Marriott International To Acquire Starwood Hotels & Resorts Worldwide

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BETHESDA, Md. and STAMFORD, Conn., Nov. 16, 2015 /PRNewswire/ -- Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that the boards of directors of both companies have unanimously approved a definitive merger agreement under which the companies will create the world's largest hotel company. The transaction combines Starwood's leading lifestyle brands and international footprint with Marriott's strong presence in the luxury and select-service tiers, as well as the convention and resort segment, creating a more comprehensive portfolio. The merged company will offer broader choice for guests, greater opportunities for associates and should unlock additional value for Marriott and Starwood shareholders. Combined, the companies operate or franchise more than 5,500 hotels with 1.1 million rooms worldwide. The combined company's pro forma fee revenue for the 12 months ended September 30, 2015 totals over $2.7 billion.

Transaction Highlights and Strategic Benefits

  • Summary of Transaction: Under the terms of the agreement, at closing, Starwood shareholders will receive 0.92 shares of Marriott International, Inc. Class A common stock and $2.00 in cash for each share of Starwood common stock. On a pro forma basis, Starwood shareholders would own approximately 37 percent of the combined company's common stock after completion of the merger using fully diluted share counts as ofSeptember 30, 2015. Total consideration to be paid by Marriott totals $12.2 billion consisting of $11.9 billion of Marriott International stock, based on the 20-day VWAP (volume weighted average price) of Marriott stock ending on November 13, 2015, and $340 million of cash, based on approximately 170 million fully diluted Starwood shares outstanding at September 30, 2015. Based on Marriott's 20-day VWAP ending November 13, 2015, the merger transaction has a current value of $72.08per Starwood share, including the $2 cash per share consideration. Starwood shareholders will separately receive consideration from the spin-off of the Starwood timeshare business and subsequent merger with Interval Leisure Group, which has an estimated value of approximately $1.3 billion to Starwood shareholders or approximately $7.80 per Starwood share, based on the 20-day VWAP of Interval Leisure Group stock ending November 13, 2015. The timeshare transaction should close prior to the Marriott-Starwood merger closing.

Total Estimated Value to Starwood Shareholders

Share Price of Marriott International, Inc.

$70.08*

Cash Consideration Per Share

$2.00

Value of Vistana Disposition

  $7.80**

Total Value

$79.88

*Marriott 20-day VWAP ending November 13, 2015, calculated at 0.92 of $76.17

**Based on ILG 20-day VWAP ending November 13, 2015. Excludes $132M of cash consideration and reimbursement from ILG to Starwood

After adjusting for the value of consideration to be separately received by Starwood shareholders in the Vistana transaction, the merger consideration represents a premium of approximately 6 percent over the Starwood stock price using the 20-day VWAP ending November 13, 2015 and a premium of approximately 19 percent using the 20-day VWAP ending October 26, 2015 (prior to recent acquisition rumors).

  • Leveraging Operating Efficiencies: Marriott expects to deliver at least $200 million in annual cost savings in the second full year after closing. This will be accomplished by leveraging operating and G&A efficiencies.
  • Accretive to Earnings: Marriott expects the transaction to be earnings accretive by the second year after the merger, not including the impact of transaction and transition costs. Earnings will benefit from post-transaction asset sales, increased efficiencies and accelerated unit growth.
  • Significant Capital Recycling Program: Marriott expects Starwood to continue its capital recycling program, generating an estimated $1.5 to $2.0 billion of after-tax proceeds from the sale of owned hotels over the next two years. The hotels are expected to be sold subject to long-term operating agreements.
  • Continued Strong Returns to Shareholders: On a pro forma combined basis, Marriott and Starwood generated $2.7 billion in fee revenue in the 12 months ending September 2015. In 2015, Marriott expects to return at least $2.25 billion in dividends and share repurchases to shareholders. Marriott believes it can return at least as much in the first year following the merger.
  • Accelerated Global Growth: Marriott International expects to accelerate the growth of Starwood's brands, leveraging Marriott's worldwide development organization and owner and franchisee relationships. The combined company will have a broader global footprint, strengthening Marriott's ability to serve guests wherever they travel.
  • Lifestyle Leader: Starwood's first-mover advantage in the lifestyle category, along with Marriott's broad range of brands in this segment, positions the combined company as a leader in the lifestyle space. With Marriott's strong owner and franchisee relationships, the combined company expects growth of its lifestyle brands to accelerate.
  • World-Class Associates: This combination brings together two of the most talented teams in the industry. Together, they will combine their innovative ideas and service commitment to deliver unforgettable guest experiences.
  • Leading Loyalty Programs: Today, Marriott Rewards, with 54 million members, and Starwood Preferred Guest, with 21 million members, are among the industry's most-awarded loyalty programs, driving significant repeat business. They should be even stronger when the companies merge.
  • Owner and Franchisee Preference: The combined company will be able to realize increased efficiency by leveraging economies of scale in areas such as reservations, procurement and shared services. Combined sales expertise and increased account coverage should drive additional customer loyalty, increasing revenue. We expect that these enhanced efficiencies and revenue opportunities should drive improved property-level profitability as well as greater owner and franchisee preference for the combined company's brands.
  • Commitment to Management and Franchising: Marriott remains committed to its management and franchise strategy, minimizing capital investment in the business to generate attractive shareholder returns.

