ManpowerGroup 2015 Annual Report Download

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WORKFORCE
SOLUTIONS
for the Human Age
Annual Report 2015

Table of contents

  • Page 1
    Annual Report 2015 WORKFORCE SOLUTIONS for the Human Age

  • Page 2
    GROWING Annual Report 2015

  • Page 3
    ... transient competitive advantage; success means having the right people in the right place at the right time. ManpowerGroup has the expertise and global footprint to help clients navigate this new world of work by implementing effective workforce solutions that grow success. 01 | ManpowerGroup

  • Page 4
    WORKFORCE SOLUTIONS THAT DELIVER Annual Report 2015 | 02

  • Page 5
    ...Our ManpowerGroup family of brands helps more than 400,000 clients across 80 countries and territories address their critical talent needs, providing comprehensive solutions to resource, manage and develop talent. Manpower is a global leader in contingent staffing and permanent recruitment. Through...

  • Page 6
    ...CEO DEAR MANPOWERGROUP INVESTOR, ManpowerGroup delivered strong performance in 2015, enabled by disciplined execution and strategic investments, positioning us well for further growth and success. 2015 Revenues increased by* Operating Profit increased by* EPS improved by* 7% Annual Report 2015...

  • Page 7
    ... the capabilities of Experis and ManpowerGroup Solutions in Germany, Australia and Canada, and together with our new partnership in Greater China, position us well for future growth in those markets. We made excellent progress in further expanding our permanent recruitment business representing 14...

  • Page 8
    ... the IT end-user market in France, expanding its reach across Europe with major contributions to the rapid growth of our Solutions business. Our 2015 partnership with EXPO in Milan was just one example of our global multi-brand workforce solutions where we trained and managed over 3,000 workers for...

  • Page 9
    ...and individuals with in-demand skills have many more choices about how and where they work. In the Human Age access to talent is the key differentiator, yet our tenth annual Talent Shortage Survey shows 38% of hiring managers cannot find the talent they need. Clearly employers need a new playbook to...

  • Page 10
    ... employees, Manpower associates and Experis professionals, offering 4,500 career development courses including videos, virtual classrooms and simulations accessible on mobile and desktop devices. We also made further progress in transforming how our global teams work across our family of brands...

  • Page 11
    ... and uncertain environment, and at the same time support millions of individuals in finding meaningful employment all over the world. That is the foundation of our confidence and passion for our business today, in 2016 and beyond. Jonas Prising Chairman & CEO ManpowerGroup 09 | ManpowerGroup

  • Page 12
    FINANCIAL Highlights STOCK INFORMATION Shares Outstanding (as of Dec 31, 2015) 2015 Segment Revenues ($ in millions) 2015 Segment Operating Unit Profit ($ in millions) 73.0 million 2015 Share Price High/Low Total 19,329.9 Total 832.7 $96.56/$63.79 Fiscal Year End Date Americas Southern ...

  • Page 13
    ... by the franchise offices, which were $1,075.2 million, $1,051.8 million, $1,069.1 million, $1,124.7 million and $1,082.3 million for 2011, 2012, 2013, 2014 and 2015, respectively. In the United States, where the majority of our franchises operate, revenues from services includes fees received from...

  • Page 14
    ... in revenue En viro n m e nt * 100% of operations have standard practices protecting human rights 12% reduction in electricity use 27% reduction in office waste 56% of markets have environmental certification *Economic measures: 2015-Social, Environmental: 2014 Annual Report 2015 | 12

  • Page 15
    ...48 49 83 83 84 85 Management's Discussion & Analysis Management Report on Internal Control Over Financial Reporting Reports of Independent Registered Public Accounting Firm Consolidated Statements of Operations Consolidated Statements of Comprehensive Income Consolidated Balance Sheets Consolidated...

  • Page 16
    ...Experis - We are a global leader in professional resourcing and project-based solutions. With operations in over 50 countries and territories, we delivered 57 million hours of professional talent in 2015 specializing in Information Technology (IT), Engineering, Finance and Accounting, and Healthcare...

