementation of           unrevealed potential (e.g. multinational companies
global and regional best practices. There is a growing      specialized in consumer electronics, Bulgarian
demand for project management, networking and               FMCG manufacturers, etc.). However,
influencing skills, as well as creativity, resilience and   potential candidates are likely to
drive.                                                      take the step only if companies
Since non-specific processes are usually outsourced         are consistent in talent
(route-to-market approach), recruitment for                 acquisition
functions not directly related to manufacturing             and retention
and sales has been slowing down currently.                  and deliver on
However, there is a demand for sales and marketing          corporate social
professionals. Experience in category management            responsibility
and rare expert analytical expertise (consumer              commitments.


The local team
                                     Irina Andonova,
                                     Senior Consultant
                                     Irina Andonova joined the company in 2011 to further develop the
                                     company’s business in one of the most dynamic sectors – Fast Moving
                                     Consumer Goods. She has intensive HR and training and development
                                     experience in the sector, having worked at McDonald’s, Office 1 Superstore
                                     and Kamenitza. B2B, distribution, luxury products and advertising and
                                     marketing services are the other subsectors within the scope of the
                                     Consumer Products and Services practice group. Irina is also involved in
                                     projects for OTC pharmaceutical companies.



                                     Biliana Djambaska,
                                     Senior Research Associate
                                     Biliana Djambaska has professional HR background from FMCG companies –
                                     Chipita and Nestle. She is among the first members of the local team, joining
                                     it in 2006. She is actively involved in all assignments in the Consumer Products
                                     and Services and Life Science and Healthcare practice groups. Currently
                                     she supports and coordinates the work of the team of researchers of the
                                     company.




2
STANTON CHASE SOFIA NEWSLETTER                                                     JUNE 2012

Business in technology:
still areas for growth                                         The local team
Technology                                                                             Metodi Terziev,
m.terziev@stantonchase.com                                                             Senior Consultant
                                                                                       Metodi         joined
The globalization effect, common markets, rapid
                                                                                       Stanton         Chase
technology development, increased goods
                                                                                       Sofia in 2011 as a
and services consumption led to significant
                                                                                       Senior Consultant
increase in data quantity worldwide during the
                                                                                       in the Technology
last two decades. According to Gartner analyses,
                                                                                       practice groups. He
companies face the following challenges: work
                                                                                       also develops the
with real-time data to meet customer demand
                                                                                       Professional Services
(real-time analytics), data storage, backup and
                                                     practice group and supports the company’s business
recovery (in-memory database systems / data
                                                     with financial companies. His previous experience
warehousing changes) and constant access to
                                                     involves recruitment expertise with IT, telecom and
information (cloud computing).
                                                     finance companies in Germany and England. He has
                                                     also worked as an intern at an expert position for the
Locally we observe the following trends:
                                                     Bulgarian Stock Exchange. As a student in Economics
 	 The outsourcing and software development
                                                     and Business in Switzerland, he was actively engaged
   sectors are still growing with focus on service
                                                     in the largest students’ organization AIESEC, working
   delivery projects for foreign clients.
                                                     on a voluntary basis as the Local Committee President
 	 The telecommunications sector is struggling
                                                     in Basel.
   due to increased competition, reduced prices
   (EU regulations) and growth of free-of-charge
   telecommunication services.                                                  Elena Rusanova,
   The system integration industry is still very                                Research Associate
   much dependent on the government sector                                      Elena     joined      the
   and public tenders. Local and international                                  company in 2011 to
   ERP system providers have to accommodate                                     support the Technology
   complex procedures and prolonged                                             and Professional Services
   negotiations etc. which strongly affects their                               practice groups. She
   immediate business results.                                                  is also in charge of
 	 Companies are focusing more and more on                                      the management and
   digital marketing, online services and customer                              development of the
   interaction through social media.                                            database system. Prior
 	 Successful sales people from middle to top/       to joining Stanton Chase, she worked as a technical
   senior level are very much in demand. They        assistant at an FMCG company, where she took part
   are expected to drive sales results, motivate     in the recruitment and selection process. Elena has
   big sales field force and, most of all, lead by   a bachelor’s degree in Economic Psychology and a
   example.                                          master’s degree in Human Resource Management.