Arne Sorenson, President and Chief Executive Officer of Marriott International, said: "The driving force behind this transaction is growth. This is an opportunity to create value by combining the distribution and strengths of Marriott and Starwood, enhancing our competitiveness in a quickly evolving marketplace. This greater scale should offer a wider choice of brands to consumers, improve economics to owners and franchisees, increase unit growth and enhance long-term value to shareholders. Today is the start of an incredible journey for our two companies. We expect to benefit from the best talent from both companies as we position ourselves for the future. I know we'll do great things together as The World's Favorite Travel Company."

J.W. Marriott, Jr., Executive Chairman and Chairman of the Board of Marriott International, said: "We have competed with Starwood for decades and we have also admired them. I'm excited we will add great new hotels to our system and for the incredible opportunities for Starwood and Marriott associates. I'm delighted to welcome Starwood to the Marriott family."

Bruce Duncan, Chairman of the Board of Directors of Starwood Hotels & Resorts Worldwide, said: "During our comprehensive review of strategic and financial alternatives, it was clear that our talented people, world-class brands, global leadership and spirit of innovation were much admired and key drivers of our value. Our board concluded that a combination with Marriott provides the greatest long-term value for our shareholders and the strongest and most certain path forward for our company. Starwood shareholders will benefit from ownership in one of the world's most respected companies, with vast growth potential further enhanced by cost synergies.  Starwood's shareholders will also receive the value of the previously announced sale of our vacation ownership business to Interval Leisure Group, which is not part of this transaction."

Adam Aron, Starwood Hotels & Resorts Worldwide Chief Executive Officer on an interim basis, said: "We are excited to play a vital role in the creation of the biggest and best hotel company in the world with tremendous upside potential. The combination of our two companies brings together the best in innovation, culture and execution. Our guests and customers will benefit from so many more options across 30 hotel brands, while our hotel owners and franchisees will derive value from our combined global platform and efficiencies. We are also delighted that our associates will have expanded opportunities as part of a larger organization that is consistently recognized as one of the best companies to work for in the world."

One-time transaction costs for the merger are expected to total approximately $100 to $150 million.  Transition costs are expected to be incurred over the next two years. They cannot be estimated at this time, but are expected to be meaningful.

Marriott will assume Starwood's recourse debt at the closing of the transaction. Marriott remains committed to maintaining an investment grade credit rating and to continue managing the balance sheet prudently after the merger. Marriott expects to maintain our 3.0x to 3.25x adjusted debt to adjusted EBITDAR target.

Arne Sorenson will remain President and Chief Executive Officer of Marriott International following the merger and Marriott's headquarters will remain in Bethesda, Maryland. Marriott's Board of Directors following the closing will increase from 11 to 14 members with the expected addition of three members of the Starwood Board of Directors.

The transaction is subject to Marriott International and Starwood Hotels & Resorts Worldwide shareholder approvals, completion of Starwood's planned disposition of its timeshare business, regulatory approvals and the satisfaction of other customary closing conditions. Assuming receipt of the necessary approvals, the parties expect the transaction to close in mid-2016.