  • Page 17
    ...Recruitment Process Outsourcing (RPO) and Proservia. Proservia is a recognized leader within the Digital Services market and IT Infrastructure sector throughout Europe, specializing in infrastructure management and user support. Our leadership position allows us to be a center for quality employment...

  • Page 18
    ... services under our global brands. We have an executive sponsor for each global brand who is responsible for ensuring the integrity and consistency of delivery locally. Each operation reports directly or indirectly through a regional manager, to a member of executive management. Given this reporting...

  • Page 19
    ... OF OPERATIONS - YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013 During 2015, the United States dollar was stronger relative to the currencies in most of our major markets, having a significant unfavorable impact on our reported results. While our reported revenues from services declined 6.9% from 2014...

  • Page 20
    ...impact of changes in the currency exchange rates; • revenue decrease in the United States of 2.6% primarily driven by a decline in demand for our staffing/interim services in the industrial, engineering and finance markets, partially offset by solid growth in our permanent recruitment business and...

  • Page 21
    ...the United States was due to strong price discipline, effective management of workers' compensation and health care costs, and lower state unemployment tax rates. The improvement in France was due to strong price discipline and an increase in subsidies. The 5.8% decline in selling and administrative...

  • Page 22
    ...impact of the United States Work Opportunity Tax Credit ("WOTC"), which was enacted in December of 2015 and extended from 2015 through the year ending December 31, 2019. Net earnings per share - diluted was $5.40 in 2015 compared to $5.30 in 2014. Foreign currency exchange rates unfavorably impacted...

  • Page 23
    ...million in corporate expenses; • a 7.7% decrease in lease and office-related costs because we closed over 200 offices in 2014 as a result of office consolidations and delivery model changes; and • a decrease in other non-personnel related costs, excluding the lease and office-related costs noted...

  • Page 24
    ... branch and national headquarters operating costs. This profit measure does not include goodwill and intangible asset impairment charges or amortization of intangible assets related to acquisitions, interest and other income and expense amounts or income taxes. Annual Report 2015 | 22 Management...

  • Page 25
    ...growth in our permanent recruitment and ManpowerGroup Solutions businesses, and improved staffing/interim margins in the United States due to strong price discipline, effective management of workers' compensation and health care costs, and lower unemployment tax rates. These increases were partially...

  • Page 26
    ... for our Manpower staffing services as clients opted for more flexible labor solutions and a 27.4% constant currency increase in the permanent recruitment business, partially offset by three fewer billing days in 2014 compared to 2013. In Other Southern Europe, revenues from services increased 13...

  • Page 27
    ... in organic salary-related costs, because of an increase in our variable incentive-based costs due to improved operating results. OUP margin in Southern Europe was 5.2%, 4.8% and 3.7% in 2015, 2014 and 2013, respectively. OUP margin increased over the period primarily due to France, where the...

  • Page 28
    ...the permanent recruitment business. The remaining revenue decrease in 2014 in APME was due to the staffing/interim revenue decline in China as a result of legislative changes that restricted the use of temporary employment and a general softening of demand in the market. Annual Report 2015 '15 '14...

  • Page 29
    ... in salary-related expenses, lease and office-related costs, and restructuring costs. Right Management - Right Management is a leading global provider of talent Right Management Revenues ($ in millions) and career management (also known as outplacement services) workforce solutions, operating in...

  • Page 30
    ...Currency Variance Revenues from Services Americas: United States Other Americas $ 3,005.8 1,486.2 4,492.0 Southern Europe: France Italy Other Southern Europe 4,661.3 1,226.1 984.5 6,871.9 Northern Europe APME Right Management ManpowerGroup Gross Profit - ManpowerGroup Operating Unit Profit Americas...

  • Page 31
    ...Currency Variance Revenues from Services Americas: United States Other Americas $ 3,086.4 1,497.3 4,583.7 Southern Europe: France Italy Other Southern Europe 5,351.6 1,178.8 979.3 7,509.7 Northern Europe APME Right Management ManpowerGroup Gross Profit - ManpowerGroup Operating Unit Profit Americas...

