This document provides an overview of a recruitment industry conference. It begins with welcoming remarks and an agenda that includes discussions on recruitment market drivers, essential qualities for today's recruiter, crowdsourcing and TheJobPost platform, and threats and opportunities in 2014. Breakout sessions will cover the UK labour market trends, recruitment industry forecasts, an emerging talent crisis, and models of recruitment success. The document provides details on each session topic.
It seems like Artificial Intelligence (AI) has rarely been out of the headlines recently and it is a topic that grips people’s imagination. Our business process expertise puts us in a fantastic position to cut through the hyperbole and focus on the real business value. In this issue of Innovation Nation you can read our thoughts on Robotic Process Automation and AI – cutting edge technologies that will have an increasing role to play in BPO industry.
[Whitepaper] Talent Acquisition is Dead - Talent Attraction Takes RootAppcast
Learn simple strategies to start attracting the best talent to your organization.
Written by Tim Sackett - President, HRU Technical Resources & Industry Thought-Leader
This document brings together a set
of latest data points and publicly
available information relevant for
Financial Services Industry. We are
very excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
CONTENIDOS TEÓRICOS
1. CONCEPTO DE DIDÁCTICA
1.1. Origen
1.2. Definición
1.3. Teoría y práctica
1.4. Características científicas, técnicas y artísticas
2. DIDÁCTICA ENTRE LAS CIENCIAS DE LA
EDUCACIÓN
2.1. Clasificación y lugar de la Didáctica
2.2. Clasificación interna
3. OBJETO DE ESTUDIO Y DE INTERVENCIÓN
DE LA DIDÁCTICA
3.1. Enseñanza-Aprendizaje
3.2. Instrucción-Formación
4. ÁMBITOS DE INTERVENCIÓN
4.1. Formal
4.2. No formal
5. FINALIDAD DE LA DIDÁCTICA
It seems like Artificial Intelligence (AI) has rarely been out of the headlines recently and it is a topic that grips people’s imagination. Our business process expertise puts us in a fantastic position to cut through the hyperbole and focus on the real business value. In this issue of Innovation Nation you can read our thoughts on Robotic Process Automation and AI – cutting edge technologies that will have an increasing role to play in BPO industry.
[Whitepaper] Talent Acquisition is Dead - Talent Attraction Takes RootAppcast
Learn simple strategies to start attracting the best talent to your organization.
Written by Tim Sackett - President, HRU Technical Resources & Industry Thought-Leader
This document brings together a set
of latest data points and publicly
available information relevant for
Financial Services Industry. We are
very excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
CONTENIDOS TEÓRICOS
1. CONCEPTO DE DIDÁCTICA
1.1. Origen
1.2. Definición
1.3. Teoría y práctica
1.4. Características científicas, técnicas y artísticas
2. DIDÁCTICA ENTRE LAS CIENCIAS DE LA
EDUCACIÓN
2.1. Clasificación y lugar de la Didáctica
2.2. Clasificación interna
3. OBJETO DE ESTUDIO Y DE INTERVENCIÓN
DE LA DIDÁCTICA
3.1. Enseñanza-Aprendizaje
3.2. Instrucción-Formación
4. ÁMBITOS DE INTERVENCIÓN
4.1. Formal
4.2. No formal
5. FINALIDAD DE LA DIDÁCTICA
We provide free of cost wifi hotspot solutions to co-working spaces in India and abroad. Simple to integrated, complete cloud-based platform to manage everything from anywhere.
One of the keys to a strong employer brand is a positive candidate experience. Learn the strategies for designing an optimized candidate experience and leveraging employer brand for direct sourcing success.
We provide free of cost wifi hotspot solutions to co-working spaces in India and abroad. Simple to integrated, complete cloud-based platform to manage everything from anywhere.
One of the keys to a strong employer brand is a positive candidate experience. Learn the strategies for designing an optimized candidate experience and leveraging employer brand for direct sourcing success.
Pricing Strategy: How To Win With Subscription Pricing ModelsZuora, Inc.
http://bit.ly/PricingStrategySlide This presentation is focused on your pricing strategy and how to drive massive revenue growth. Zuora and our partner Simon-Kucher do lot of events together – pricing is always one of the most popular topics, because it’s such an important strategic lever. Pricing is even more important for subscription businesses – We’ll discuss why. We’re fortunate to work with a lot different types of subscription businesses and we learn about their subscription journeys – this is the content that we want to share with you. http://bit.ly/PricingStrategySlide
A thorough walkthrough on where lead generation is at today, helping to explain it through a historical perspective by looking at the verticals and also the trends, challenges, and advances.
Is Your Sales Hiring Process a Competitive Advantage?James Yeagle
Technology, tools and equal access to data has truly put every service company on a level playing field as they try to win customers. Who and how a company hires sales people is as critical as ever. Sometimes it is the only competitive advantage when the top two industry leaders are competing head to head.
Building a sales hiring process that is a true competitive advantage is must for any sales or company leader.
Organisations hiring in Asia face tremendous competition for talent, but are also under pressure to decrease their expenses. Too often, they sacrifice the quality of their workforce by reducing cost-per-hire. But there is a better way. By measuring the right data, organizations can develop a talent acquisition process that increases the quality of candidates and saves money in the long run. Sharing this information with executive leadership will validate HR’s role in driving organisational performance.
Similar to Recruitment Leaders Connect - #RLCon - Feb 13th (20)
Clair Bush, Marketing Consultant & Cofounder at Talent Stories presented at Recruitment Leaders Connect: The Year Ahead on 8th March covering the following.
