Executive search to find a Head of Procurement – for a major financial services company
The business problem
A division of a major financial services company was undergoing a key strategic drive to meet its growth objectives. To do this, the business was investing in developing new lines of business.
As a highly outsourced business, the key growth strategy was focused on sourcing new insurance products from third party suppliers and negotiation of Corporate Partner distribution agreements.
There was no-one in the business with the skills to perform this role, so they needed hire a Head of Procurement with a strategic sourcing skill set.
The candidate had to be a commercial professional with a number of key skills: procurement expertise in strategic sourcing, contract negotiation and process improvement.
This is a very difficult combination of skills to find. Although the role was essentially procurement orientated, it was not a mainstream procurement role, and could be performed by either a strategic procurement person, or a non procurement person with strategic sourcing and contract negotiation skills.
This made the search to find appropriate candidates more complex.
How I found the candidate
After considerable research, I identified circa 150 companies where potential candidates might be found.
The targets covered: banks, insurance companies, procurement consulting firms, mainstream consulting firms, retailers with financial services arms, outsourcing companies, and wealth management companies.
When the client had decided which candidate was the preferred choice, I negotiated the offer with the candidate on behalf of the client – this included salary and package that was satisfactory to both parties.
The successful candidate accepted the role and started shortly after.
What was the business impact?
The business impact was very positive. The successful candidate built a number of very successful strategic sourcing arrangements with partner suppliers. This enabled the business to grow by expanding its range of offerings and increase profitability, with minimal increase in the cost base.
Client reference from the Commercial Director:
“ We retained Jonathan Ross to source candidates for a senior strategic sourcing role; a key new role following an extensive piece of organisational design work across our business. This was critical to enable the business to drive forward and meet its growth objectives, and required a very specific skill set. Having tried standard methods to find suitable candidates, which proved unsuccessful, I was delighted that the extensive search methodology that Jonathan employed was successful - the first candidate that Jonathan submitted was a perfect fit.”