About the talk
Steven Davis, VP Global Head of Talent Acquisition at Broadridge Financial Solutions
01:23 About Broadridge
03:04 The Broadridge journey
04:12 Our journey to scale
10:38 Hiring volume at Broadridge
15:26 Lessons learned
18:50 What’s next?
So I'm not afraid of speaking in public. So bear with me hopefully the content makes up for it started my career and search a long time ago 30 or so years. They've been more than that. I did that for 20 years. I went to Goldman. It's been about nine years of Goldman. I've been at broadridge now for about four years and I've been running recruiting for them since since I joined the search kind of an interesting way. My dad was in search. So I'm a second-generation search person and my son-in-law does search so we're really like three generations of recruiting
Financial Services operations. Outsourced his own job to a company of the 70s. He left that job ended up going into recruiting the business that he was in was a company called Oppenheimer company Oppenheimer company used a product called ATP brokerage Solutions, which became broadridge global technology and operations. Oppenheimer was company or client and still 0 0 0 1 at broadridge life is very connected for me. So now Can we go a little bit about broadridge? So we not 40 years old as a
company? We were part of ATP until 2007 when ADP spinous off on us in a number but the businesses. Whoops, I'll hold that thing and since we but we do is we provide investor communication services and broke his back office processing solutions to Banks broker-dealers corporates an individual investors. So I'm sure all of you get information from broadridge probably every day, but never know it. So we print your American Express bill is an example. Sorry if you get a proxy statement we do that so if you get to vote your shares,
will you get chairs to vote? We have 95% of that market share. So chances are you're gay. Information if you get a prospectus from Fidelity or Vanguard or Janice or American Funds, we mailed those and then we have roughly 7 trillion dollars a day and US government securities that go across our technology. So we provide the back Office Solutions to most of government primary dealers. So we touch a lot of lives and nobody And nobody knows really anything about us or what we do and that's kind of sort of okay, but it it hurts in recruiting
right because unless you're using our product. You don't know who we are. so whoops So talk a little bit about the broadridge journey. EDP Spanish off 2007 with roughly 2.1 billion dollars in Revenue when I was brought in in 2015. We had 2.6 billion dollars in Revenue today 5 years later hovering around 4.5 4.6 billion in Revenue. So the growth has really hit his really asked really accelerated. We are in a lot of countries mentioned the most of our businesses in the US in the US. We
probably have 40 to 50 offices scattered about lots of little things. We buy things we buy 46 companies a year that makes you pretty difficult. We'll talk a little bit about that as well. I'm about 7,500 people in the US 2500 in India, and it's a thousand scattered about the world. In-N-Out locations also we'll talk a little bit about a little bit more about that is sweet. We go along. If so. When I was brought in the leadership of a broad Ridge. Me the decision that if Brad was
was going to grow we need two people and we needed to do something different in our recruiting organization and right through the Wayan brothers had been recruiting was they think the way a lot of companies had recruited right is that you picked up volume you added a recruiter you pick up volume you headed to recruit her a lot of companies do that when there are you know in in early stages and honestly, that's not a way to scalp get confused as managers, right? They don't really know where to go who to talk to there's a lot of reasons why we wouldn't
do that. and so in the last year, where are we there? That's great. Because of the way we built the recruiting organization in the last two years, we really supported the growth of the business in a very meaningful way and I and I talked about cost that I talk about other things and we heard earlier from Jerome that cost and time to fill might not be the most important things to do at night and I agree with him and we'll talk about what's next to Broadway this we get into the what's next stage a little bit later on but what's really
important about this? Is we use a sports analogy? Right? We'll use football forum talked about football or last week or talked a little bit about football basic blocking and tackling wins all the time. And if you don't get the basics down in recruiting you're never going to be able to do more and the more or things like quality of hire and assessments and looking at internal Mobility. I'm looking at their varsity cuz if you're not doing this stuff is really important, which is really putting bums in seats first and foremost. How do you do all the higher order stuff? And so
what do you think is really important is that is as we're building organizations recruiting organizations, and we want to build them to scale. We really need to focus in on the basics first. And then the second story stuff later, and I know we're going to get a lot of people in a lot of our leaders are going to say but we need to do this we need to do that. We need to do this and like that and so our job is recruiting leaders is relieved to take a step back and start building. How are teams so that we can get to a place where it's scale? Where is we're not just running around
adding bodies. Every time we have to add more people right? And then you get to a point where you can do this this on a global basis. So if us are Constructors and started to do to was out of whack Right Temp recruiters Consultants, very expensive easy to utilization starts going off because the people don't know best. They don't know the business. They don't really know what you're doing. Yeah, there's no career path for recruiters cuz it's a contractor and show first thing I did was I got rid of my temps if I joined four years ago.