Artificial Intelligence, machine learning and automation feature heavily in the headlines. It’s been reported that corporate spend on AI will grow to $47 billion by 2020, but what does this mean for recruitment agencies, and how can you compete?
Discover how machine learning and automation can create efficiencies for recruiters
Deploy Artificial Intelligence to increase client and candidate engagement
Understand how you can apply AI and automation to increase profitability
First Universal Solution for Hirers, Agencies, Workers and Payroll CompaniesTALiNT Partners
Drey Francis, Commercial Director at Engage Technology Partners presented at Recruitment Leaders Connect: The Year Ahead on 8th March with his innovation spotlight on Connecting up the Supply Chain
JobDiva's Innovations in Intelligent RecruitmentTALiNT Partners
Daniel Zetazate, Director - Client Success EMEA at JobDiva presented at Recruitment Leaders Connect: The Year Ahead on 8th March covering the latest innovations in intelligent recruitment.
John Wallace, Author of "Hire Power" presented at Recruitment Leaders Connect: The Year Ahead on 8th March covering the following.
Why companies will direct source
What the issues are and why does it succeed or fail
Where does that leave agency suppliers?
Leveraging Communications Technology in Recruitment & StaffingTALiNT Partners
Simon Cleaver, CEO at Cloudcall presented at Recruitment Leaders Connect: The Year Ahead on 8th March covering the following.
With 52% of recruitment businesses predicting an increase in tech investments in 2018, this session highlights how to use communications technology solutions to boost results, drive productivity and enhance candidate experience.
The role of technology and its impact on the candidate’s experience.
The ‘robots are coming’. The communications technology that will impact recruiter processes in the future.
GDPR without tears – how you can ease GDPR compliance with communications technology.
PR – Why it’s an Investment Rather than a CostTALiNT Partners
Tracey Barett, Managing Director at BlueSky PR presented at Recruitment Leaders Connect: The Year Ahead on 8th March covering the following.
“It’s expensive…it’s a cost…we can’t measure it “ Three things I hear a lot of from recruitment leaders. This presentation will show you how to set measurable KPIs that will deliver inbound leads for your agency:
Setting objectives
Promoting yourselves as subject matter experts
Measuring outcomes
Talent Leaders Connect, The Year Ahead and Candidate Experience 2018 - Welcom...TALiNT Partners
Ken Brotherston, Managing Director at TALiNT Partners hosted our annual Talent Leaders Connect conference where he introduced the events upcoming for 2018, The New Talent Acquisition Reality and the Good Recruitment Benchmark & Awards
The Impact of Informed Candidates on Your BusinessTALiNT Partners
Joe Wiggins, Head of Communications at Glassdoor presented at Talent Leaders Connect - The Year Ahead and Candidate Experience 2018. He covered the characteristics of informed candidates and what they are looking for,
the benefits of interviewing and hiring informed candidates
and the challenges in attracting informed candidates plus tips for recruiters.
Flex or Break - How to Engage the New Talent EconomyTALiNT Partners
James Bridgland, Head of Product Development at Reed Talent Solutions presented at Talent Leaders Connect The Year Ahead and Candidate Experience 2018. In his talk, he dispenses the myths of AI, Gig Economy, IR35 and Millenials!
Drey Francis, Commercial Director of Engage Technology Partners presented an innovation spotlight on the First Universal Solution for Hirers, Agencies, Workers and Payroll Companies
Setting the scene on the ever-changing times we operate in, Ken presents a view of the key, current market trends and drivers affecting the industry. He will talk to what the implications are for recruitment business owners and leaders, noting potential strategies and tactics which you can adopt to be successful in such a rapidly changing market.
Keep a Pulse: Turning Data into Relationship Insights and (Automated) ActionTALiNT Partners
Sinéad Daly, Regional Manager for UK & Ireland, Bullhorn
- Are you working harder OR smarter? The technology and subsequent data at our fingertips creates boundless opportunities and valuable insights if harnessed properly
- However, with endless requests from clients, candidates, and internal employees, it’s difficult to slow down to evaluate, set strategy and execute. In this session
-We will share tips on leveraging the data from your ATS and CRM to drive (and potentially automate) activity to increase both efficiency and results.
Matt Alder, Recruitment Marketing Expert and Author 'Exceptional Talent'
- Cutting through the noise to reach outstanding candidates
- Using technology to persuade at scale
- What does good look like and which organisations are getting it right
WHY – A Sense of Purpose and the Positive Impact That This Can Have on Perfor...TALiNT Partners
Derek May, CEO, Brightwork
- Why companies need to make sure their sense of purpose is clear and aligned with expectations of their staff
- It’s not all about KPI’s and hitting target but more about relationship building and solving client problems
- Passion and purpose are the key ingredients for long term success
Innovation Spotlight: The First Universal Solution for Hirers, Agencies, Wor...TALiNT Partners
Drey Francis, Director, Engage
The powerful new platform that’s changing the way hirers and recruitment agencies work. Engage enables the entire supply chain to work together seamlessly without duplication and inefficient process. Engage removes the need for multiple expensive back office solutions and instead replaces them with cutting edge technology that will streamline the entire recruitment process
Russell Dalgleish, Managing Partner & Founder, Exolta Capital Partners
Creating value in our businesses is the core purpose. Placing candidates has traditionally been viewed as the way to achieve this but in this age of networks and communities there is much, much more we can do!
