cover letter for outsourcing company

Outsourcing Proposal Letter Sample: Free & Customizable

Through this article, I’ll share my expertise to guide you step by step in writing an effective outsourcing proposal letter, supplemented with a customizable template and invaluable tips from my own experiences.

Key Takeaways Understand Your Client: Tailor your proposal to address the specific needs and challenges of the prospective client. Highlight Your Unique Value Proposition: Clearly articulate what sets your services apart from competitors. Detail Your Approach and Methodology: Demonstrate how your processes align with the client’s objectives. Showcase Success Stories: Include case studies or testimonials to build credibility. Be Clear and Concise: Ensure your proposal is easily comprehensible and to the point. Provide a Clear Call to Action: Encourage the client to take the next step in the engagement process.

Step-by-Step Guide to Writing an Outsourcing Proposal Letter

Step 1: research and understand your client.

Before penning your proposal, invest time in understanding your potential client’s business, industry, and specific needs. This knowledge will enable you to tailor your letter to resonate with the client’s objectives and challenges.

• Research the client’s business and industry.
• Identify their needs and how your services can address them.

Step 2: Start with a Strong Introduction

Your opening paragraph should grab the client’s attention, introduce your company, and succinctly state why you’re reaching out.

• Introduce your company and its core services.
• Briefly mention how your services align with the client’s needs.

Step 3: Outline Your Services and Value Proposition

Clearly articulate what you offer and why your services are superior to competitors. Highlight your unique selling points and how they benefit the client.

• List your services related to the client’s needs.
• Detail your unique value proposition.

Step 4: Detail Your Approach and Methodology

Demonstrate your understanding of the client’s challenges and outline how your approach and methodology will address these issues.

• Describe your process and how it aligns with the client’s objectives.
• Mention any innovative techniques or tools you utilize.

Step 5: Provide Case Studies or Testimonials

Build credibility by showcasing success stories or testimonials from previous clients, particularly those in similar industries or with similar needs.

• Include relevant case studies or client testimonials.
• Highlight the results achieved.

Step 6: Include Pricing Information (Optional)

If appropriate, provide a clear and transparent pricing structure, ensuring the client understands the value they’re receiving.

• Detail your pricing model.
• Highlight any included value-adds or guarantees.

Step 7: Call to Action

Conclude with a strong call to action, encouraging the client to take the next step, whether it’s scheduling a meeting, requesting further information, or moving forward with your services.

• Encourage the client to contact you for further discussion.
• Provide clear contact information.

Outstanding Outsourcing Proposal Letter Template

[Your Company Letterhead or Contact Information]

[Client’s Name] [Client’s Title] [Client’s Company] [Client’s Company Address]

Dear [Client’s Name],

Introduction: I hope this letter finds you well. My name is [Your Name], and I am the [Your Position] at [Your Company], where we specialize in [briefly describe your core services]. We have followed your company’s journey and are impressed with [something specific about the client’s company or industry].

I am reaching out to propose a partnership where [Your Company] can support [Client’s Company] through our specialized outsourcing services, particularly in [mention relevant services].

Understanding Your Needs: We understand that [Client’s Company] is looking to [mention the specific needs or challenges the client is facing], and we believe that our services align perfectly with your objectives.

At [Your Company], we prioritize [mention a key company value that aligns with the client’s values or needs], ensuring that our clients receive [mention the benefit or result of your service].

Our Services and Value Proposition: [Your Company] offers a comprehensive suite of services designed to [mention the main goal or outcome of your services]. What sets us apart is our [mention your unique value proposition], which ensures [mention the specific benefit or result for the client].

Our team of [mention your experts or professionals] is adept at [mention a key process or methodology], which has proven effective for clients in [mention an industry or sector, if relevant].

Our Approach and Methodology: We approach each project with [mention your approach, e.g., a client-centric mindset], ensuring that our solutions are tailored to meet your specific needs.

Our methodology involves [describe your methodology in a few steps or key points], which allows us to [mention the outcome or benefit of your methodology].

Success Stories: We have had the privilege of working with [mention a general description of previous clients, e.g., various Fortune 500 companies or small to medium enterprises] where we achieved [mention a key achievement or result].

For instance, in our recent project with [mention a generic client or case study], we were able to [mention a specific result], resulting in [mention the impact].

Next Steps: We are eager to discuss how [Your Company] can support [Client’s Company] in achieving [mention a specific goal or outcome]. I would be delighted to arrange a meeting or call to explore this potential partnership further and answer any questions you may have.

Please feel free to reach out to me directly at [Your Phone Number] or [Your Email]. I look forward to the possibility of working together to achieve [mention a shared goal or outcome].

Thank you for considering [Your Company] as your outsourcing partner. We are committed to delivering [mention a key benefit or value] and are excited about the prospect of contributing to [Client’s Company]’s continued success.

