Bob Rozek: One thing I would add is that, as we move through the quarter, we did see — to talk about green shoes, some positive activities happening in North America as well.
Josh Chan: Oh! Okay. Yeah. That’s really helpful. Thanks. Thank you both for your time and congrats on the quarter.
Gary Burnison: Thanks, Josh. We’ll see you talk to you on Tuesday.
Operator: Your next question comes from the line of Andre Childress from Baird. Please go ahead.
Andre Childress: This is Andre on from Mark Marcon. Thank you for taking our questions. My first question is just a follow-up to some of the prior commentary you just had. Could you provide a little bit more of a breakdown in terms of what you’re seeing by major geography between North America, Europe and Asia-Pacific?
Gary Burnison: I’ll talk about revenue first. And overall, as a firm, we reported down 2%. EMEA was flat kind of the same for North America. Asia was down like 5% and a large part of that was driven by the continuing challenges that every company is facing in China. On the new business front for the quarter, overall, we were flat compared to the prior year. EMEA was up 6%. Asia continued to be challenged. Consulting was flat. Digital was up 2%. And in North America, we’ve seen stabilization over the past few months and quarters.
Andre Childress: Okay. Great. Thank you for that. And then as a follow-up, Digital saw a nice improvement pretty much across the Board, and in your prepared remarks, you had a big point of emphasis in terms of trying to drive more cross-sells into that going forward. Could you provide a little bit more color on some of those strategies, and if you could, in particular, touch on some of the commentary regarding joint solutions with HR technology providers and how you see that evolving over time?
Gary Burnison: Well, we’ve built everything up to this point really by ourselves and when you look at world-class consulting firms, they’ve typically enjoyed an ecosystem of partners that creates deal flow. And we, up to this point, really haven’t been able to. We haven’t monetized that. And that’s been an effort. We have a new leader in the Digital business, Mathias Herzog, who brings a fresh perspective. We’ve got a great team. And so, that is an opportunity for us, and so there are, three to five largely technology players that we are working steadily with to create an ecosystem where we can deliver more value through our IP with their technology solutions to their clients and vice versa and so I think it is a green field for us, for sure.
I think also the collaboration between Digital and Consulting, as I said earlier, has never been higher. I think that is something that’s positive for us. And overall as a firm, when you think about the kinds of data that we have and being able to provide insight to clients, it’s extraordinary. I was on a call last week with a CEO, huge healthcare company. We’ve done thousands of assessments. We’re able to tell that CEO exactly kind of a DNA, an MRI, of their organization and juxtapose that with that organization’s strategy and show where the gaps are, which leads to assessment, leads to development. And so I do think as a firm that one huge focus for us, we’re calling it KF RISE [ph], but a focus of that is to make sure that we are delivering scaled analytics through our data.
We’ve done 103 million assessments over time. Every year we develop over a million professionals. We have comp data on 30 million people, 25,000 companies. And so a big, big focus of us here is to make sure that we’re able to create more insight based on that data with clients and we have to get the whole firm behind that effort and that’s an activity that’s a big activity that’s underway for us right now.
Andre Childress: Great. Thank you.
Operator: Your next question comes from the line of Tobey Sommer from Truist. Please go ahead.
Tobey Sommer: Thank you. I was wondering if you could give us some more color on that trend you quoted recently of Professional Search being up. Maybe talk about how broad-based it is and any industry verticals that stand out as either leaders or laggards in that regard?
Gary Burnison: The industry verticals I think it’s going to be hard for me to comment on. I would say that it’s been somewhat broad-based for sure, but when you do look it is up and to the right. And I’m not going to sit here and say, three months, four months, make a trend line. But I do think it is kind of reflective of where companies are in terms of their adaptation in this multi-quarter reset. And so it is true that over the last few months we have seen in Pro Search new — kind of monthly new business trends up 15%, 20%, largely in North America, but also in EMEA. And that’s I think generally been one of the most cyclically sensitive parts of the labor market, at least of, recruiting companies or staffing companies.
So I do think that is a green shoot. The other thing that I would point out is on the RPO business, when you look back after this great resignation, and we’ve talked about labor hoarding and you’ve seen other RPO providers and what’s happened to their topline, we are expecting a shift. Largely over the last two quarters to three quarters, you’ll see that it’s been substantial part of the business has been renewals, which is important. I mean, there’s no question about it. It shows the quality of the work. And as Tiffany said, the revenue that we actually recognize from what we report as new business has been about 106% of notional value. But we are — we do think there’s going to be a shift away from that trend line more towards new wins.
So I would expect that in this next quarter here we’ll probably do 100 million, maybe a little bit north in new business. And I think that trend of 70% or so renewals is going to flip a little bit, and I think, you’re going to see more new logos, less renewals.
Tobey Sommer: I appreciate that. From a modeling perspective, is the effect of recent cost cutting fully captured in this quarter or is there sort of an incremental tailwind in the quarter you’re guiding for or beyond?