- Russell will cover some of these new value creation channels and share some of his experience of over twenty five years in the recruitment sector in the UK and US
Finding Your Fit: Using Company Culture to Hire the Right TalentTALiNT Partners
Lynn Cahillane, Marketing Manager, Totaljobs
- How to use company culture in your candidate attraction
- Learn why an employee’s cultural fit helps improve productivity
- Why company culture is key to retention
09:15-09:35 The New Talent Journey
Matt Alder, Talent Acquisition & Innovation Consultant & Author 'Exceptional Talent, MetaShift'
- How the relationship between people and the organisations they work for has fundamentally changed
- What is a joined up "talent journey" and why is it important?
- Which Employers are doing great work in this area
Generative AI Deep Dive: Advancing from Proof of Concept to ProductionAggregage
Join Maher Hanafi, VP of Engineering at Betterworks, in this new session where he'll share a practical framework to transform Gen AI prototypes into impactful products! He'll delve into the complexities of data collection and management, model selection and optimization, and ensuring security, scalability, and responsible use.
Essentials of Automations: The Art of Triggers and Actions in FMESafe Software
In this second installment of our Essentials of Automations webinar series, we’ll explore the landscape of triggers and actions, guiding you through the nuances of authoring and adapting workspaces for seamless automations. Gain an understanding of the full spectrum of triggers and actions available in FME, empowering you to enhance your workspaces for efficient automation.
We’ll kick things off by showcasing the most commonly used event-based triggers, introducing you to various automation workflows like manual triggers, schedules, directory watchers, and more. Plus, see how these elements play out in real scenarios.
Whether you’re tweaking your current setup or building from the ground up, this session will arm you with the tools and insights needed to transform your FME usage into a powerhouse of productivity. Join us to discover effective strategies that simplify complex processes, enhancing your productivity and transforming your data management practices with FME. Let’s turn complexity into clarity and make your workspaces work wonders!
Securing your Kubernetes cluster_ a step-by-step guide to success !KatiaHIMEUR1
Today, after several years of existence, an extremely active community and an ultra-dynamic ecosystem, Kubernetes has established itself as the de facto standard in container orchestration. Thanks to a wide range of managed services, it has never been so easy to set up a ready-to-use Kubernetes cluster.
However, this ease of use means that the subject of security in Kubernetes is often left for later, or even neglected. This exposes companies to significant risks.
In this talk, I'll show you step-by-step how to secure your Kubernetes cluster for greater peace of mind and reliability.
UiPath Test Automation using UiPath Test Suite series, part 5DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 5. In this session, we will cover CI/CD with devops.
Topics covered:
CI/CD with in UiPath
End-to-end overview of CI/CD pipeline with Azure devops
Speaker:
Lyndsey Byblow, Test Suite Sales Engineer @ UiPath, Inc.
SAP Sapphire 2024 - ASUG301 building better apps with SAP Fiori.pdfPeter Spielvogel
Building better applications for business users with SAP Fiori.
• What is SAP Fiori and why it matters to you
• How a better user experience drives measurable business benefits
• How to get started with SAP Fiori today
• How SAP Fiori elements accelerates application development
• How SAP Build Code includes SAP Fiori tools and other generative artificial intelligence capabilities
• How SAP Fiori paves the way for using AI in SAP apps
Sudheer Mechineni, Head of Application Frameworks, Standard Chartered Bank
Discover how Standard Chartered Bank harnessed the power of Neo4j to transform complex data access challenges into a dynamic, scalable graph database solution. This keynote will cover their journey from initial adoption to deploying a fully automated, enterprise-grade causal cluster, highlighting key strategies for modelling organisational changes and ensuring robust disaster recovery. Learn how these innovations have not only enhanced Standard Chartered Bank’s data infrastructure but also positioned them as pioneers in the banking sector’s adoption of graph technology.
Dr. Sean Tan, Head of Data Science, Changi Airport Group
Discover how Changi Airport Group (CAG) leverages graph technologies and generative AI to revolutionize their search capabilities. This session delves into the unique search needs of CAG’s diverse passengers and customers, showcasing how graph data structures enhance the accuracy and relevance of AI-generated search results, mitigating the risk of “hallucinations” and improving the overall customer journey.
Elevating Tactical DDD Patterns Through Object CalisthenicsDorra BARTAGUIZ
After immersing yourself in the blue book and its red counterpart, attending DDD-focused conferences, and applying tactical patterns, you're left with a crucial question: How do I ensure my design is effective? Tactical patterns within Domain-Driven Design (DDD) serve as guiding principles for creating clear and manageable domain models. However, achieving success with these patterns requires additional guidance. Interestingly, we've observed that a set of constraints initially designed for training purposes remarkably aligns with effective pattern implementation, offering a more ‘mechanical’ approach. Let's explore together how Object Calisthenics can elevate the design of your tactical DDD patterns, offering concrete help for those venturing into DDD for the first time!
Pushing the limits of ePRTC: 100ns holdover for 100 daysAdtran
At WSTS 2024, Alon Stern explored the topic of parametric holdover and explained how recent research findings can be implemented in real-world PNT networks to achieve 100 nanoseconds of accuracy for up to 100 days.
Smart TV Buyer Insights Survey 2024 by 91mobiles.pdf91mobiles
91mobiles recently conducted a Smart TV Buyer Insights Survey in which we asked over 3,000 respondents about the TV they own, aspects they look at on a new TV, and their TV buying preferences.