                                                                                                          3
STANTON CHASE SOFIA NEWSLETTER                                                           JUNE 2012

             Industrial and
                      Energy sectors:
                  slow recovery and need for professionals
                  d.minkov@stantonchase.com

               Big manufacturers and industrial equipment traders in the country faced a difficult 2011, since
             they were seriously affected by the economic slow-down. According to NSI data, the industrial
           sector created 31.2% of the total value added of the economy, which is only 1.7 % higher than in
        2010. Most managers are realistic and expect excess capacity. Further delay of recovery within the
     sector is expected due to lower demand for production and decline in orders from abroad.
   Construction marked a significant annual decline of 11.1 % despite big infrastructure projects that keep
the sector alive. Local and foreign companies refrain from implementing their investment strategies due
to the unstable economic environment and pessimistic prognoses.
Energy was in the centre of attention both for media and big companies throughout the whole 2011. Despite
heated comments and discussions, the sector observed a marked decline of foreign direct investments.
Interest in renewable energy sources also decreased. Shortage of experienced professionals, qualified in
line with the EU standards, is observed.
Unfortunately, it seems there are not many good prospects for considerable growth in these sectors. A
recent survey of the German-Bulgarian Chamber of Industry and Commerce revealed that the number of
companies that wouldn’t repeat investing in Bulgaria has risen with 13.5 %. On the other hand, 59% of the
respondents expect increase in their revenues for 2012.
The positions companies recruit for currently are technical directors, maintenance managers, production
directors, business unit managers and quality managers with practical experience in implementing Lean,
Six Sigma and similar methodologies.

The local team
                           Dobromir Minkov,
                           Senior Consultant
                           Dobromir has professional expertise in the oil and gas industry. His main focus at
                           Stanton Chase is industrial and energy companies, as well as those in logistics and
                           transportation. He has already successfully run projects on attracting top managers
                           and professionals as expats in Bulgaria. Dobromir also has successful placements for
                           top management positions within the banking sector.
                           Previously he supervised diverse industrial projects in Shell and then managed the
                           business development of the Oil, Gas and Chemicals Services section of SGS Bulgaria.



                           Bissera Stoyanova,
                           Research Associate
                           Bissera Stoyanova has experience from the HR sphere, having been part of the
                           training team of Adecco. At Stanton Chase she does extensive candidate sourcing
                           as a researcher in the team that manages assignments for three practice groups:
                           Industrial, Natural Resources and Energy and Logistics and Transportation. She has a
                           major in Psychology and is currently completing a master’s degree in Human Resource
                           Management and Development.



4
STANTON CHASE SOFIA NEWSLETTER                                                    JUNE 2012


 Executive Search in Bulgaria
   what to expect?
 When searching for senior and key middle management executives, your company makes a double
 investment – once for the search and selection process (no matter internal or external) and once for
 the proper integration of the professional placed. In case you have decided to turn to an executive
 search firm, we advise you to request the following:

     Contact with a consultant who takes personal responsibility for your currently expressed needs
     and understands your business, the market and the job.
     Insist on a well-defined search strategy, agreed with you – the consultant should discuss with
     you where they can and cannot source candidates from (the so called off-limits).
     The consultant should also suggest alternative channels for candidate sourcing (different
     industries, other functions with potential to fill in the position, etc.)
     Confidentiality is very important in the process of executive search. You might specify that the
     consultant should not reveal to potential candidates characteristic details about your company
     in the first stages of the project.
     The researcher in charge should contact all relevant potential candidates according to the
     search strategy, without relying on databases/ a limited network of contacts.
     Since very often the professionals in question are not active on the job market, the project team
     should “sell” the position and your company pro-actively to them.
     The consultant should provide regular feedback to you on the market perception of your
     organization, on remuneration levels and all other related issues regarding the placement of
     the best possible candidate.
     Recommended (short-listed) candidates should meet your criteria from the start, matching
     not only the job specification requirements but also the core personality traits, business
     competencies and corporate culture your company identifies with. Thorough assessment of
     candidates is done to minimize HR and general management time investment.
     Last, but not least, an executive search company should provide relevant guarantees for the
     candidates placed so that both your organization and your future employee can focus on
     achieving effective on-boarding.

  At Stanton Chase Sofia it is actually a project team that works for you – the consultant, who is
  wholly committed to successfully closing the assignment with you and the researcher, who screens
  the market, makes initial contact with potential candidates and keeps the best of them interested
  in the potential prospects within your company. All consultants have strong industry background
  for the sectors they specialize in. At the end of each project you are provided with a final report
  summarizing findings during the search. Our consultants also provide on-boarding support to the
  placed candidate.



                                                                                                         5
STANTON CHASE SOFIA NEWSLETTER                                                                      JUNE 2012

Stanton Chase CEO Survey
                                   Yuliana Popova,
                                   PR & Marketing Coordinator
                                   u.popova@stantonchase.com
                                   Our second yearly survey among 140 top managers in the country, conducted at the
                                   end of 2011, identified the following local trends:
                                   	 top priorities for managers in Bulgaria for 2012 are sustaining stable cash flow,
                                      business restructuring and identifying and retaining talents (according to 62 % of
                                      the respondents).
                                   -	 what managers are expected to do effectively is change management and faster
                                      delivery of growth objectives (41 %).
                                   -	 what they believe they need to do is develop strategic thinking, improve
                                      communication with employees to sustain motivation, attract and retain talents (74 %).
-	   change of jobs – not by all means: managers are either unwilling to work in virtual teams, or are reluctant to
     change their current location; some feel there are too many top executives on the market
-	   reasons for leaving current employer: little freedom to act at their own discretion, lack of relevant compensation
     and benefits, lack of stable career advancement
-	   career goals – interest in promotion in a larger international company, or even abroad.
-	   when searching for career change, managers tend to rely on their networks of personal and professional contacts
     (41 %) and on executive search consultants (37%).
-	   interest in new career opportunities is high and unlike in 2010, managers identify them mainly in the sectors in
     which they are employed.
     The respondents are business leaders at president, board, CEO, general manager, etc. level. The majority come
     from Consumer Products and Services (24 %), Technology (20 %) and Financial Services (20 %). The remaining
     36 % come from Life Science & Healthcare, Light and Heavy Industry, Natural Resources & Energy, Logistics and
     Transportation and Professional Services.




                                                       Stanton Chase Sofia
                                               81B Bulgaria Blvd., floor 6, Sofia 1404
                                            Tel: +359 2 962 2931; Fax: +359 2 962 8347
                                                     sofia@stantonchase.com
                                                     www.stantonchase.com




6

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Stanton chase newsletter bulgaria

