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EFinancialCareers History, Lessons John Benson, Founder & CEO 27 th May 2010.

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Presentation on theme: "EFinancialCareers History, Lessons John Benson, Founder & CEO 27 th May 2010."— Presentation transcript:

1 eFinancialCareers History, Lessons John Benson, Founder & CEO 27 th May 2010

2 eFinancialCareers – History, Lessons The early days The challenges It starts to work International expansion The eFinancialCareers culture Why did we succeed?

3 Empowering financial careers worldwide. eFinancialCareers runs the web’s largest network of sites dedicated to jobs and career development in accounting, banking and the financial markets. Publishing websites in 22 markets and 5 languages Founded 2000 Offices in London, New York, Singapore, Sydney Revenue Model:Recruitment advertising Employer branding Graduate recruitment Professional education Team: 93 (UK: 72. Asia: 10. Australia: 13. U.S. 8)

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5 Jobs and Career News for the Global Financial Community

6 eFinancialCareers & Financial Media brands The eFinancialCareers site network includes some of the world’s leading financial information companies

7 Diversified Customer Base

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9 The Opportunity Circulation in Millions

10 Job ads in print set to fall dramatically US Newspaper Job ad revenue $bn 2000$bn 2003

11 Job ads online set to grow dramatically US Job ad revenue growth Source: Forrester Research

12 2000: Vision To be the leading brand on the web for career advice and jobs in the financial services industry

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15 Challenges The Internet: The New New thing Many naysayers Competitive environment Client & User education Dial up connections Hiring good staff No roadmap

16 The New, New Thing & The Naysayers It won’t work I won’t pay for anything on the internet I don’t have You can’t compete with the big, established brands The Dotcom bubble How do we do this?

17 Education Ourselves Our clients Our ‘readership’

18 Model T Ford. Launched: 1908 Educate our clients

19 “If I had asked people what they wanted, they would have said faster horses.” Henry Ford By 1918 half of all cars in America were Model Ts

20 Competitive Environment Very complex with multiple competitors

21 Recruitment agencies become media companies

22 European Financial Job Sites 2001 On Vocation (Independent) GAAPweb (Independent) Just People (Recruitment Agency) Double Cuff (Recruitment Agency) Fincareer (Independent) Gold Jobs (Independent) FT CareerPoint (Publisher) eFinancialCareers (Publisher)

23 Monitor competitive position

24 New Industry Maturity Graph

25 ‘The world is changing very fast. Big will not beat small anymore. It will be the fast beating the slow.’ Rupert Murdoch, CEO News Corporation It Starts to Work

26 Key is the right number of job applications from the right people Get that right and all else will follow The product & the user experience all important Focus on the customer’s needs

27 New products: Graduate & MBA Education & Recruitment Student careers guides in 5 countries & 4 languages

28 2003– international expansion begins

29 Unique user growth 667,000 Unique Users per Month (November)

30 Quarterly Sales 2001 – Q1 2006

31 eFinancialCareers – Sales Growth (Nov’05 Business Plan)

32 Company culture & approach

33 1. eFinancialCareers is a ‘Change Environment’ ‘Nothing sows the roots of failure like success’ Companies get so locked into their ‘successful’ way of doing things that they refuse to reassess their business, see or respond to new ways and innovations.

34 2. eFinancialCareers is a Team Environment ‘Leave your ego at the door’

35 3. Evolving team & organisational structures and responsibilities ‘To keep up with our growth, we have reorganised early and often. That keeps people fresh. Over 7 years we have probably made changes to the company’s structure’ Meg Whitman, CEO,

36 4. Processes & direction can and will be constantly & safely reassessed ‘It is not the strongest or most intelligent of the species that survive. It is the ones most adaptable to change’ Charles Darwin Author, ‘The Origin of Species’

37 2000: eFinancialCareers founded 2003: International expansion starts 2004: Open office in USA 2006:Open office in Asia-Pac Bought by /merged with Dice Holdings 2009: Group Revenues: $109m (eFinancialCareers:27%)

38 Why did we succeed? Clear vision of what we wanted to do Great team of people Prepared to & wanted to learn (try & avoid hubris) The Internet favours small, innovative, fast moving businesses Flexibile, agile approach Focused execution Courage of our convictions Tried to keep it simple Moved early, moved fast (international expansion) Fortunate in our competitors Luck … but it’s not over yet …

39 Only the Paranoid Survive Andy Grove, Former CEO, Intel

40 The World’s Leading Career Sites for the Financial Services Industry


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