Unlocking Productivity: Leveraging the Potential of Copilot in Microsoft 365, a presentation by Christoforos Vlachos, Senior Solutions Manager – Modern Workplace, Uni Systems
Epistemic Interaction - tuning interfaces to provide information for AI supportAlan Dix
Paper presented at SYNERGY workshop at AVI 2024, Genoa, Italy. 3rd June 2024
https://alandix.com/academic/papers/synergy2024-epistemic/
As machine learning integrates deeper into human-computer interactions, the concept of epistemic interaction emerges, aiming to refine these interactions to enhance system adaptability. This approach encourages minor, intentional adjustments in user behaviour to enrich the data available for system learning. This paper introduces epistemic interaction within the context of human-system communication, illustrating how deliberate interaction design can improve system understanding and adaptation. Through concrete examples, we demonstrate the potential of epistemic interaction to significantly advance human-computer interaction by leveraging intuitive human communication strategies to inform system design and functionality, offering a novel pathway for enriching user-system engagements.
3. UK labour market – What's going
on?
Recruitment Industry Trends
The Impending Talent Crisis
Three models of Recruitment
success
The REC’s Good Recruitment
Campaign
4. UK Labour Market
Economy grew by 1.9% in 2013 and forecast 2.5% in
2014
Record Employment – even with economy not back to
2008 levels
Unemployment – Falling from 7.7 in August to 7.1 %
Youth unemployment and long term unemployment still
too high
Skills and talent shortages, worsening in many sectors
Perm starting Salaries rising
Immigration, living costs and productivity the key
issues
5. REC Jobs Data
Vacancies at 15 year high
Every Sector in growth
Perm jobs month on month
increase since October 2012
Employment confidence increasing
Hiring intentions improving temp &
Perm
65% of employers will increase their
perm headcount in the next three
months
6.
7.
8.
9. Per consultant: Permanent
Average value of sales
per consultant is £83,955
Below the pre-recession
peak of £96,954
Average number of
placements are 21
19. Model 1 – The specialist Inch wide
and mile deep
Deep expertise in their niche
Know where the talent is
Candidate centric model
Use content to attract candidates
Highly effective use of social
media
Have global reach
Possibility of margin growth
Consultants are true consultants
20. Model 2 – The low cost operator
Often in the contingent labour
market
Low margins / high volumes
Compete on compliance – process
heavy
Excellent at winning tenders / PSL
Use economy of scale to create
value
Growth via acquisition
May often go through intermediaries
Consultants are operators
21. Model 3 – Traditional plus
Branch model with regional focus
Generalists – temps and perm
Full service model
Often do commercial / office/ industrial
To thrive it’s about the plus
+ Focus on SME’s – lots of eggs in lots of baskets
+ Relentless focus at avoiding intermediaries / PSL
+ Defend margins – via relationships
+ Consolidate on to one site
+ Offer clients onsite offering
22. The REC Good Recruitment
Campaign
April Go Live !
28. Agenda
• Recruitment market drivers…a salutary tale (Part 1)
• The essential qualities of today’s recruiter
• Crowdsourcing and TheJobPost
• Threats and opportunities in 2014
A new approach to finding talent
29. Recruitment market drivers
• Economic cycle
– Downturn lasted a long time
– Upturn isn’t yet as strong as it needs to be
• Impact of technology
– Direct hiring more effective than ever
– Rise of online databases
• Recruitment business models
– MSP’s, ATS’s, RPO’s etc. now bedded in
– Industry is polarising rather than consolidating
A new approach to finding talent
31. Current value proposition of Recruitment
Closing
Assessment
Value
Identification
£
A new approach to finding talent
32. Essential qualities for today’s recruiter
• Relationship oriented
– Long term view –
take time to get to know client
– Responsive, available
– Anticipate issues and
offer solutions
– Not cheap but takes long
term commercial view
Trusted
A new approach to finding talent
33. Essential qualities for today’s recruiter
• Market knowledge
– Aware of Industry/sector issues
and impact on talent
– Knowledge of key players
and who is up and coming
– Up to date with trends in talent,
compensation and new
processes/business models.
Respected
A new approach to finding talent
34. A smarter way to solve complex problems
Crowdsourcing
...an open call to a large group
First identified by Jeff Howe
– Wired Magazine in 2005
A new approach to finding talent
37. TheJobPost - our philosophy
• Our offering has to work for employers and recruiters
– Employers need access to the whole recruitment supply chain
– Recruiters need an effective economic model
• Facilitation rather than management
– Let the recruiter know who the employer is
– Allow them to engage with each other
• Need to cover permanent and contract
– TJP is the only platform to offer a contract solution
– Allows even the smallest firm to engage on contract roles
– Fully compliant: salary and margin paid every week
A new approach to finding talent
38. We deliver excellent results for these companies
A new approach to finding talent
39. Threats and opportunities in 2014
• The ‘run faster’ model of recruitment
will continue to decline
• Crowdsourcing will disrupt the industry
• Effective engagement is a huge opportunity
–
–
–
–
Consolidate your existing relationships
Allows access and engagement with new employers
More effective management of your BD costs
Higher profitability
• A salutary tale….part 2
A new approach to finding talent
41. Private Equity and the recruitment
sector; what is the attraction?
Chris Harper
Managing Director
Baird Capital
42. About The Presenter
• 25 years within private equity
• Managing Director at Baird Capital
• Significant experience of investing in the recruitment sector:
2
43. Baird in the Human Capital and
Recruitment Sector
A group-wide sector focus
Private
Equity
Investing
Human
Capital
Analysts
Investment
Banking
Research
M&A
3
44. Human Capital Services Focus
HR Outsourcing Services
HR Technology
Unparalleled Experience
• Dedicated coverage of all
major human capital sectors
―
Staffing
―
HRO/BPO
―
RPO
―
PEO
―
Payroll
―
Benefits Admin.