  • 1. STANTON CHASE SOFIA NEWSLETTER JUNE 2012 Welcome to our first local newswire! Darina Peneva, A BlueSteps report for 2011 states that 58% Managing Director of the executives surveyed worldwide believe d.peneva@stantonchase.com competition for executive level jobs has increased, changing to an extent where younger and out of We started our business work executives are included as well. six years ago and we can already say we had the The same report shares the findings that senior executives continue to believe that working for 3 strange luck to live through organizations in a ten-year period is the maximum to times that convinced the remain credible (around 80 % of the respondents). world nothing will come back the way that we It also identifies a slight decline in executives’ knew it. And this is great! willingness to relocate internationally for a career Industries change, new professions appear in the blink opportunity. Relocating family remains the biggest of an eye and true professionals become more and more concern about relocation. valued. In order to attract and retain these professionals and develop talents within organizations, companies According to a recent report by Birkman need influential leaders with entrepreneurial approach International and Stanton Chase, the most critical in search of alternative solutions. The economic leadership competency sought after is the ability to environment and decreasing business volumes demand manage change (for 41 % of the respondents). better and more adequate identification of customers’ needs in order to create new market niches. And finally, when back in 2010, eight hundred managers worldwide were asked whether they would consider We would like to share with you some interesting global working fewer hours if this meant a proportionate decrease trends we feel are relevant for our otherwise specific in earnings, two thirds replied that they would not consider local market. We will leave it to you to discover how they such a reduction, even if it meant a better lifestyle. We are correspond to findings from our CEO survey (p. 6). wondering is this how you feel now, in 2012. Pharmaceutical companies welcome professionals from other industries Life Science and Healthcare d.peneva@stantonchase.com According to data by IMS Bulgaria, pharmacy market in further increase in sales. We observe the development of the the country is expected to grow with 10 % in 2012. During following two new roles – product specialists and market 2011 sales grew with 12.4 %, food supplements marking access managers. Product specialists are an intermediate level the biggest growth, followed by OTC drugs. This data helps between medical representatives and product managers. illustrate the growing need for professionals from other Market access managers are mostly needed in companies that industries, especially FMCG, in pharmaceutical companies. produce original and innovative drugs and their main focus is Our successful placements in this sector prove that experience work with all stake holders so as to gain new drugs access to in the sales, marketing and supply chain functions in FMCG the market. companies is rather valuable when it comes to reaching 1
  • 2. STANTON CHASE SOFIA NEWSLETTER JUNE 2012 FMCG managers are interested in Consumer Products and Services career change i.andonova@stantonchase.com Today FMCG companies in Bulgaria focus mainly on insights, digital marketing, market analyses, etc.) internal processes, related to optimization, on the are often key for these positions. one hand, and elaboration of strategies and tactics, Our observations show that managers from the on the other, in order to maintain their business CPS industry are often willing to change sectors. in a decreasing market. Excellence programs are There is strong interest in further career growth in introduced to ensure processes improvement and pharmaceutical companies and organizations with business sustainability through implementation of unrevealed potential (e.g. multinational companies global and regional best practices. There is a growing specialized in consumer electronics, Bulgarian demand for project management, networking and FMCG manufacturers, etc.). However, influencing skills, as well as creativity, resilience and potential candidates are likely to drive. take the step only if companies Since non-specific processes are usually outsourced are consistent in talent (route-to-market approach), recruitment for acquisition functions not directly related to manufacturing and retention and sales has been slowing down currently. and deliver on However, there is a demand for sales and marketing corporate social professionals. Experience in category management responsibility and rare expert analytical expertise (consumer commitments. The local team Irina Andonova, Senior Consultant Irina Andonova joined the company in 2011 to further develop the company’s business in one of the most dynamic sectors – Fast Moving Consumer Goods. She has intensive HR and training and development experience in the sector, having worked at McDonald’s, Office 1 Superstore and Kamenitza. B2B, distribution, luxury products and advertising and marketing services are the other subsectors within the scope of the Consumer Products and Services practice group. Irina is also involved in projects for OTC pharmaceutical companies. Biliana Djambaska, Senior Research Associate Biliana Djambaska has professional HR background from FMCG companies – Chipita and Nestle. She is among the first members of the local team, joining it in 2006. She is actively involved in all assignments in the Consumer Products and Services and Life Science and Healthcare practice groups. Currently she supports and coordinates the work of the team of researchers of the company. 2
