Announcement of letter of intent to purchase assets of the Human Resource Institute
ST PETERSBURG, FL (November 28th, 2006) -- Today marks the launch of The Institute for Corporate Productivity (i4cp, inc.), a new company focused on being the premier institute to improve workforce productivity and bottom-line results within corporations. With the numerous and complex issues facing the human capital industry today, the company has been created on a foundation of four primary offerings: research, community, tools and technology. To augment these four pillars, i4cp also announced today that the company has signed a definitive letter of agreement to purchase the assets of the Human Resource Institute (HRI), one of the most respected and well-known research firms in the human capital industry.
The new venture has been founded by industry veterans Kevin Oakes, the former president of SumTotal Systems, Debbie McGrath, the founder of HR.com, and Jay Jamrog, the Executive Director of HRI. Oakes will step into the role of i4cp's CEO, McGrath will be the company’s Chair and Jamrog will be the company's SVP of Research.
"Today's forward-thinking CEOs recognize – maybe now more than ever – that employees are their most valuable asset when it comes to generating long-term growth and value," said Oakes. "Improving the productivity of the workforce is paramount to success and – with a looming labor shortage on the horizon along with several other key challenges – the attraction, retention and development of an organization's employees are the largest issues affecting corporate productivity today."
Prior to his new role as CEO of i4cp, Oakes was most recently the President of SumTotal Systems (NASDAQ: SUMT), the largest learning management system company in the world, and he is currently a member of SumTotal’s board of directors. Before SumTotal, Oakes was the CEO and Chairman of Click2learn (NASDAQ: CLKS), which merged with Docent (NASDAQ: DCNT) to form SumTotal in early 2004. Oakes is also currently the Chairman of the Board of ASTD, the largest association in the world dedicated to workplace learning and performance, with over 70,000 members worldwide.
"While there is a lot of talk in the industry about managing human capital, human resources or talent management, these terms are really only a means to an end – the end being improved productivity. That’s why we chose the name The Institute for Corporate Productivity – to signify clearly what we feel is most important to senior leaders," said Oakes. "i4cp helps our clients improve overall productivity through a combination of leading-edge research, a community of industry experts and peers, tools to help organizations effectively execute on strategy and benchmark results and the technology to automate processes. Our acquisition of the assets of HRI, which I consider to be an undiscovered gem in the industry, will allow us to utilize the most experienced researchers in the industry and have access to some of the largest and most progressive companies in the world."
HRI is considered one of the world’s leading research institutes devoted to the practical and strategic management of people. A non-profit, 501(c)3 organization based in St. Petersburg, FL, HRI’s mission has been to promote strategic thinking regarding the major issues affecting the human resource profession today and the trends that are shaping the future. Since its founding at the University of Michigan in 1965, HRI has amassed over four decades of information on the human capital industry, and over that time HRI has been providing its clients with rapid, reliable and respected research and analysis surrounding all facets of the management of people in organizations.
HRI has well over 100 long-term customers made up of some of the world’s best-known companies, including 3M, American Express, Bank of America, Coca-Cola, Deloitte and Touche, EDS, ExxonMobil, Federal Express, Fidelity Investments, Ford, Home Depot, Ingram Micro, Intel, Johnson & Johnson, McDonald’s, Merck, Motorola, the New York Stock Exchange, Nike, Pfizer, Prudential, Raytheon, Shell, Sony, Sun Microsystems, Verizon, Wachovia, Wells Fargo, Weyerhauser and Xerox, among many others. Through an annual subscription these companies access over 10,000 pages of new research per year, along with numerous trend reports, strategy updates, white papers and presentations on over 150 human capital and workforce productivity issues which HRI monitors on an ongoing basis.
"The challenges faced by today's human capital professionals are varied and in many cases unknown. Organizations need a trusted advisor that can help them predict future trends and next practices, while offering them the knowledge and tools they need to plan and execute their initiatives at the right speed. i4cp's mission, along with the wealth of experience coming from HRI, will allow us to be that trusted advisor to organizations," said Jamrog.
Jamrog is a Distinguished Lecturer at the University of Tampa, Florida, and has devoted over 20 years to identifying and analyzing the major issues and trends affecting the management of people in organizations. As i4cp’s new SVP of Research, Jamrog will build upon this experience to continue a tradition of producing the industry’s most forward-thinking, decision-grade independent research.
"HRI offers three unique differentiators that create value for us," said Bruce Erenkrantz, VP, Worldwide Associate Assessment and Development, Ingram Micro Inc. "First is the research they do on emerging issues, looking toward the future. They track a variety of trends and uncover the implications for HR. Secondly, they conduct relevant just-in-time research based on their extensive member community. The research incorporates industry trends and best practices so they can provide practical advice based on a company's needs and placed in the context of how it affects the organization. Thirdly, they offer an extensive collection of research and trend data across 64 major knowledge centers," said Erenkrantz. "I look forward to the new i4cp continuing and enhancing these capabilities, and congratulate the company on its launch."
Continuing a 35-year-old HRI tradition, i4cp will formally launch its new products and services to its members at the company’s Annual Conference on February 7 - 9, 2007, at the Don CeSar Beach Resort and Spa in St. Petersburg, Florida. The conference features industry-leading speakers from Wal-Mart, Motorola, Cingular, the Office of Personnel Management, Stanford and Cornell Universities, among others. More details on the conference and on the Institute for Corporate Productivity can be found at www.i4cp.com.
About i4cp, inc.
The Institute for Corporate Productivity (i4cp, inc.) improves corporate productivity through a combination of research, community, tools and technology focused on the management of human capital. With over 100 leading organizations as members, including many of the best-known companies in the world, i4cp draws upon one of the industry’s largest and most-experienced research teams and Executives in Residence to produce over 10,000 pages annually of rapid, reliable and respected research and analysis surrounding all facets of the management of people in organizations. Additionally, i4cp identifies and analyzes the upcoming major issues and future trends which are expected to influence workforce productivity and provides member clients with tools and technology to execute on leading-edge strategies and "next" practices on these issues and trends. i4cp is a for-profit company with offices in St. Petersburg, FL.