―
Recruiting
―
HR ERP
―
Corporate Training
Baird’s HCS
Platform
(1)
Corp.
• Transaction Experience
―
Over 80 M&A and equity
transactions since 1995
HR Professional Services
1) Illustrates select, relevant market participants.
4
45. A Long History and Commitment to the
Human Capital Sector
Undisclosed Value
$32,600,000
Aug. 2001
Undisclosed Value
Undisclosed Value
Sale to
Sale to
QD Group
QD Group, Inc.
$27,600,000
Common Stock
Initial Public Offering
$114,000,000
Limited
Sale to
Acquisition of
Business Computer
Services Inc.
(d/b/a Pay America)
$94,400,000
Common Stock
TMP Worldwide
SM
Follow-on Offering
$205,600,000
$55,900,000
$850,000,000
Sale of
Sale to
$89,700,000
Common Stock
Sale to
$68,700,000
$1,980,300,000
Common Stock
Sale to
$24,900,000
Common Stock
Sale to
to
Initial Public Offering
$32,900,000
$1,922,900,000
$439,000,000
Follow-on Offering
$174,000,000
$113,900,000
$20,000,000
Private Placement
$600,600,000
Undisclosed Value
Undisclosed Value
sm
Sale to
1997
Acquisition of
Sale to
1998
1999
Sale to
Acquisition of
2000
2001
2002
Undisclosed Value
Undisclosed Value
Undisclosed Value
Sale to
Undisclosed Value
Sale to
Acquisition of
Sale to
Acquisition of
2003
Undisclosed Value
Sale to
A Portfolio Company of
$65,625,000
Common Stock
Sale to
£105,000,000
Undisclosed Value
Sale to
$94,000,000
Sale to
Undisclosed Value
A Portfolio Company of
Sale to
A Portfolio Company of
£260,000,000
A Portfolio Company of
£234,000,000
Project Capital
HR Outsourcing Services
2005
2004
Sale to
Undisclosed Value
Sale to
Initial Public Offering
$60,000,000
$200,000,000
$233,480,000
$100,000,000
$97,300,000
Undisclosed Value
Refinancing of
A Portfolio Company of
Sale to
A Portfolio Company of
Acquisition of
Sale to
Sale to
Acquisition of
$40,000,000
A Portfolio Company of
A Portfolio Company of
Sale to
Follow-on Offering
Co-Advisor
$21,000,000
$54,400,000
A Portfolio Company of
Sale to
Sale to
(Advisor to Minority Shareholders)
Undisclosed Value
$226,366,046
Common Stock
Significant Investment
by
$431,300,000
Undisclosed Value
Undisclosed Value
Undisclosed Value
Undisclosed Value
$50,000,000
®
Acquisition of
A Portfolio Company of
Sale to
sale to
A Subsidiary of
A division of
a Portfolio Company of
a portfolio company of
Sale to
Sale to
Acquisition of
Acquisition of
Sale to
$101,135,295
Common Stock
Sale to
Sale to
Follow-on Offering
2006
2007
2007
2008
2009
2010
5
2011
2012
2013
46. Experienced and Dedicated Research
Coverage
Mark Marcon
Current Coverage
Senior Research Analyst, Human Capital Services
Over the past 12 years, focused on
building the leading position covering
the Human Capital Services sector
Prior to joining Baird, spent six years
with Wachovia
Publishes Human Capital Services
Metrics, Analysis, and Perspective on
a monthly basis (“HCS MAP”)
6
47. Annual Business Solutions Conference
Over 700 total attendees, with 850 one-on-one meetings held
Selected 2012 Conference Attendees
2012 Key Statistics
19
Number of years Baird has
hosted its Annual Business
Services Conference
71
Number of companies
presenting at the conference
194
Institutional investors in
attendance
183
Private equity sponsors in
attendance
7
48. Private Equity: A Quick Guide
•
•
•
•
•
There is a large and diverse pool of private equity investors from venture (SEP)
through mega buy-out (KKR)
PE funds are increasingly offering differentiated strategies:
– Sector, geography, size, turnaround, buy and build. etc…
– But all have the same goal. To deliver strong returns to investors.
Investments are usually made from a 10 year fund
– Invest in first 5 years, realise before end of year 10
– Capital commitment from pension funds or similar seeking superior returns
– Commonly 5% of pension assets in PE funds
Performance is measured through IRR and money multiple
Key points:
– Life of funds and performance measures: dictates goal to exit within 3 to 5
years
– Superior returns sought by investors in private equity funds:
• 5% per annum above risk free
• 1.5x to 2.0x money multiple
– Private equity seek to invest in businesses which can deliver strong returns
within reasonable risk boundaries
• 2.5x money multiple
• 30% IRR
8
50. What makes the recruitment sector
attractive to Private Equity?
