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Elizabeth OElizabeth O’’Leary, Division DirectorLeary, Division Director
Head of Human ResourcesHead of Human Resources28 November 200528 November 2005
Macquarie Bank Limited Macquarie Bank Limited ––Perpetuating Culture through Graduate HiringPerpetuating Culture through Graduate Hiring
Presentation to Presentation to Tripartite Conference of GCA, NAGCAS and AAGETripartite Conference of GCA, NAGCAS and AAGE
2
Agenda
2. Our corporate culture
3. Using Graduate recruitment to perpetuate culture
1.Macquarie ‘s profile and performance
4. The future challenges
Holey Dollar chosen as a symbol of the Macquarie Group
1969 – Hill Samuel opened in Sydney
Macquarie Bank Limited was established in February 1985
MBL established in 1985
6
Dublin FrankfurtLondonParisGeneva Milan
MunichVienna
Cape Town
Johannesburg
Jakarta
Kuala Lumpur
Bangkok
Hong Kong
SingaporeLabuan
ManilaHsinchuTaipei
ShanghaiTianjin
Beijing SeoulTokyo
VancouverSeattle
San FranciscoSan Jose
Los Angeles
San DiegoPalm SpringsHouston
ChicagoMemphis
CharlestonJupiter
New YorkBoston
Toronto
AucklandWellington
Christchurch
Sao Paulo
EUROPE ASIA NORTH AMERICA489 staff 901 staff 490 staff
Today we have over 7100 staff in 23 countries
AFRICA AUSTRALIA NEW ZEALAND SOUTH AMERICA24 staff 5088 staff 103 staff 22 staff
Carlsbad
Abu Dhabi
MIDDLE EAST8 staff
At 30 September 2005. Note: Post balance date - Physical gas trading business acquired in LA with 59 staff (Oct 05)
Mumbai
Rome
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Canada407 ETRAltaLinkCardinal PowerSea to SkyLeisureworld*
Roads Utilities
USADetroit Windsor TunnelSR125 SouthChicago SkywayDulles Greenway*Parking Company of AmericaAvPORTSAtlantic AviationMichigan Electric Transmission Co.Thermal ChicagoNorthwind AladdinThe Gas Company* (Hawaii)Macquarie DDR **Macquarie ProLogis **Macquarie CountryWide **Macquarie Office**
Transport servicesProperty
South AfricaN3 Toll N4 Maputo Toll Bakwena Platinum Corridor
ItalyRome Airport
South KoreaSoojungsan TunnelKwangju 2nd Beltway Section 1 & 3Daegu-Busan ExpresswayBaekyang TunnelMachang BridgeIncheon ExpresswayCheonan Nonsan ExpresswaySeoul Chuncheon ExpresswayWoomyeonsan Tunnel*Daegu EastSeoul Subway #9Incheon Grand Bridge*Kukdong BuildingSchroder Asian propertiesMGPAKorean Independent Energy Corp.*CJ CableNet*
AustraliaGorodok Ethane PipelineProspect WaterDampier – BunburyMultinetUnited Energy Distrib.AlintaGas NetworksBroadcast AustraliaMacquarie Regional RadioworksTranstollMacquarie Direct PropertyMREEFSydney Airport
GermanyWarnow TunnelNMRE wind assetsMGPA
JapanHakone TurnpikeSchroder Asian propertiesMGPA
CommunicationsAirports
PortugalTagus CrossingsMGPA
Other
M1 (Eastern Distributor), M2, M4, M5, Westlink M7EastlinkMelbourne CityLinkAirtrain CitylinkAsia Pacific TransportMacquarie Direct InvRetirement Care AustraliaZip Inge*Macquarie OfficeMacquarie CountryWide **Macquarie Leisure **Macquarie Goodman **
New ZealandMacquarie Goodman **Macquarie CountryWide **Eldercare*
Managing important assets across the globe
In some cases, Macquarie or Macquarie managed fund has partial interest in asset
SwedenArlanda ExpressEPRL wind assets
BelgiumMGPABrussels Airport
* Subject to financial and customary closing arrangements
MexicoMacquarie ProLogis **
Hong KongSchroder Asian propertiesMGPAMacquarie Goodman
ChinaFirst China Property GroupMGPARetail malls* (own, not managing)
** Some additional assets acquired since 1 April 2004
SpainMGPA
Acquired post 1 April 2004Acquired prior to 1 April 2004
UKM6 TollM1-A1 LinkBristol AirportBirmingham AirportExeter Airport*South East WaterWales & West UtilitiesNM Renewable EnergyEnergy Power Resources UKMacquarie Global Prop. Adv.Akeler JV assets*Arqiva (formerly NTL Broadcast)BBC Broadcast*Wightlink*
FranceEPRL wind assetsMGPA
NetherlandsNRE*Yellow Brick Road* Singapore
Schroder Asian propertiesAscendas – Macq. GoodmanPrime REIT retail malls*
LuxembourgMacquarie Global Property Advisors
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0
100
200
300
400
500
600
700
800
900
69 75 81 87 93 99 '05
Net Profit After Tax $m
Gain on formation of MGQ
Our success has been sustained
0
1
2
3
69 71 73 75 77 79
$m
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Foundations for success
Full service in Australia/broad investment banking in Asia Pacific/focused in Europe & the Americas
Commitment to growth
Focus on people
Remuneration systemSmall business entrepreneurial environment ‘Freedom within boundaries’ management structure
This approach has proven effective for over 30 years through many market conditions
management philosophy
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0
200
400
600
800
1000
1200
1400
1600
1800
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
MBL Accumulation Index
All Ords Accumulation Index
Inde
x
As at 18 November 2005, indexed at 29 July 1996
Strong returns to shareholders: 1,483% since listing
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0
0.5
1
1.5
2
2.5
3
3.5
4
FY 1996 FY 1997 FY 1998 FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 1H06
$Ab
^ Excluding earnings on capital
1H06
Australian income
International income growing as a proportion of total income
International income
International staff up 32% from 30 Sep 2004 to over 2,00046% of total income
12
Agenda
2. Our corporate culture
3. Using Graduate recruitment to perpetuate culture
1.Macquarie ‘s profile and performance
4. The future challenges
13
Central to our culture…
Credit Risk Limits
Brand Management
Operational Standards
Market Risk Limits
Business
strategy
Compliance
… ‘freedom within boundaries’
Goals and ValuesWhat We Stand For
Integrity
Client Commitment
Strive for Profitability
Fulfilment for our People
Teamwork
Highest Standards
Integrity
The way we act underpins our success. Acting with integrity builds trust, resulting in better relationships and a better place to work
Success flows from our reputation for honesty and integrity and our ability to fulfil our promises
Client Commitment