I had a staff of eight. three or four of them with Temps We were looking at what we do next first thing. I did was I got rid of the Tempest. As I cut it back. I took that money iHeart. I converted one of them. I took that money hardcore neighbors. I invested some money in in technology and in top of funnel type stuff and and then we started to assign specialization to each of the recruiters to check in a bit more about them in the next five. Nope, I did it.
So we started having specialization. The recruiters have been generalists, right? Everything was Pillar To Post one day. They were doing campus the next day doing temp-to-perm conversions. They were doing executive hiring. They were like literally like all over the place. And so we did was we took a step back we looked at what each of the recruiters was doing put in place or structure. So by that we had campus recruiters and we had coordinators those coordinators. The first round of coordinators went out from now promoted and a sorceress and now we've hired more coordinators underneath them.
And so now I have a career path for my recruiters, each of the senior recruiters now has a client group that they're facing off against And so is specialization technology for global technology and operations is a product person for that business is a person who runs technology for the investor Communications business is a person runs product that somebody who specializes in operations and then if they ever need leverage below them I can add additional staff below that and the reason it's leverageable is because that would we can as we continue to grow when I'm going to make a shame was
clock. I need somebody to run North America recruiting now for me. Unfortunately, it's in Long Island as we continue to grow now. Maybe I have a Cochlear. I have an America's lead or I have somebody who's running the big a broader campus program until we continue to grow it. It's it's scale because we set up the building blocks for the team. and so where we are today is I mentioned they started with eight player than with temps. We've had a couple of functions. They now feel that a contingent
worker program when I went for a symbol of our contingent labor recruiting we have a pipeline of people who convert from contingent labor to perm we can control quality to today have a 24 and 4 years or cost per hire is gone down. Are they versing he is gone up and what else do we have in our internal Mobility is gone up and so we've seen a tremendous amount of success across and really the people are all the same people but nobody lost their jobs like that original group other than the two temps that we went out everybody still there and they're only
bigger jobs than they were before which is really nice to know you you invest in your people and they're going to get back early learning the business. so next slide Steve Davis. Sorry, I'm juggling too. Many things are there we go to this is what the hiring volumes look like when they write the year before I started to our fiscal year just for clarity. When is July one through June 30, so we're actually if we go back to slide, which I think I can do here will see that this will your
18 to 19 is 6 months this year. We're up 30% already and hiring volumes this year from July 1018 through December 3118. So go forward another slide. So we started to look at really what we were doing wheel. You'll see an increase in the last year and executive hiring you'll see manager in technology that we're centrally a tech company, right? We migrated from a fintech from the things served with intact. It's been a lot of changes if broadbridge. We've moved from selling product to selling Solutions. We changed how we sell we changed our sales
force organization we've changed. The product based in the product mix we've acquired a number of companies. We integrate them in so I can wake up another random Monday morning and I need to hire people in Fort Wayne, Indiana cuz we park business in Fort Wayne Tax Act of yours by right for Pittsburgh for Duluth, Minnesota. Anybody know where Duluth Minnesota is a torn up, right? Yes, you know where you can literally be anywhere and then we're doing the same thing on a global basis, right? So just last week that we bought a company in mboro. We water company in Ireland. We bought a
company in Israel. We bought a company in Australia and in so we're continuing to grow we can to rolly and having people who really understand the business. It's critically important to that. So when I talked about having people who is strategic leads who really understand the business. It's critically important because they can have real conversations with their clients about what it is. They're trying to do and that's when you become from Batman seat by and see if I'm in c22 an advisor. What's really interesting about these numbers and we'll see the numbers go up and we've
seen the numbers continue to grow and the numbers per recruiter grow. Just one thing on the contingent work and conversion. You'll see that number. That's not a new number that number where it goes to 18. We just going to break it out before right it was it was embedded in the other numbers. We just decided it was really important number for us to take out the one person. I took that out of everybody else's job one person does just contingent worker conversions. It's kind of a sucky job but doesn't find it. So you'll see the growth across that soon.