• A business where
shareholders are open to
investment
• Large number of
recruitment businesses led
by hungry smart people
• Is capable of doubling in
value over 4 to 5 years
• Proven ability to grow
profits (cycles allowing)
• International growth
• Operationally geared
• Business capable of
dominating a niche
• Good history of
M&A, secondary buyouts
and IPO markets providing
exits
• That could be made
attractive to a buyer at the
time of exit
10
52. Key Investment Criteria
•
•
•
•
•
•
•
•
Where we are in the cycle
Valuation
Availability of debt
Management hunger, alignment, depth and
capability
Credible growth story
Positive market dynamic
High quality company
Clear exit potential
12
53. Investment Considerations
Geographic footprint
Activities, sector
coverage & focus
Scalable and
repeatable
Client dependency
Can I make a
return out of
an
investment
in this
business
Quality of earnings
Contract vs Perm
NFI, margins, profits
, flexibility
Management
Growth left
‘on the table’
13
54. Valuation
Primary drivers are profits and scale:
Medium sized players trade at a
premium compared to the
smallest tier…
EV / 2014F EBITDA
We observe more diversity in
majors’ ratings – but overall they
benefit from higher ratings
17x
16x
15x
Robert Walters
£273m, 14.9x
The smallest listed
players are rated the
lowest…
14x
Sthree
£481m, 12.4x
13x
Matchtech
£143m, 12.1x
12x
EV / 2014F EBITDA.
Michael Page
£1,497m, 13.6x
Hays
£1,878m, 12.4x
USG
£681m, 11.2x
InterQuest
£34m, 11.1x
11x
Amadeus
£256m, 10.9x
10x
Proffice
£171m, 8.6x
9x
CDI
£217m, 8.4x
8x
Staffline
£111m, 7.5x
Penna
£29m, 7.0x
7x
Netw orkers
£43m, 6.6x
6x
5x
Randstad
£7,368m, 11.1x
Brunel
£929m, 11.1x
On Assignment
£1,143m, 10.6x
Robert Half
£3,458m, 10.9x
Kelly Services
£562m, 8.1x
Adecco
£8,896m, 11.0x
Manpow er
£4,201m, 8.5x
Harvey Nash
£76m, 6.2x
Hydrogen
£25m, 5.2x
Impellam
£153m, 5.0x
4x
3x
10
Source DC Advisory
100
EV (£m)
1,000
Notes:
(1) Logarithmic scale
(2) Financials calendarised to 30 June 2014
(3) Share price data taken on 28-Jan-2014
14
10,000
55. Select Sector Transactions
(currency in millions)
Target / Acquiror
The Agency Staffing (US)
Groupe Crit
Intelligence Holdings (JPN)
Temp Holdings
Healthcare Locums Plc (UK)
Toscafund Asset Management
Cross Country Healthcare (Clinical
Trial Services Division (US)
ICON Public Limited Company
USG Energy (nka Redwave) (NL)
Rabo Capital
CHG Healthcare Services (US)
Ares Management / Leonard Green
TMC Group NV (NL)
Gilde Buy Out Partners
Air Energi (UK)
LGV Capital
Insight Global (US)
Ares Management
NES Global Talent (UK)
AEA Investors
Pinstripe (US)
Accel KKR LLC
Fircroft (UK)
Equistone
Talent2 International (AUS)
Allegis Group
Apex Systems (US)
On Assignment Inc.
Star Group BV(NL)
Parcom Capital
SFN (US)
Randstad NV
Aston Carter (UK)
Allegis Group
Comforce Corp. (US)
ABRY Partners LLC
Announced
Date
Target Business Description
Enterprise
Value
EV /
Revenue
EV /
EBITDA
N/A
N/A
0.9x
7.0x
July-2013
Provider of staffing solutions for technical, professional, admin, and industrial sectors
N/A
Mar-2013
Provider of clinical trial services including contract staffing and permanent placement
¥68,000
Feb-2013
Provider of temporary and permanent staff to the healthcare and social care sectors
£39
0.2
N/M
Feb-2013
Provider of contract staffing and permanent placement to the healthcare industry
$56
0.9
N/A
Feb-2013
Provider of personnel for the onshore and offshore energy industry
€80
N/A
N/A
Oct-2012
Provider of healthcare staffing services
c. $1,000
N/A
Oct-2012
Provider of specialist staff to the technology, ICT and construction sectors
£54
1.2
7.7
Oct-2012
Provider of contract, project, and staff hire personnel to the oil and gas industry
c. £85
N/A
c. 8.0
Oct-2012
Provider long term, short term and temp-to-permanent technical staffing services primarily
for IT professionals
$810
1.2
10.5
Oct-2012
Provider of staffing and engineering services to oil and gas and engineering sectors
£234
0.5
10.0
Aug-2012
Provider of pure-play recruitment process outsourcing
$50
1.3
8.8
Jun-2012
Provider of technical recruitment services principally to the oil and gas industry
£140
N/A
7.7
May-2012
Provider of human resource advisory, payroll, recruitment and learning services
A$142
0.4
6.4
Mar-2012
Provider of IT staffing and workforce solutions
$600
0.9
9.2
Nov-2011
Provider of staffing for offshore and marine projects in the oil and gas and power industries
N/A
N/A
N/A
Jul-2011
Provider of staffing services to a vast range of industries in the US and Canada
$771
0.4
11.2
Feb-2011
Provider of recruitment and staffing services with a focus in consultancy, finance and IT
c. £100
0.4
8.0
Nov-2010
Provides outsourced staffing management and staffing solutions to large employers
$154
0.2
9.0
0.7x
0.7x
8.8x
8.8x
Mean
Median
_____________________
Source: MergerMarket, CapIQ, Company filings and press releases.