[Your Name] [Your Position] [Your Company] [Your Contact Information]

Personal Tips from Experience

• Be Personal: While maintaining professionalism, personalize the letter to make the client feel valued and understood.
• Clarity is Key: Avoid jargon or overly complex language; ensure your proposal is clear and easy to understand.
• Follow Up: Don’t hesitate to follow up after sending your proposal. A gentle reminder can sometimes make all the difference.

Crafting an effective outsourcing proposal letter is a blend of art and science. By understanding the client’s needs, highlighting your unique value, and clearly articulating your approach, you can create a compelling proposal that stands out.

Remember, your proposal is not just a sales pitch; it’s an opportunity to start building a relationship with your potential client.

I’d love to hear about your experiences with writing outsourcing proposal letters or any questions you might have. Feel free to share your thoughts or ask for advice in the comments below.

Frequently Asked Questions (FAQs)

Q: What is an outsourcing proposal letter?

Answer: An outsourcing proposal letter is a formal document or correspondence sent by one company (typically a service provider) to another company, detailing an offer or proposal to handle specific tasks or operations on their behalf. 

This letter aims to explain why outsourcing is beneficial and why the sender is the best choice for the job.

Q: Why is an outsourcing proposal letter essential for businesses?

Answer: An outsourcing proposal letter is crucial because it serves as a professional approach to offering specialized services. This document not only showcases the provider’s capabilities but also demonstrates their understanding of the potential client’s needs. In essence, a well-crafted outsourcing proposal letter can open doors to new business opportunities and collaborations.

Q: What should be included in an effective outsourcing proposal letter?

Answer: An effective outsourcing proposal letter should contain a clear introduction stating the purpose, details about the service provider (such as experience and past successes), a comprehensive list of the services offered, a financial breakdown, personalized content catering to the recipient’s needs, and a call-to-action. 

Additionally, it’s advisable to maintain a professional tone and format throughout the letter to make a lasting impression.

Q: How can one make their outsourcing proposal letter stand out from competitors?

Answer: To make an outsourcing proposal letter stand out, it’s essential to demonstrate a deep understanding of the prospective client’s industry, challenges, and needs. 

Personalization, real-life success stories, client testimonials, and a unique value proposition can also differentiate one’s outsourcing proposal letter from the rest.

Q: How often should businesses update their outsourcing proposal letter templates?

Answer: Businesses should periodically review and update their outsourcing proposal letter templates to keep them current with industry trends, their evolving service offerings, and feedback from potential clients. 

A fresh perspective and up-to-date content can enhance the effectiveness of an outsourcing proposal letter.

Q: Can an outsourcing proposal letter also serve as a contractual agreement?

Answer: While an outsourcing proposal letter outlines the services a company offers and the terms under which they propose to work, it typically doesn’t serve as a legally binding contract. 

However, once both parties agree upon the terms mentioned in the outsourcing proposal letter, they can formalize the agreement in a separate, detailed contract.

Q: How should a business respond if their outsourcing proposal letter is rejected?

Answer: If an outsourcing proposal letter is rejected, businesses should first seek feedback to understand the reasons behind the decision. This feedback can be invaluable for refining future proposals. 

It’s also crucial to maintain professionalism in the response, expressing gratitude for the consideration and openness to potential future collaborations.

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Outsourcing Manager Cover Letter

15 outsourcing manager cover letter templates.

How to Write the Outsourcing Manager Cover Letter

In response to your job posting for outsourcing manager, I am including this letter and my resume for your review.

Previously, I was responsible for financial services expertise involving tax research and application of specialize industry knowledge and accounting principles.

Please consider my experience and qualifications for this position:

• Manage and train internal staff and clients
• Efficient and effective management of client account
• Meeting with committees to report on project progress and ensuring management report packs are completed and distributed monthly
• Manage client environments and resources to troubleshoot any issues arising
• Manage team dynamics and individual performance
• Manage all risks related to program development to ensure confidentiality of client information
• Ongoing evaluation of security risks and changes to programs to minimize risk
• Monitor that team meet all deadlines relating to internal processes expense claims, timesheets, leave, absences

Thank you for considering me to become a member of your team.

Shae Hackett

• Microsoft Word (.docx) .DOCX
• PDF Document (.pdf) .PDF
• Image File (.png) .PNG

Responsibilities for Outsourcing Manager Cover Letter

Outsourcing manager responsible for technical knowledge and leadership to the project team in relation to tax and accounting principles in relation to superannuation and managed investment scheme’s reporting.

Outsourcing Manager Examples

Example of outsourcing manager cover letter.

I would like to submit my application for the outsourcing manager opening. Please accept this letter and the attached resume.

In the previous role, I was responsible for tax advice and guidance to the Finance Team on the Tax treatment of accounting transactions e.g.

Please consider my qualifications and experience:

• Participate in broader outsourcing teams to understand offerings
• In-depth knowledge of SAGE X3 and broad knowledge of ERP systems
• Good working knowledge of MS Excel, Word
• Sound Consulting experience
• Global team contribution - Contribute to the Global CWS(Contingent Workforce Solution) team by leading internal projects, new initiatives to make greater impact and increase contribution to the CWS team performance and evolvement to its next performance level
• Excellent communication skills in both verbal and written in English and Mandarin
• Assist the internal clients to manage contract changes by providing support for contract amendments, monitoring, tracking, and execution, and for periodic reports on contract changes
• Are capable of solving complex strategic problems related to financial, business and technological aspects

Thank you in advance for reviewing my candidacy for this position.