Conference Call at 9:00 am ET on Monday, November 16, 2015

Marriott International and Starwood Hotels & Resorts Worldwide will jointly conduct a conference call for the investment community on Monday, November 16, 2015 at 9:00 a.m. ET. The call will be webcast simultaneously at Marriott's investor relations website www.marriott.com/investor and at Starwood's investor relations website http://www.starwoodhotels.com/corporate/about/investor/index.html.

The telephone dial-in number for the conference call is (855) 631-5368 and for participants outside the U.S., +1 (330) 863-3283. The conference ID is 82603071. A telephone replay of the conference call will be available for two weeks. To access the replay, call (855) 859-2056 or +1 (404) 537-3406. The conference ID for the recording is 82603071.

Advisors Lazard and Citigroup are serving as financial advisors to Starwood Hotels & Resorts Worldwide and Deutsche Bank Securities is the financial advisor to Marriott International. Cravath, Swaine & Moore is serving as legal counsel to Starwood Hotels & Resorts Worldwide and Gibson, Dunn & Crutcher is serving as legal counsel to Marriott International on the transaction.

No Offer of Solicitation The information in this communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Additional Information and Where to Find It The proposed transaction will be submitted to Marriott's and Starwood's stockholders for their consideration. In connection with the proposed transaction, Marriott will file with the SEC a registration statement on Form S-4 that will include a joint proxy statement of Marriott and Starwood that will also constitute a prospectus of Marriott. Investors and security holders are urged to read the joint proxy statement and registration statements/prospectuses and any other relevant documents filed with the SEC when they become available, because they will contain important information. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus and other documents (when available) that Marriott and Starwood file with the SEC at the SEC's website at www.sec.gov. In addition, these documents may be obtained from Marriott free of charge by directing a request to investorrelations@marriott.com, or from Starwood free of charge by directing a request to ir@starwoodhotels.com.

Participants in Solicitation Marriott, Starwood, and certain of their respective directors and executive officers may be deemed to be participants in the proposed transaction under the rules of the SEC. Investors and security holders may obtain information regarding the names, affiliations and interests of Marriott's directors and executive officers in Marriott's Annual Report on Form 10-K for the year endedDecember 31, 2014, which was filed with the SEC on February 19, 2015, and its proxy statement for its 2015 Annual Meeting, which was filed with the SEC on April 7, 2015. Information regarding the names, affiliations and interests of Starwood's directors and executive officers may be found in Starwood's Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on February 25, 2015, and its definitive proxy statement for its 2015 Annual Meeting, which was filed with the SEC onApril 17, 2015. These documents can be obtained free of charge from the sources listed above. Additional information regarding the interests of these individuals will also be included in the joint proxy statement/prospectus regarding the proposed transaction when it becomes available.

Note on forward-looking statements: This press release contains "forward-looking statements" within the meaning of U.S. federal securities laws, including the parties' plans for closing the transaction; the resulting impact on the size of Marriott's operations; statements concerning the benefits of the transaction, including the combined company's future financial and operating results, plans and expectations; and anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including the receipt of necessary consents, and other risk factors that we identify in our most recent quarterly report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. We make these forward-looking statements as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

About Marriott International, Inc. Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda, Maryland, USA, with more than 4,300 properties in 85 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, Bvlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 54 million members. For more information or reservations, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.

About Starwood Hotels & Resorts Worldwide, Inc. Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 1,270 properties in some 100 countries and over 180,000 employees at its owned and managed properties. Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences under the renowned brands: St. Regis®, The Luxury Collection®,W®, Design Hotels, Westin®, Le Meridien®, Sheraton®, Four Points® by Sheraton, Aloft®, Element®, and the recently introducedTribute Portfolio™. The company also boasts one of the industry's leading loyalty programs, Starwood Preferred Guest (SPG®). Visit www.starwoodhotels.com for more information and stay connected @starwoodbuzz on Twitter and Instagram and facebook.com/Starwood.

(via PR Newswire)

 

Chefs Predict Top Restaurant Menu Trends for 2016

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WASHINGTON, Nov. 5, 2015 /PRNewswire/ -- The National Restaurant Association (NRA) annually explores the top menu trends for the coming year. For this year's What's Hot culinary forecast, the NRA surveyed nearly 1,600 professional chefs - members of the American Culinary Federation (ACF) - to find which foods, beverages and culinary themes will be hot on restaurant menus in 2016.