  • 3. STANTON CHASE SOFIA NEWSLETTER JUNE 2012 Business in technology: still areas for growth The local team Technology Metodi Terziev, m.terziev@stantonchase.com Senior Consultant Metodi joined The globalization effect, common markets, rapid Stanton Chase technology development, increased goods Sofia in 2011 as a and services consumption led to significant Senior Consultant increase in data quantity worldwide during the in the Technology last two decades. According to Gartner analyses, practice groups. He companies face the following challenges: work also develops the with real-time data to meet customer demand Professional Services (real-time analytics), data storage, backup and practice group and supports the company’s business recovery (in-memory database systems / data with financial companies. His previous experience warehousing changes) and constant access to involves recruitment expertise with IT, telecom and information (cloud computing). finance companies in Germany and England. He has also worked as an intern at an expert position for the Locally we observe the following trends: Bulgarian Stock Exchange. As a student in Economics The outsourcing and software development and Business in Switzerland, he was actively engaged sectors are still growing with focus on service in the largest students’ organization AIESEC, working delivery projects for foreign clients. on a voluntary basis as the Local Committee President The telecommunications sector is struggling in Basel. due to increased competition, reduced prices (EU regulations) and growth of free-of-charge telecommunication services. Elena Rusanova, The system integration industry is still very Research Associate much dependent on the government sector Elena joined the and public tenders. Local and international company in 2011 to ERP system providers have to accommodate support the Technology complex procedures and prolonged and Professional Services negotiations etc. which strongly affects their practice groups. She immediate business results. is also in charge of Companies are focusing more and more on the management and digital marketing, online services and customer development of the interaction through social media. database system. Prior Successful sales people from middle to top/ to joining Stanton Chase, she worked as a technical senior level are very much in demand. They assistant at an FMCG company, where she took part are expected to drive sales results, motivate in the recruitment and selection process. Elena has big sales field force and, most of all, lead by a bachelor’s degree in Economic Psychology and a example. master’s degree in Human Resource Management. 3
  • 4. STANTON CHASE SOFIA NEWSLETTER JUNE 2012 Industrial and Energy sectors: slow recovery and need for professionals d.minkov@stantonchase.com Big manufacturers and industrial equipment traders in the country faced a difficult 2011, since they were seriously affected by the economic slow-down. According to NSI data, the industrial sector created 31.2% of the total value added of the economy, which is only 1.7 % higher than in 2010. Most managers are realistic and expect excess capacity. Further delay of recovery within the sector is expected due to lower demand for production and decline in orders from abroad. Construction marked a significant annual decline of 11.1 % despite big infrastructure projects that keep the sector alive. Local and foreign companies refrain from implementing their investment strategies due to the unstable economic environment and pessimistic prognoses. Energy was in the centre of attention both for media and big companies throughout the whole 2011. Despite heated comments and discussions, the sector observed a marked decline of foreign direct investments. Interest in renewable energy sources also decreased. Shortage of experienced professionals, qualified in line with the EU standards, is observed. Unfortunately, it seems there are not many good prospects for considerable growth in these sectors. A recent survey of the German-Bulgarian Chamber of Industry and Commerce revealed that the number of companies that wouldn’t repeat investing in Bulgaria has risen with 13.5 %. On the other hand, 59% of the respondents expect increase in their revenues for 2012. The positions companies recruit for currently are technical directors, maintenance managers, production directors, business unit managers and quality managers with practical experience in implementing Lean, Six Sigma and similar methodologies. The local team Dobromir Minkov, Senior Consultant Dobromir has professional expertise in the oil and gas industry. His main focus at Stanton Chase is industrial and energy companies, as well as those in logistics and transportation. He has already successfully run projects on attracting top managers and professionals as expats in Bulgaria. Dobromir also has successful placements for top management positions within the banking sector. Previously he supervised diverse industrial projects in Shell and then managed the business development of the Oil, Gas and Chemicals Services section of SGS Bulgaria. Bissera Stoyanova, Research Associate Bissera Stoyanova has experience from the HR sphere, having been part of the training team of Adecco. At Stanton Chase she does extensive candidate sourcing as a researcher in the team that manages assignments for three practice groups: Industrial, Natural Resources and Energy and Logistics and Transportation. She has a major in Psychology and is currently completing a master’s degree in Human Resource Management and Development. 4