15
c. 10-11
56. Private Equity Valuations
Date
Oct-13
Oct-12
Oct-13
Jul-13
Dec-12
Oct-12
Oct-12
Jun-12
Jul-12
Feb-12
Jul-11
Nov-10
Jul-10
Jun-10
Nov-09
Dec-08
Nov-07
Jul-07
Mar-07
Sep-06
Company
AMS
NES
Swift
Nigel Frank
SR Group
NES
Air Energi
Fircroft
Nurse Plus
Pertemps
Red Commerce
Pulse
Teaching Personnel
ICS
FDM
Air Energi
AMS
Teaching Personnel
Aston Carter
NES
Vendor
Graphite
Graphite
Gresham
n/a
Founders
Graphite
Palatine
Founders
Founders
Founders/AIM
Inflexion
Hg
RJD
Inflexion
P2P
Founders
Advent
Founders
Founders
Bridgepoint
Buyer
New Mountain Capital
AEA Investors
Wellspring Capital Management
ISIS
Baird
AEA Investors
LGV
Equisitone
Key Capital
LDC
Dunedin
Blackstone
Graphite
Blackstone
Inflexion
Palatine
Graphite
RJD
Baird
Graphite
EV
260
234
110
44
ND
234
ND
140
15
ND
44
75
45
110
25
30
100
24
42
86
Mean
EV/EBITDA
12.8
10.3
7.5
7.4
n/a
10.3
7.0
7.0
6.5
n/a
8.0
6.5
6.9
7.0
4.7
5.6
12.0
6.8
7.8
8.0
7.9
Debt availability is currently a brake on valuations at lower valuations
UK Private equity multiples are generally in the range 5.0x to 7.5x EBITDA
16
59. A Specialist Global Recruitment Company
•
NES Global Talent (“NES”) is one of the fastest growing providers of specialist personnel to the
international oil & gas, power and infrastructure sectors
•
Industry leading productivity levels
― Achieved through the rapid identification, placement and ongoing support of highly qualified engineers globally
― Engineers paid c. £100k per annum (often materially more) for contracts typically lasting 12 - 18 months
•
EBITDA has increased every year since 2004, equivalent to a compound annual increase of 22%
― Driven by the Global division, which has increased both EBITDA and NFI at over 35% per annum
― Global division EBITDA has increased from less than £2m to over £20m since 2004
•
2012F NFI and EBITDA of £59m and £24m, respectively
•
Attractive end markets with long term growth prospects
•
High barriers to entry in global markets
•
Highly fragmented market in which NES is a sector leader
― Well placed to lead consolidation and become the global market leader
•
Headquartered in the UK, serves clients through a global network of 32 offices and employs c. 450
staff
19
60. Case Study: £105 million Debt
Refinancing of NES (June 2012)
•
NES required increased working capital facilities with greater operational flexibility to support 20%+
p.a. international growth
•
£105,000,000
A broad group of traditional and alternative lenders were approached to participate in the enlarged
working capital and term loan facilities
•
RBS led a club with HSBC and Lloyds to provide a £105 million, 5-year committed debt package
consisting of:
Refinancing of
A Portfolio Company of
―
―
£40 million invoice discounting facility
―
•
£25 million term loan
£40 million committed revolving credit facility
The lenders indicated that an additional £25 - £30 million of acquisition financing could be available
to a purchaser
Traditional Lenders Approached
Alternative Lenders Approached
20
61. Case Study: £234 million sale of NES to
AEA Investors (October 2012
•
£234,000,000
A select group of potential private equity and strategic buyers were introduced to the
management team prior to the formal process launch
―
A Portfolio Company of
Significant buyer interaction with the management team was encouraged
throughout the process
•
•
Eight indications of interest were received in August, with five potential buyers invited to
proceed
•
Prior to management presentations scheduled for early September, potential buyers were
encouraged to progress their due diligence and financing discussions with lenders
•
Sale to
Financial, commercial, legal and insurance vendor diligence reports were prepared to
facilitate potential buyers review of the global business
Following the management presentations, one potential buyer attempted to pre-empt the
process
Highly Targeted Process
―
15 Information
Memorandums Distributed
July
Diligence continued with four other potential buyers
•
Three final offers, with SPA mark-ups and no outstanding diligence, were submitted less
than four weeks after management presentations
8 Indications of
Interest Submitted
August
•
5 Management
Presentations Held
All three bidders elected to roll the existing debt financing structure to increase the
deliverability of their offers
September
•
AEA signed the transaction within 72 hours of the final bids being submitted
3 Final Bids
with SPA
October
Mark-ups
―
•
Graphite realised a money multiple in excess of 4.5x
AEA, with significant experience in the oil & gas sector and developing the international
profile of its portfolio companies, will support the management team through NES’ next
growth phase
21
62. Aston Carter: A Case Study
Aston Carter CEO, Sean Zimdahl;
“Baird Capital Partners Europe has been a great partner. The team
brought deep sector knowledge and investment experience to our
business, which really helped us develop the initial growth strategy.
Then through tougher markets they were highly supportive of
managing the cost base and retaining the key people at a level that
enabled the business to grow quickly as markets improved. Their
operational expertise and international network was a real help.”