Beatnik be Associated and then turns when when I joined. Against the person who decided to elevate the function in in recruiting had had a great vision. When I started we had 10 full-time hires off of campus and 40 intern wall friends and family recently visited two campuses last year. We visited 18 campuses. We hired a t full-time hires and 80 interns in this year will replicate those numbers again. And so there's been a lot of activity we've seen only a small growth in the total number of recruiters, right? I have 10 full-time recruiters. Now
when I started I had about 6, and then again the number is it just it just been just been extraordinary. The other thing that I did is the recruiters in this is going to run counter-intuitive mean if there any RPO people in the room, they're going to like scream right and maybe a lot of your leadership would scream as well. Literally. The first thing that we did was I took away all the recruiter metrics. I'm like no more. It was driving that behavior right recruiter had total number to Phil's they needed to have time to
fill diversity numbers and unlike stop focus on your clients talk to them about the roles that they need to fill the numbers will come. promise the guarantee at 100% your clients to see that you're working really hard. You're not hiding behind a bunch of numbers, but I found was bad behavior recruiters weren't sharing with one another cuz they were getting bonuses based upon the numbers of jobs that they filled individual. They were focused on filling the easy jobs fast and not focused on the hard drive is which was a really important jobs to fill and so
all of these things that we did and a really kind of setting us up for kind of the what's next and I'm going to talk a little bit about the Lessons Learned in this light after that is what's next. I am going to talk about those two things kind of together. So Lessons Learned right for us we were using an applicant tracking system. That was horrible. We using ATP maybe I should have said that out loud, but I just did we use the ATP is recruit manager. We migrated to smartrecruiters did that 60
days ago we've seen great Hip Hop Chicken in productivity on the recruiters. We've seen more people fly. It's just easier. It is collaborative didn't tell me to say this, but it really has been great for 60 days have been great, but I think Lessons Learned better systems earlier would have made a real difference for us and how we work with managers, but we did get there. I think the other Lessons Learned through as they needed to be a little less. Shy that asking for money did a lot of things on a shoestring budget. We didn't focus enough necessarily on the top of the final like I could
have done a better job marketing broadbridge who's nobody knows who we are people still don't know who we are. We have a couple of advantages in that in our global technology and operations business, which is based in Newark. Most of the people who work on our Legacy product work on our Legacy product there at our clients there a competitor's they know who we are so we have an advantage or other large office is on Long Island in Edgewood New York. Does anybody know Edgewood know is anybody heard of Brentwood MS-13 that's kind of where we are. Okay. It's not kind of where we are exactly is
where we are. But the identity is if there's nobody else out in financial services 50 miles east of New York on Long Island. So if you want to live and work on the island, we have some Advantage there which helps us but it doesn't help us in San Diego and Boston and need them and Andover and Pittsburgh and the list goes on and on and on and so is that I mentioned I took away the recruiting metrics. I should have brought him back sooner. Like I threw them away had to recruiters doing their own thing. They were hitting great numbers. But what I ate onion
tended consequence is I have one recruiter who her clients love love love love love. Like I can't even tell you how many loves right but she feels a third of the number of jobs that all of the other recruiters scalp. And so they love her but I don't get as much productivity. So the conversation is why can't Tom Wendy and Sue do the same as right and like well because she just works on my stops in like give me Triple the money and I'll have him but he do that and so the bringing back the metrics would
have been would have been sooner would have been better cuz she was having deep and meaningful conversations with her clients. But did he expensive really we needed a little bit more through, and now it's hard to get the client's off of like She can spend so much time with them and it's great. Like they love it. It's awesome. If I can replicate that across the rest of the game and I can have a team of 60 people instead of Yo 20 that be great, but that's not going to happen. It's not any time soon. So would have done that and then we'll talk a little bit about what's next
then so talk a little bit about what's next for the team has grown we continue to grow weed that it in. headcount for another five or six people next year we batted in money for a new Careers website we've had it in somebody to do digital and social marketing and media for us. Probably going to court house that person with marketing. I don't want to own that person. I'll pay for it and have them sit there a firmly believe we heard a little bit about it before about recruiters being marketers,