  • Page 32
    ... acquisition during the year ended December 31, 2015, which have been recorded in selling and administrative expenses. Based primarily in Germany, 7S is a highly specialized provider of human resource services focusing on a number of core sectors including skilled trades, engineering and IT. Of the...

  • Page 33
    ...and no shares remaining under the 2012 authorization. We have aggregate commitments of $1,759.0 million related to debt, operating leases, severances and office closure costs, and certain other commitments, as follows: (in millions) Total 2016 2017-2018 2019-2020 Thereafter Long-term debt including...

  • Page 34
    ... a new borrowing. The credit terms, including interest rate and facility fees, of any replacement borrowings will be dependent upon the condition of the credit markets at that time. We currently do not anticipate any problems accessing the credit markets should we decide to replace either the â,¬400...

  • Page 35
    ... grade. Rating agencies use proprietary methodology in determining their ratings and outlook which includes, among other things, financial ratios based upon debt levels and earnings performance. APPLICATION OF CRITICAL ACCOUNTING POLICIES The preparation of our financial statements in conformity...

  • Page 36
    ...2014 and 2013, respectively. Employment-Related Items The employment of contingent workers and permanent staff throughout the world results in the recognition of liabilities related to defined benefit pension plans, self-insured workers' compensation, social program remittances and payroll tax audit...

  • Page 37
    ...experience and cost per claim, we do not expect a significant change in our workers' compensation reserve in the near future. Social Program Remittances and Payroll Tax Audit Exposure On a routine basis, various governmental agencies in some of the countries and territories in which we operate audit...

  • Page 38
    ...term. We experienced a significant increase in client claims against us in France during the second quarter of 2013, requesting refunds for various payroll tax subsidies that we had received dating back to 2003 related to our French temporary associates. In March 2014, the French Supreme Court ruled...

  • Page 39
    ... if events or circumstances change that would more likely than not reduce the fair value of our reporting units below their carrying value. We performed our annual impairment test of our goodwill and indefinite-lived intangible assets during the third quarter of 2015, 2014 and 2013, and there was no...

  • Page 40
    ...Revenues and expenses denominated in foreign currencies are translated into United States dollars at the average exchange rates each month. Consequently, as the value of the United States dollar changes relative to the currencies of our major markets, our reported results vary. In both 2015 and 2014...

  • Page 41
    ... exposure to market risk for changes in interest rates relates primarily to our variable rate long-term debt obligations. We have historically managed interest rates through the use of a combination of fixed- and variablerate borrowings and interest rate swap agreements. As of December 31, 2015, we...

  • Page 42
    ... workers may be used. Changes in applicable laws or regulations have occurred in the past and are expected in the future to affect the extent to which workforce solutions and services firms may operate. These changes could impose additional costs, taxes, record keeping or reporting requirements...

  • Page 43
    ... worker employers' associations) entered into a new Collective Labor Agreement ("CLA"). The first phase of the CLA was effective in November 2013 and January 2014, and required higher wages to temporary employees and higher cost for vacation, sick pay, and temporary staff time accounts. In 2015...

  • Page 44
    ... registered public accounting firm, issued an attestation report on the effectiveness of our internal control over financial reporting as of December 31, 2015, which is included herein. February 22, 2016 Annual Report 2015 | 42 Management Report on Internal Control Over Financial Reporting

  • Page 45
    ...the financial position of ManpowerGroup Inc. and subsidiaries as of December 31, 2015 and 2014, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2015, in conformity with accounting principles generally accepted in the United States...

  • Page 46
    ... (United States), the consolidated financial statements as of and for the year ended December 31, 2015 of the Company and our report dated February 22, 2016 expressed an unqualified opinion on those consolidated financial statements. Milwaukee, Wisconsin February 22, 2016 Annual Report 2015 | 44...

  • Page 47
    ... STATEMENTS OF OPERATIONS in millions, except per share data Year Ended December 31 2015 2014 2013 Revenues from services Cost of services Gross profit Selling and administrative expenses Operating profit Interest and other expenses Earnings before income taxes Provision for income taxes...

  • Page 48
    ... Equipment Land, buildings, leasehold improvements and equipment Less: accumulated depreciation and amortization Net property and equipment Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable Employee compensation payable Accrued liabilities Accrued payroll taxes...