Top 20 food trends for 2016:

  1. Locally sourced meats and seafood
  2. Chef-driven fast-casual concepts
  3. Locally grown produce
  4. Hyper-local sourcing
  5. Natural ingredients/minimally processed food
  6. Environmental sustainability
  7. Healthful kids' meals
  8. New cuts of meat
  9. Sustainable seafood
  10. House-made/artisan ice cream
  11. Ethnic condiments/spices
  12. Authentic ethnic cuisine
  13. Farm/estate branded items
  14. Artisan butchery
  15. Ancient grains
  16. Ethnic-inspired breakfast items
  17. Fresh/house-made sausage
  18. House-made/artisan pickles
  19. Food waste reduction/management
  20. Street food/food trucks

For complete survey results, additional trends to watch, video and downloadable graphics, visit http://www.restaurant.org/foodtrends.

"True trends evolve over time, especially when it comes to lifestyle-based choices that extend into other areas of our everyday life," said Hudson Riehle, senior vice president of research for the National Restaurant Association. "Chefs and restaurateurs are in tune with over-arching consumer trends when it comes to menu planning, but add their own twist of culinary creativity to drive those trends in new directions. No one has a better view into the window of the future of food trends than the culinary professionals who lead our industry."

"We are excited to see how foodservice establishments will incorporate these culinary trends for 2016," said Thomas Macrina, CEC, CCA, AAC, national president, American Culinary Federation. "Chefs enjoy being creative and many of these trends give them the ability to do what they love: make fresh, delicious food for people to enjoy."

The top trends in food also extend to the bar, with the hottest alcohol trends including locally produced and craft beer, wine and spirits.

When asked which current food trend has grown the most over that last decade, 44 percent of the chefs surveyed said local sourcing. Looking forward, 41 percent said the trend that will grow the most in the next 10 years is environmental sustainability.

Menu items that gained in trendiness since last year's survey include African flavors, authentic ethnic cuisine, ethnic condiments/spices, house-made/artisan soft drinks, Middle Eastern flavors and non-traditional liquors. Items that lost momentum include underutilized fish, kale salads, fresh beans/peas, gluten-free cuisine, quinoa and flower essence in cocktails.

The NRA surveyed 1,575 American Culinary Federation members in September 2015, asking them to rate 221 items as a "hot trend," "yesterday's news," or "perennial favorite" on menus in 2016.

About the National Restaurant Association

Founded in 1919, the National Restaurant Association is the leading business association for the restaurant industry, which comprises 1 million restaurant and foodservice outlets and a workforce of 14 million employees. We represent the industry in Washington, D.C., and advocate on its behalf. We operate the industry's largest trade show (NRA Show May 21-24, 2016, in Chicago); leading food safety training and certification program (ServSafe); unique career-building high school program (the NRAEF's ProStart); as well as the Kids LiveWell program promoting healthful kids' menu options. For more information, visit Restaurant.org and find us on Twitter @WeRRestaurants, Facebook and YouTube.

About the American Culinary Federation

The American Culinary Federation, Inc. (ACF), established in 1929, is the standard of excellence for chefs in North America. With more than 17,500 members spanning nearly 200 chapters nationwide, ACF is the leading culinary association offering educational resources, training, apprenticeship and programmatic accreditation. In addition, ACF operates the most comprehensive certification program for chefs in the United States, with the Certified Executive Chef®, Certified Sous Chef®, Certified Executive Pastry Chef® and Certified Culinary Educator® designations accredited by the National Commission for Certifying Agencies. ACF is home to ACF Culinary Team USA, the official representative for the United States in major international culinary competitions, and to the Chef & Child Foundation, founded in 1989 to promote proper nutrition in children and to combat childhood obesity. For more information, visit www.acfchefs.org. Find ACF on Facebook at www.facebook.com/ACFChefs and on Twitter @ACFChefs.

(via PR Newswire)

 

Restaurant Industry Operations under Growing Pressure to Balance Labor Costs, Big Data and Profits

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LAS VEGAS, Nov. 9, 2015 /PRNewswire/ -- IQ BackOffice President and CEO, David Schnitt, at the Restaurant Finance & Development Conference in Las Vegas, NV today discussed the "growing trends, challenges and opportunities" facing the industry in 2016 and beyond.