Aston Carter
Baird US introduced the acquirer of the business
Actions:
●
Accessed Baird resources to develop strategy for overseas growth and exit
●
Introduced operating partner John Hubert as non-executive Chair, helped development of
‘2012 Mid-Market Management Team of the Year’
Value Creation
senior management structure to aid international development
●
Incentivised the senior managers to drive continued growth
(£ in millions)
●
Significantly improved MIS reporting and financial/cash management to support growth
£40.0
●
Baird US introduced the acquirer of the business
£13.4
£30.0
Results:
●
Geographic expansion (Netherlands, Singapore, Hong Kong, UK, France, Sweden)
●
Built the customer base significantly by further penetrating core FS sector customers,
developing new customers and growing consulting/corporate accounts
●
Paid debt down c. 40%
●
Rapid execution of strategy supported the business in the recession and has enabled rapid
£20.0
£4.4
£1.3
£32.2
£13.1
£10.0
£0.0
profit growth early in the recovery
22
Investment EBITDA
Cost
Growth
Debt
Multiple Equity at
Reduction Expansion
Exit
64. Prospects for 2014
• Increasing volume of M & A transactions
– Economic cycle attractive
– Pent up demand
• Buyers:
– Trade seeking access to growth markets and people
– PE: Need to deploy capital
• Vendors:
– PE need to exit to deliver returns to investors
– owner managers seeking return on hard work
• A return of the IPO?
– Excess capital seeking a home
– Exit for larger PE backed businesses?
24
65. Summary
• Sector is attractive to private equity buyers
• Valuations are: 5.0x to 7.5x LTM EBITDA
• Debt availability is currently a brake on both valuations and ability
to execute
– Questionable availability below £10m
– Perfect track record required
– Alternative lenders (at a price)
• Critical success factors include:
– Management depth and quality
– Clear focus and discipline
– Credible growth story
– Scale and geography
– Exit planning: Ultimately being able to answer the
question...Who will buy and why?
25
94. LinkedIn: A global pool of talent
13M+
BELGIUM
5M+
2M+
FRANCE
SPAIN
TURKEY
6M+
1M+
1M+
ITALY
CANADA
1M+
NETHERLANDS
7M+
9M+
4M+
UNITED KINGDOM
SWEDEN
DENMARK
93M+
UNITED STATES
OF AMERICA
1M+
SAUDI ARABIA
16M+
24M+
UNITED ARAB EMIRATES
2M+
INDONESIA
PHILIPPINES
1M+
MALAYSIA
1M+
2M+
1M+
INDIA
SINGAPORE
BRAZIL
5M+
AUSTRALIA
3M+
SOUTH AFRICA
277M+
Members
worldwide
1M+
NEW ZEALAND
+2
187M
New members per second
Monthly unique visitors
118. Like A Phoenix From the Flames!
Unemployment Rate Falls To
7.1% In Job Surge
Britain powers ahead of the rest of Europe:
IMF upgrades UK growth for 2014 to 2.4% just a
year after warning Osborne he was 'playing with
fire' by imposing cuts
124. Some regional surprises
Scotland + 3.2%
Northern
Ireland + 3.9 %
Midlands + 14%
Wales + 18.3%
North + 8.8%
South, East &
London + 2.4%
125. Improvements yet to hit the pay packet
Salary Trends
36000
34000
2013 Growth 1.2%
32000
30000
jan
feb
mar
apr
may
jun
jul
aug
2012
sept
oct
nov
dec
jan
feb
mar
apr
may
2013
jun
jul
aug
sept
oct
nov
dec
126. Improvements yet to hit the pay packet
1
+ 8.3% AUTOMOTIVE
2
3
4
+ 5.1% SCIENCE & RESEARCH
+ 4.7% CALL CENTRE & CS
+ 4.2% SENIOR APPOINTMENTS
5
+ 2.8% PROCUREMENT
127. Improvements yet to hit the pay packet
1
- 16.0% TELCOMMUNICATIONS
2
3
4
- 12.1% BANKING
- 10.9% FASHION
- 10.2% PHARMA
5
- 9.2% AEROSPACE
Average productivity level continues to increaseAverage value of permanent sales per consultant is £83,955Below the pre-recession peak of £96,954Average number of placements are 21
Factors taken into account: GDP; wage , vacancy levels, consumer, business and recruitment industry confidence, labour supply, regulatory landscape, and technological influence. Forecast provides an optimistic, pessimistic and realistic forecast.Realistic forecast is for a 7.3% growth in 2013/2014; 8.3% in 2014/2015 and 9.6% in 2015/16All three forecast predict that the industry will exceed the pre-recession peak in 2013/14
I set up TJP to enable companies to access the best talent easily and remove some of the inefficiencies around the recruitment industry
And finally we hold an annual services conference attended by the great and the good of the industry.Indeed It was at this conference that Sean first met Allegis , as well as a number of other potential suitors.
It becomes so important when you realize that the mobile internet is becoming people’s preferred access point even in their own homes
I am going to talk about 4 things:LinkedInChanging world of Recruitment- surveyWhat you can be doing for freeVery brief overview of our paid for solutions
>2 New members per second as of 12/31/13 based on internal estimates187M Monthly unique visitors for Q4’13 according to comScore using LinkedIn + SlideSharehttp://press.linkedin.com/about
Our mission statement
Map all of these -
Efficient vehicle to connect talent and opportunity. Job liquidity – massively important part of this graph
the first value of the company is members first. Any time we want to do something new the first question we ask is, “How will this impact the individual member around the world?”- and if it’s not a positive way, then those ideas are cast aside.
To engage the worlds best passive talent, you need to have a strategy in place that allows you to ‘segment’ ‘target’ and ‘position’Engaging the right professional with the right brand message requires identify the right person engage them with content that is compelling; and spur them to an action. This is what LinkedIn enables, better than anyone else. Your peers are telling us that social professional networks have already changed the way they find talent for their clients. In a recent survey that we conducted for the UK they named social professional networks the #1 long-lasting trend in recruitment and identified them as by far the #1 source of quality placements.