Central to the success of Macquarie is our commitment to our clients
At Macquarie we understand the difference between our clients interests and wants
Strive for Profitability
Profit is ultimately why we are in business and we take pride in our profitability record
We seek to achieve consistently superior profitability by providing superior valueto our clients
Profitability is fundamental to our success
Fulfilment for our People
All employees are treated as individuals, deserving the respect of their subordinates, peers and superiors
Macquarie seeks to recruit the best people without discrimination or bias and advancement and remuneration are based solely on merit
Teamwork
To better serve our clients, Macquarie is organised into individual separate businesses
However, we are one bank, with one profit and one reputation and we must workco-operatively
Promoted through Macquarie Awards
Highest Standards
Superior returns are only achieved through the best work, which requires excellence, innovation and creativity.
There is no place in Macquarie for work which is not of the highest quality and we recognise that complacency, cutting corners and mediocrity are completely unacceptable.
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How we do things around here
Core ideology provides the glue that holds our organisation together as it grows, diversifies
and expands globally
Key challenges for our HR function:How do we perpetuate the culture internationally, amidst rapid growth and diversification?
What role does HR play in nurturing and protecting core culture?
How can our recruitment efforts support culture perpetuation?
22
Agenda
2. Our corporate culture
3. Using Graduate recruitment to perpetuate culture
1.Macquarie ‘s profile and performance
4. The future challenges
23
Global recruitment strategy
Asia - 13 locations
Europe - 12 locations
Americas –12 locations
Australasia - 10 locations
Strategy developed in Sydney, delivered locally to meet the growing demands of diverse businesses under one brand
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New Hire
0
500
1000
1500
2000
2500
31-M
ar-9
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31-M
ar-9
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31-M
ar-9
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31-M
ar-9
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31-M
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31-M
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31-M
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31-M
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New
Hire
Num
bers
Australasia Asia Americas Europe
Overall recruitment activity
As at 31 March 2005:
Recruited 2,321 new staff in 2005, up 72% on 2004
Hiring of graduates/summer vacation students increased by 71% to 186 Bank wide
Unprecedented levels of recruitment related activities:
50,153 applications processed
3,601 psychometric assessments conducted, 27% offshore
Australia - Ranked as the highest volume corporate employment advertiser in the AFR
Global campus initiatives take hold
25
Graduate hiring
Current responsibility for campus hiring in Australia, NZ, Hong Kong, Singapore, US and UK
Demand increase by 100% in 2005; summers, interns and graduates
Sourcing from faculties including accounting, actuarial studies, finance, mathematics, property, applied finance, engineering, information technology, science, human resources, law and even history!
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Our value proposition
“Freedom within boundaries”
Macquarie recruits talented individuals and encourages them to realise their potential in an environment that values
creativity and innovation.
Its enterprising environment offers employees the freedom to make their mark with their team, clients, customers, the
Bank and their industry.
Employees at all levels are rewarded for the opportunities they create, the contributions they make, and the value they add
for clients, customers and shareholders.
27
Using the Graduate lifecycle to perpetuate our culture
Goals & Values
Attraction
Develo
pmen
t
& reten
tion
Workforce
management Selecti
on
Building and reinforcing Macquarie’s employment brand on campus through continuous sourcing strategies to ensure the best graduates are attracted to work for the Bank both now and later in their careers
Onboarding and managing hires with robust employment policies,workforce analysis and infrastructure
Providing the right environment, development opportunities and remuneration to encourage maximum performance and retention
Selecting candidates from the applicant pool with the abilities and values using targeted tools to measure behavoural alignment and cultural fit
28
A case study…
Ben Huda: Joined Grad Program Feb 2003
Feb 2003 - Jul 2004: EMG Structuring
Help structure new, and manage existing, equity derivative products.
Jul 2004 - Jun 2005: EMG Australia Trading
Trading exotic derivatives, also helped start correlation trading business
Jun 2005 – Present: Macquarie Securities USA, based in New York
Proprietary Trading (trading the banks balance sheet), ffocus on Europe
29
Agenda
2. Our corporate culture
3. Using Graduate recruitment to perpetuate culture
1.Macquarie ‘s profile and performance
4. The future challenges
30
Future strategy and challengesExpanding the global recruitment footprint
building a brand and sourcing strategy in countries where our brand recognition is lower
rapidly and understanding and tailoring our approach in new markets
developing relationships with universities ,competitors, serviceproviders in varied locations; working within mandated recruitment processes in these locations
overlap in timing of programs - resourcing our recruitment and program delivery
Remaining competitive in AustraliaContinuing to deliver best practice in this market; resisting complacency!
Fine-tuning our brand positioning
Competing effectively in the tightening labour market
Leveraging the the international student population in sourcing for offshore operations
31