The Restaurant Finance & Development Conference, is one of the nation's largest annual gatherings of restaurant industry operators, management specialists, financial, legal and regulatory experts. IQ BackOffice, a leading global accounting and human resources outsourcer, headquartered in El Segundo, CA will be displaying, sharing and presenting their views on the 2016 trends and challenges facing the industry and the solutions, tools and options that can be utilized to meet them.

"The nation's restaurant industry, an important contributor to the health of the American economy, is facing a 'perfect storm' heading into 2016 of opportunities and challenges, said David Schnitt, President and CEO of IQ BackOffice.  "Restaurant operators are presented with an environment that will require the efficient management of a changing labor market with narrowing margins and growing regulatory pressures – while still needing to achieve growth, profit and scale."

David Schnitt and the experts at IQ BackOffice predict three key trends and challenges that is reshaping the restaurant industry now and well into 2016:

  • Focus on Cost Efficiencies and Changing Labor Market. With companies pressed in terms of labor costs, along with increased wages and a lack of employees to fill critical jobs, it's imperative for companies to find ways to reduce costs.  Restaurants should look to leverage solutions that collate costs around food and labor—generally two-thirds of a restaurant's total spending—so that owners and operators can better handle and understand all of the costs that are within their control.
  • Leverage Internet Based Analytics and Insights to Deliver Margins. Under tight margins, managing finances needs to be an exact science. Restaurants need to gain more insight into where particular costs are and where they need to target their spending. Fine-tuning information at a more granular level provides restaurant owners with the solutions needed to make strategic, educated financial decisions—all at a lower cost.
  • Deliver Growth and Scale. Even under cost pressures, growth is still possible, but restaurants must efficiently manage growth and scale options at a low cost. Restaurant owners need to realize their financial state holistically to set the right trajectory for profitable growth.

For more information, please visit IQ BackOffice onsite at Booth 620.

About IQ BackOffice IQ BackOffice is a global leader in business process outsourcing, delivering customized solutions for its clients and boasting 99.97% quality and up to 68% cost savings. By reengineering existing processes such as accounts payable, accounts receivable, payroll and human resources, IQ BackOffice reduces costs, enables better decision-making and creates stronger financial controls. Clients range from mid-sized to multi-billion dollar private and public companies, across industries such as restaurant and hospitality, real estate and property management, manufacturing and distribution, telecommunications, utilities, energy, financial services, professional services and others. IQ BackOffice is majority-owned by LiveIt Investments Limited, the holding company for Ayala Corporation's investments in the business process outsourcing sector. Ayala was established in 1834 and is one of the leading conglomerates in the Philippines. For more information about IQ BackOffice's wide range of services, please visit http://www.iqbackoffice.com/.

For additional information, please contact: Alyssa Scott Burson-Marsteller +1 212-614-4012 press@iqbackoffice.com

(via PR Newswire)

 

A Strong October Jobs Report

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After three consecutive months of disappointing jobs reports, October finally delivered the strong numbers economists had been hoping for.

The report from the Labor Department shows that the unemployment rate fell to 5 percent, and the economy added 271,000 jobs in October—beating expectations of 180,000. That’s the strongest showing in 2015 thus far.

Hiring surged in professional and business services, health care, retail trade, food services, and drinking places, and construction sectors. The September jobs-added numbers have been revised down to 137,000 from 142,000, while August’s numbers have been revised up—from 136,000 to 153,000. In the past three months, job gains have averaged 187,000 per month.

By all measures, the October jobs report quiets the fears that the U.S. economy is slowing. And October’s strong performance has reignited speculation that the Federal Reserve will raise interest rates at its December meeting.

The Federal Reserve has been looking for a strong jobs report before making what would be the first interest-rate hike in nearly a decade. Federal Reserve chairwoman Janet Yellen has mentioned that achieving full employment post-Great Recession has been difficult, though the Fed considers an unemployment rate of 5.0 to 5.2 percent to be full employment, a feat that was achieved over the summer. Despite this, many economists believe there’s still room for growth since the labor-participation rate remains at 62.4 percent, the lowest level since 1977.

Last week, Yellen testified before the Financial Services Committee of the House of Representatives. She noted that the U.S. economy was performing well, and that if the good news kept coming, “December would be a live possibility.”

