Professional Services Category & Sourcing Lead

State Street Corporation
Quincy, USA
Feb 03, 2023
Mar 05, 2023
Job Function
Industry Sector
Finance - General
Employment Type
Full Time
Who we are looking for
The VP, Professional Services Category & Sourcing lead is an important role within State Street's Global Professional Services Team. There are two main aspects to the role, Sourcing and Category. Therefore, the role holder is expected to firstly bring strong sourcing subject matter expertise and best practice techniques, to manage and deliver the "end to end" sourcing and negotiation on deals across Professional Services, and secondly to lead on the development & implementation of Category Strategy plans. Marketing, HR & Legal are the primary categories the role will be responsible for, but will also cover Consulting where needed.

This role will report to the Global Head of Professional Services Procurement, and be part of the Global Procurement Services (GPS) function. This role can be performed in a hybrid model, where you can balance work from home and office to match your needs and role requirements.

Why this role is important to us
The team you will be joining plays an important role in the overall success of the organization. Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. To make that happen we need teams like yours to help navigate employees and the organization as a whole. In your role you will strive for cutting-edge solutions, that are straightforward and scalable. You will help us build resilience and execute day to day deliverables at our best. Join us if making your mark in the financial services industry from day one is a challenge you are up for.

What you will be responsible for
As VP, Professional Services Category and Sourcing Lead, your responsibilities will include:

Sourcing Lead
  • Hands on sourcing work to deliver deals and support/motivate a wider team of individuals with varying levels of sourcing knowledge and experience, to
  • Complete contract review and mark up of commercials, deliverables and relevant terms.
  • Conduct contract compliance checks, and work with legal to redline documents as needed.
  • Coordinate, prepare and manage RFx/competitive bids to optimize cost and service.
  • Perform direct negotiations and manage sometimes large and complex agreements.
  • Support the use of preferred suppliers, pricing, rate-cards, discounts, and buying channels.
  • Heavily contribute to P&L and Cost Avoid savings for the team.
  • Ensure client satisfaction with service, cycle time, and strategic value-add.
  • Performs all duties in accordance with prescribed regulatory/process compliance guidelines.
  • Align and execute on the category strategy plan.
  • Work on multiple deals/engagements at any given time.

Category Lead
The design, development and implementation of multi-year Category Strategy plans which align with Business Unit (BU) & functional stakeholders, including the ability to:
  • Conduct ongoing spend/supplier analysis & category strategy refresh.
  • Develop and manage a positive relationship with difficult stakeholders.
  • Find and document cost saving opportunities pipeline via stakeholder engagement and data analysis.
  • Establish cross-functional teams for major projects and change initiatives
  • Drive annual cost savings and productivity improvements via strategic RFPs , and demand / process management.
  • Lead and deliver on strategic RFP/deals.
  • Design and set up the use of preferred suppliers, standardized pricing, rate-cards, discounts, and buying channels. Manage onboarding approval for new suppliers.
  • Drive a solution to requests and issues in a timely way, and perform daily problem solving.
  • Assess adherence to plans / guidelines and help address leakage or knowledge gaps.
  • Support train and develop key talent where applicable.
  • Overall quickly learn the State Street end to end process, and work within the guidelines to gain savings and deliver results. Hands on, doing the work, delivery and output focused role (not head of category/team role).

Education & Preferred Qualifications
  • Minimum 10 years+ strategic sourcing experience across Professional Services spend is a must. Core experience in Professional services covering HR, Marketing, Legal and also Consulting (desirable).
  • Bachelor's Degree in a related field preferred.
  • Proven track record of delivering P&L saving projects.
  • Top level commercial negotiation skills with ability to influence cross-functionally.
  • Prior in-depth experience negotiating with large and difficult Professional Service providers.
  • Experience of and ability to develop and implement category strategy plans for Professional Services sourcing.
  • Proven self-starter who can work independently and within a team while effectively juggling multiple priorities.
  • Understanding of best-in-class procurement, risk, Information Security and payable processes.
  • Personal resilience to work within an extremely fast-paced, ambiguous environment.
  • Strong strategic thinker and problem solver with attention to detail.
  • Established written and verbal communication skills
  • Ability to manage challenging stakeholders diplomatically

Are you the right candidate? Yes!
We truly believe in the power that comes from the diverse backgrounds and experiences our employees bring with them. Although each vacancy details what we are looking for, we don't necessarily need you to fulfil all of them when applying. If you like change and innovation, seek to see the bigger picture, make data driven decisions and are a good team player, you could be a great fit.

About State Street
What we do. State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation, we're making our mark on the financial services industry. For more than two centuries, we've been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.

Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary by location, but you may expect generous medical care, insurance and savings plans, among other perks. You'll have access to flexible Work Programs to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.

Inclusion, Diversity and Social Responsibility. We truly believe our employees' diverse backgrounds, experiences and perspectives are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift programs and access to employee networks that help you stay connected to what matters to you.
State Street is an equal opportunity and affirmative action employer.

Discover more at

Salary Range:
$100,000 - $160,000 Annual
The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.
  • You need to sign in to save