  • Page 49
    ... stock Dividends paid Cash used in financing activities Effect of exchange rate changes on cash Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year Supplemental Cash Flow Information Interest paid Income taxes paid...

  • Page 50
    ... plans, including tax benefits Share-based compensation expense Dividends ($0.92 per share) Balance, December 31, 2013 Net earnings Other comprehensive loss Issuances under equity plans, including tax benefits Share-based compensation expense Dividends ($0.98 per share) Repurchases of common stock...

  • Page 51
    ... segments. Our largest operations, based on revenues, are located in the United States, France, Italy and the United Kingdom. We specialize in permanent, temporary and contract recruitment and assessment; training and development; outsourcing; career management and workforce consulting services. We...

  • Page 52
    ...long-term portion in our Consolidated Balance Sheets. As of December 31, 2015 and 2014, deferred revenue was $38.4 and $35.5, respectively, all of which was current. We record revenues from sales of services and the related direct costs in accordance with the accounting guidance on reporting revenue...

  • Page 53
    ... the end of 2016. Changes in the restructuring liability balances for each reportable segment and Corporate are as follows: Americas(1) Southern Europe(2) Northern Europe APME Right Management Corporate Total Balance, January 1, 2014 Costs paid or utilized Balance, December 31, 2014 Severance costs...

  • Page 54
    ... FINANCIAL STATEMENTS in millions, except share and per share data We determine the fair value of our deferred compensation plan assets, comprised of publicly traded securities, by using market quotes as of the last day of the period. The fair value of the foreign currency forward contracts...

  • Page 55
    ... approach because we believe that management's assumptions generally provide greater insight into the reporting unit's fair value. Significant assumptions used in our goodwill impairment tests during 2015, 2014 and 2013 included: expected revenue growth rates, operating unit profit margins, working...

  • Page 56
    ... rates and income statement items are translated at the average exchange rates each month. The resulting translation adjustments are recorded as a component of accumulated other comprehensive loss, which is included in shareholders' equity. Annual Report 2015 | 54 Notes to Consolidated Financial...

  • Page 57
    ...percentage of wages paid to employees receiving less than two-and-a-half times the French minimum wage. The payroll tax credit was equal to 4% of eligible wages in 2013 and 6% of eligible wages in 2014 and beyond. The CICE payroll tax credit is accounted for as a reduction of our cost of services in...

  • Page 58
    ... TO CONSOLIDATED FINANCIAL STATEMENTS in millions, except share and per share data qualifies for sale treatment according to the accounting guidance on the transfer and servicing of assets. The discount on the sale of these receivables was recorded as a reduction of the payroll tax credits earned...

  • Page 59
    ..., in share-based compensation expense related to stock options, deferred stock, restricted stock and performance share units, all of which is recorded in selling and administrative expenses. The total income tax benefit recognized related to share-based compensation during 2015, 2014 and 2013 was...

  • Page 60
    ...CONSOLIDATED FINANCIAL STATEMENTS in millions, except share and per share data Stock Options All share-based compensation is granted under the 2011 Equity Incentive Plan of Manpower Inc. ("2011 Plan"). Options and stock appreciation rights are granted at a price not less than 100% of the fair market...

  • Page 61
    ...fair value of each stock option on the date of grant using the Black-Scholes option pricing model and the following assumptions: Year Ended December 31 2015 2014 2013 Average risk-free interest rate Expected dividend yield Expected volatility Expected term (years) 1.6% 1.5% 32.0% 6.0 1.8% 1.2% 37...

  • Page 62
    ... the subsequent holding period. The units are settled in shares of our common stock. A payout multiple is applied to the units awarded based on the performance criteria determined by the Executive Compensation and Human Resources Committee of the Board of Directors at the time of grant. In the event...

  • Page 63
    ... and administrative expenses. We have recognized total compensation expense of $17.1, $20.1 and $13.1 in 2015, 2014 and 2013, respectively, related to the performance share units. Other Stock Plans Under the 1990 Employee Stock Purchase Plan, designated employees meeting certain service requirements...