(via The Atlantic)

 

Converged Technology Group IDs Eight Ways Video Enhances HR Recruitment Efforts

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ISLANDIA, N.Y., Oct.  29, 2015 /PRNewswire/ -- When a company hires a new employee, the expectation is that the organization's overall productivity will increase. Locating, interviewing, hiring, onboarding, training and retaining qualified candidates, however, is both time consuming and costly. The goal of today's human resources (HR) professional is, therefore, to find and hire the best available talent and to integrate new employees in a way that moves them from newbies to significant contributors in the most cost-effective and timely way possible. According to Converged Technology Group (www.convergedtechgroup.com), an award-winning Managed Services Partner (MSP) serving clients throughout the Northeast, successful HR professionals have discovered they all have one secret in common, and it's one that propels them – and their organizations – to the front of the race for employee ROI: video collaboration.

"In partnership  with Cisco, we recently held an event focused on the use of video throughout the recruitment process that drew widespread attention from people in a variety of HR roles, including recruiters, learning and development professionals, as well as C-level executives," says Leo E. Galletta, President and CEO, Converged Technology Group. "The event showcased the strategies, capabilities and technologies required to engage the broad spectrum of a multi-generational workforce. During the event, we performed live demonstrations of video collaboration tools, something which all of the attendees said they found to be relevant and extremely valuable. Why did an event focused on the relationship between HR and IT resonate so well among traditionally non-technical line-of-business professionals? Because companies are having very different conversations today about business outcomes and the best ways to recruit, develop and retain top talent – and most have realized that technology is the key."

The ROI of Video Collaboration

Today's HR professionals conduct worldwide searches to fill key positions, and they need the technological tools that can help them do it. To expand their search and attract an increasingly technology-dependent millennial workforce, recruiters must embrace video and use it to its fullest extent to increase their company's return on human capital.  Experts agree that video is quickly becoming an HR pro's most valuable tool: Studies show that video yields 35 percent greater year-over-year improvements in time to hire and 32 percent greater reductions in costs per hire.1 To help HR, IT and the C-suite see eye-to-eye, Converged Technology Group has identified eight important reasons to embrace video collaboration in the recruitment, development and retention process:

  1. It's Personal: Interviewers can more effectively and efficiently pre-screen candidates face-to-face via video than they can over the phone.
  2. Putting it all Together: Group interviews are becoming more commonplace, and video allows hiring managers to assemble remote resources to conduct an interview on short notice.
  3. Part of the Team: When relocation isn't a possibility, video makes it easier to hire, train and retain remote workers where they are, yet still have them feel like a valued part of the team.
  4. Warming Cold Feet: Staying connected with employees in transition by beginning the onboarding process before they arrive keeps new hires engaged from the day the offer goes out until their first day on the job.
  5. Anywhere, Anytime Communication: Video allows for instant communication between colleagues, giving new hires a feeling of connectedness from the start that speeds the onboarding process.
  6. Experience Matters: The days of using post-it notes and rotary phones to conduct business are gone; tech-savvy millennials expect to work in a connected, digital environment and are actually shopping for employers that offer them the kind of "connected workplace" experience they envision.
  7. A Balancing Act: Because the line between work and personal time has blurred, employees want to be equipped with the tools they need to be as productive at home as they would be in the office, giving them the option of building a more flexible schedule and a better work-life balance.
  8. Love of Learning: Video helps learning and development managers present training that is more compelling and engaging, something which ultimately translates to better organizational return and employee retention.

1 Aberdeen Group: "Bridging Distance in the Talent Lifecycle"

More Information:

About Converged Technology Group

Converged Technology Group is an award-winning Managed Services Partner (MSP) focused on improving IT performance and business outcomes while lowering the cost of technology support for businesses in healthcare, financial services, education, retail, legal and other cutting-edge industries. Located in Islandia, NY, and New York City, Converged Technology Group provides enterprise networking, collaboration, virtualized data center, cloud solutions and managed services to both regional and multinational corporations. The company provides business-critical uptime all the time, and helps clients design, implement and operate their IT infrastructure, communication and computing systems for the greatest return on their IT investments. For more information on Converged Technology Group, please contact us at 631-468-5728 or info@convergedtechgroup.com, and visit our website at www.convergedtechgroup.com.

(via PR Newswire)