  • 5. STANTON CHASE SOFIA NEWSLETTER JUNE 2012 Executive Search in Bulgaria what to expect? When searching for senior and key middle management executives, your company makes a double investment – once for the search and selection process (no matter internal or external) and once for the proper integration of the professional placed. In case you have decided to turn to an executive search firm, we advise you to request the following: Contact with a consultant who takes personal responsibility for your currently expressed needs and understands your business, the market and the job. Insist on a well-defined search strategy, agreed with you – the consultant should discuss with you where they can and cannot source candidates from (the so called off-limits). The consultant should also suggest alternative channels for candidate sourcing (different industries, other functions with potential to fill in the position, etc.) Confidentiality is very important in the process of executive search. You might specify that the consultant should not reveal to potential candidates characteristic details about your company in the first stages of the project. The researcher in charge should contact all relevant potential candidates according to the search strategy, without relying on databases/ a limited network of contacts. Since very often the professionals in question are not active on the job market, the project team should “sell” the position and your company pro-actively to them. The consultant should provide regular feedback to you on the market perception of your organization, on remuneration levels and all other related issues regarding the placement of the best possible candidate. Recommended (short-listed) candidates should meet your criteria from the start, matching not only the job specification requirements but also the core personality traits, business competencies and corporate culture your company identifies with. Thorough assessment of candidates is done to minimize HR and general management time investment. Last, but not least, an executive search company should provide relevant guarantees for the candidates placed so that both your organization and your future employee can focus on achieving effective on-boarding. At Stanton Chase Sofia it is actually a project team that works for you – the consultant, who is wholly committed to successfully closing the assignment with you and the researcher, who screens the market, makes initial contact with potential candidates and keeps the best of them interested in the potential prospects within your company. All consultants have strong industry background for the sectors they specialize in. At the end of each project you are provided with a final report summarizing findings during the search. Our consultants also provide on-boarding support to the placed candidate. 5
  • 6. STANTON CHASE SOFIA NEWSLETTER JUNE 2012 Stanton Chase CEO Survey Yuliana Popova, PR & Marketing Coordinator u.popova@stantonchase.com Our second yearly survey among 140 top managers in the country, conducted at the end of 2011, identified the following local trends: top priorities for managers in Bulgaria for 2012 are sustaining stable cash flow, business restructuring and identifying and retaining talents (according to 62 % of the respondents). - what managers are expected to do effectively is change management and faster delivery of growth objectives (41 %). - what they believe they need to do is develop strategic thinking, improve communication with employees to sustain motivation, attract and retain talents (74 %). - change of jobs – not by all means: managers are either unwilling to work in virtual teams, or are reluctant to change their current location; some feel there are too many top executives on the market - reasons for leaving current employer: little freedom to act at their own discretion, lack of relevant compensation and benefits, lack of stable career advancement - career goals – interest in promotion in a larger international company, or even abroad. - when searching for career change, managers tend to rely on their networks of personal and professional contacts (41 %) and on executive search consultants (37%). - interest in new career opportunities is high and unlike in 2010, managers identify them mainly in the sectors in which they are employed. The respondents are business leaders at president, board, CEO, general manager, etc. level. The majority come from Consumer Products and Services (24 %), Technology (20 %) and Financial Services (20 %). The remaining 36 % come from Life Science & Healthcare, Light and Heavy Industry, Natural Resources & Energy, Logistics and Transportation and Professional Services. Stanton Chase Sofia 81B Bulgaria Blvd., floor 6, Sofia 1404 Tel: +359 2 962 2931; Fax: +359 2 962 8347 sofia@stantonchase.com www.stantonchase.com 6