  • Page 64
    ... of net earnings per share - diluted for the year ended December 31, 2015, 2014 and 2013, respectively, as the exercise prices for these awards were greater than the average market price of the common shares during the period. The number, exercise prices and weighted-average remaining life...

  • Page 65
    ... rise to the deferred taxes, were as follows: December 31 2015 2014 Future Income Tax (Expense) Benefits Accrued payroll taxes and insurance Employee compensation payable Pension and postretirement benefits Intangible assets Repatriation of non-United States earnings Intercompany loans denominated...

  • Page 66
    ... tax benefits, end of year Potential interest and penalties Balance, end of year $ 23.0 2.3 (0.5) 3.1 (8.9) $ 19.0 19.9 $ 38.9 $ 23.9 0.7 (1.2) 2.2 (2.6) $ 23.0 7.8 $ 30.8 $ 26.4 2.1 (5.6) 3.4 (2.4) $ 23.9 8.4 $ 32.3 Annual Report 2015 | 64 Notes to Consolidated Financial Statements

  • Page 67
    .... As of December 31, 2015, we were subject to tax audits in Austria, Canada, Denmark, France, Germany, Italy, Portugal, Russia, Spain and the United States. We believe that the resolution of these audits will not have a material impact on earnings. Note 06. Goodwill Changes in the carrying value of...

  • Page 68
    ... rate and facility fees, of any replacement borrowings will be dependent upon the condition of the credit markets at that time. We currently do not anticipate any problems accessing the credit markets should we decide to replace either the â,¬400.0 Notes or â,¬350.0 Notes. Annual Report 2015...

  • Page 69
    ..., 2015 and 2014, respectively. Under the Amended Agreement, a credit ratings-based pricing grid determines the facility fee and the credit spread that we add to the applicable interbank borrowing rate on all borrowings. At our current credit rating, the annual facility fee is 12.5 basis points paid...

  • Page 70
    ... Plans Year Ended December 31 2015 2014 Non-United States Plans 2015 2014 Change in Benefit Obligation Benefit obligation, beginning of year Service cost Interest cost Transfers Actuarial (gain) loss Plan participant contributions Benefits paid Currency exchange rate changes Benefit obligation, end...

  • Page 71
    ... Plans Year Ended December 31 2015 2014 Non-United States Plans 2015 2014 Change in Plan Assets Fair value of plan assets, beginning of year Actual return on plan assets Plan participant contributions Company contributions Benefits paid Currency exchange rate changes Fair value of plan assets, end...

  • Page 72
    ...2.9% 3.4% The weighted-average assumptions used in the measurement of the net periodic benefit cost were as follows: United States Plans Year Ended December 31 2015 2014 2013 Non-United States Plans 2015 2014 2013 Discount rate Expected long-term return on plan assets Rate of compensation increase...

  • Page 73
    ... use guaranteed insurance contracts for five of our foreign plans. Peer data and historical returns are reviewed to check for reasonableness and appropriateness of our expected rate of return. Projected salary levels utilized in the determination of the projected benefit obligation for the pension...

  • Page 74
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS in millions, except share and per share data United States Plans Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets December 31, 2014 (Level 1) Significant Other Observable Inputs (Level 2) Non-United States Plans Fair Value ...

  • Page 75
    ... service credit of $6.0 and $6.5 in 2015 and 2014, respectively. In June 2013, the Board of Directors approved an amendment related to the post-65 healthcare benefits of the plan that became effective as of July 1, 2014. The plan change included the introduction of a Health Reimbursement Account...

  • Page 76
    ... 31, 2015 were estimated as follows: Year Pension Plans Retiree Health Care Plan 2016 2017 2018 2019 2020 2021-2025 Total projected benefit payments $ 9.3 9.7 10.3 10.6 12.4 75.7 $ 1.3 1.3 1.3 1.2 1.1 5.4 $11.6 $128.0 Annual Report 2015 | 74 Notes to Consolidated Financial Statements

  • Page 77
    ... health care plan, net of income taxes of $2.4 in both 2015 and 2014 Accumulated other comprehensive loss $(209.2) 10.0 (75.5) 17.0 (32.6) 4.3 $(286.0) $ (26.4) (24.5) (73.4) 16.7 (52.1) 4.5 $(155.2) Note 10. Leases We lease property and equipment primarily under operating leases. Renewal options...