and maybe I'll talk to Jerome about this a little bit later. I I think that that is the worst worst thing we could do recruiters of salespeople and they're supported by marketing. I don't know if that's necessarily the right thing. It's what I believe so I'm going to stick with it. The other thing is about recruiters being being sales people is that they really are closer. It's right recruiters and really need to know how to sell I would even argue that recruiting shouldn't be an HR function ta should not even sit in a jar that said it out loud. I really think if you report to the head
of corporate development on head of sales marketing or something else outside of an admin function. I do believe that very very strongly never going to happen, but I believe it with this trip and we might might exist like in hedge funds appropriately firm startups, like where you what the hell is wrong with the most large organizations. Not not going to be not going to be fat and what's next for us is that we're taking this Global. So I'm the global head of T A. I didn't have any people until like yesterday outside the US we had HR business partners who would doing recruiting functions cuz
the only Thousand people scattered about the world. We've never what we believe to be yo scale, right? We need recruiters. So we're hiring recruiter or hiring a coordinator and in London will probably do the same in Canada later in the year, and maybe we'll hire somebody in Eastern Europe. We have a big office in In Poland and we have a big office in St. Petersburg. Russia will see if we can figure out how to again to Acquisitions. I don't know how to recruit poem for Saint Petersburg. Russia have to figure it out. Right and so it's been interesting challenge. I have time for
questions, right I think and I'll stop there. I thought you were going to do on the questions is there's a mic shouting out. I'll repeat them or somebody else will or we can walk with the mic. So I'm curious when you put metrics back in what were the metrics you put back your right? So right and so I think We're looking at the metrics in the end. I'll talk a little bit more about that. And so we're going to do go back to some of the traditional metrics right time to fill. Although I'm not a big fan of time to fill
because there's so many things that the recruiter can't control around time to fill. We really going to look at time to sleep like it. How long does it take for a recruiter to identify the person being hired but they lost the other part of what's next is now that we have this foundational stuff and I can probably in my notes and had it probably not done this last night after the party that we had. I probably wouldn't remember to say it is we're launching a quality of hire survey of hole survey, which is going to happen before the first year annual review.
I'm working with talent management on looking at longer-term success of people. I'm not necessarily sure. I'm going to hold recruiters completely accountable to that because they don't manage the they don't own the hiring decision might be can help influence it and I think as you get more and more seen you in your career as a recruiter, you can influence hires more of saving some of the best tires. I've made have been the ones away from its managers not the height of the person that they want to hire. That's a different level most recruiter going
to go into a manager's office and just say that's a really bonehead decision. Don't do that, right? Thank you. I'm who owns Mark recruiter is meaning our Recruiters in charge of that. I mean do they if you're using smartrecruiters, basically, you're the the job of the recruiter changes. How do you train them? Okay to become futuristic recruiters and who owns smartrecruiters in your organization. We didn't give them all access. So so they have the ability to review candidates but not this position and they did that for legal reasons to I don't want managers this position 2 candidates cuz those
Have legal ramification. I also didn't want to when we rolled it out of him. It was highly collaborative process and we will that work day A couple of years ago. And when these are a steamrolled at work day, they said oh with manager self-service and the managers kind of barfed all over that. They like you're giving me HR work to do. I don't want to do that until we did was give you the very soft rollout recruiter still in the recruiting process as managers get introduced into the system because they have an open requisition. The recruiters have been trained to kind of train the train them. So
we did a train the trainer program. We have a couple of subject matter experts and they did a very soft roll-out those marketers. I have managers who will absolutely in no way ever look at workday. They have their Adam's doing it there in smartrecruiters, they're using it and they loved it because we didn't roll it out as we're giving you work to do. When will life 60 days the whole thing took two weeks? Yeah, I mean that we did a very soft roll-out and where is literally a zero, I'm around. Okay, if anybody wants to chat, I'm around. I thank you all for your time and listening and
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