  • Page 78
    ...forward contracts") to reduce the effects of fluctuating foreign currency exchange rates on our cash flows denominated in foreign currencies. Our exposure to market risk for changes in interest rates relates primarily to our long-term debt obligations. We manage interest rate risk through the use of...

  • Page 79
    ...of significant accounting policies. We evaluate performance based on operating unit profit, which is equal to segment revenues less direct costs and branch and national headquarters operating costs. This profit measure does not include goodwill and intangible asset impairment charges or amortization...

  • Page 80
    ... TO CONSOLIDATED FINANCIAL STATEMENTS in millions, except share and per share data Total assets for the segments are reported after the elimination of investments in subsidiaries and intercompany accounts. Year Ended December 31 2015 (a) 2014 2013 Revenues from Services Americas: United States...

  • Page 81
    Year Ended December 31 2015 2014 2013 Depreciation and Amortization Expense Americas: United States Other Americas $ 9.3 2.9 12.2 Southern Europe: France Italy Other Southern Europe 10.1 1.9 2.3 14.3 Northern Europe APME Right Management Corporate expenses Amortization of intangible assets (a) ...

  • Page 82
    ... TO CONSOLIDATED FINANCIAL STATEMENTS in millions, except share and per share data Year Ended December 31 2015 2014 2013 Total Assets Americas: (a) United States Other Americas $ 1,708.5 304.9 2,013.4 $ 1,532.7 284.1 1,816.8 $ 1,476.3 266.9 1,743.2 Southern Europe: France Italy Other Southern...

  • Page 83
    Year Ended December 31 2015 2014 2013 Long-lived Assets Americas: United States (a) $ 26.0 7.3 33.3 $ 25.4 8.3 33.7 $ 25.8 10.4 36.2 Other Americas Southern Europe: France Italy Other Southern Europe 39.2 4.7 11.8 55.7 Northern Europe APME Right Management Corporate 32.9 19.4 10.5 0.4 $152...

  • Page 84
    ... Total Year Ended December 31, 2015 Revenues from services Gross profit Operating profit(a) Net earnings(b) Net earnings per share - basic Net earnings per share - diluted(c) Dividends per share Market price: High Low Year Ended December 31, 2014 Revenues from services Gross profit Operating profit...

  • Page 85
    ... costs associated with our long-term debt from other assets to long-term debt (see Note 7 to the Consolidated Financial Statements). PERFORMANCE GRAPH Set forth below is a graph for the periods ending December 31, 2010-2015 comparing the cumulative total shareholder return on our common stock...

  • Page 86
    ...Manpower®, Experis®, Right Management® and ManpowerGroup® Solutions - we help more than 400,000 clients in 80 countries and territories address their critical talent needs, providing comprehensive solutions to resource, manage and develop talent. In 2015, ManpowerGroup was named one of the World...

  • Page 87
    ...Executive Compensation and Human Resources Committee 3 Nominating and Governance Committee *Denotes Committee Chair Edward J. Zore2*,3 Lead Director Retired President and CEO Northwestern Mutual MANAGEMENT Jonas Prising Chairman and Chief Executive Officer Darryl Green President and Chief Operating...

  • Page 88
    ... record holders. Annual Meeting of Shareholders May 3, 2016 at 10 a.m. ManpowerGroup World Headquarters 100 Manpower Place Milwaukee, WI 53212 USA Investor Relations Website The most current corporate and investor information can be found on the ManpowerGroup corporate website at www.manpowergroup...

  • Page 89
    ... the world of work and to be able to support their families and communities. Colleagues with students at Maharishi Institute, Johannesburg and Baphumele Children's Home & Educare Center, Khayelitsha township, Cape Town, South Africa. 2015 ACCOLADES & INITIATIVES - CR's 100 Best Corporate Citizens...

  • Page 90
    100 Manpower Place, Milwaukee, Wisconsin 53212 www.manpowergroup.com