Campbell Daugherty

In my previous role, I was responsible for support to other departments AP, Reimbursement, Accounting, Clinical Operations as needed regarding accruals, accounting, requests and other administrative matters.

• Highly developed written, verbal and listening skills
• Proactive and self-motived
• Game Outsourcing relevant experience
• Master advance notions in Excel
• Professional attitude and excellent interpersonal skills
• Excellent analytical, negotiation and business communication skills
• Proficient with word processing, spreadsheet and database software, and clinical and financial systems
• Sound background in financial/controlling issues

Thank you in advance for taking the time to read my cover letter and to review my resume.

Hayden Crooks

I submit this application to express my sincere interest in the outsourcing manager position.

In my previous role, I was responsible for input to the investment plan, help align processes and financial reporting between CRO, and Finance Colleagues and perform change order management where required.

My experience is an excellent fit for the list of requirements in this job:

• Experience in drug development in the pharmaceutical industry or with a CRO or laboratory
• Detailed understanding of the clinical development process and robust understanding of the management of clinical trials
• Knowledge of GCP guidelines
• Procurement /category management expertise (preferably in a clinical research services)
• Strong customer focus, results driven orientation, & ethics
• Expert skills in Microsoft Office Suite applications
• Process Improvement certification (Kaizen or Lean/Six Sigma)
• A sincere passion and obsession for our Customers

Thank you for taking your time to review my application.

Stevie Rutherford

In the previous role, I was responsible for business valuations services for matrimonial settlements, estate tax purposes, gift planning, shareholder disputes, buy/sell agreements, and complex forensic accounting projects.

• Demonstrated record of achieving process improvement results through technology change and process changes
• Experience developing or enhancing written procedures for operations processes is preferred
• BS, MS, Ph.D, PharmD
• Drug development knowledge with moderate to strong understanding of R&D functions including Pre-Clinical, Clinical, Regulatory, Safety and Compliance
• Knowledge of clinical supplier relationship management practices, contract negotiation and collaboration agreements
• Familiarity/experience with Project Management principles/tools
• Interfaces effectively with all levels of management (internal and external)
• Distinguish proper balance between strategic and tactical thinking and react to Clinical/R&D Franchise needs

Rory Hessel

In my previous role, I was responsible for oversight to Senior Clinical Trial Associate in developing automated systems for improved workflow.

• Computer literate, with a good understanding of Microsoft Powerpoint, Visio, Excel and Word
• Manages outsourced analytical and quality control testing activities for small molecule active pharmaceutical ingredients and drug products
• Develops strategy for management of outsourced testing needs, considering timelines, risk mitigation and business priorities
• Develops, executes and ensures compliance to procedures for outsourced testing oversight
• Manages a team to coordinate and monitor GMP sample shipments to and from contract organizations
• Develops effective strategies for the evaluation and selection of contract organizations
• Coordinates with legal and quality assurance groups to establish confidentiality/nondisclosure agreements, service terms and conditions, and quality agreements
• Reviews and facilitate approval of proposals, work orders, and changes of scope

Greer Stroman

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Sourcing Specialist Cover Letter Sample

Enhance your career prospects and learn to perfect your new cover letter with our free, expertly drafted Sourcing Specialist cover letter sample. Copy-paste this cover letter sample at no cost or try to redesign it using our sleek cover letter creator.

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Sourcing Specialist Cover Letter Sample (Full Text Version)

Eline Bossink

Dear Sir/Madam,

With more than four years of extensive industry experience and well-developed field expertise, I am excited to be submitting my application for the Sourcing Specialist job within YR International, LLC in London as advertised on LinkedIn.com. I am confident that I am a perfect candidate and I am also certain that I would meet and exceed all your expectations for this role.

As stated in my attached CV, I am a Certified Strategic Resourcing Professional with excellent leadership skills and the crucial ability to solve complex problems. At AR Resourcing, Ltd., I was known for my pro-active approach and excellent work ethic. There, I was mainly in charge of coordinating multiple business projects, identifying and evaluating founding opportunities, and communicating with clients and business partners. Additionally, I completed professional market research, maintained relevant documents and records, and analyzed the company's procurement needs. For constantly performing excellent work, I won the Employee of the Month Award.

Next, I am the University of Warwick graduate with a degree in Business Administration. Possessing the experience with all software programs necessary for the role, including Hub Planner, Mavenlink, and MS Office, I would appreciate the opportunity to meet with you in person to discuss the job and my qualifications in more detail. I can be reached in confidentiality at 555-555-5555 or via email at [email protected]. Thank you for your time and consideration and I look forward to speaking with you in the near future.

Kind regards,

Milan Šaržík, CPRW

Milan’s work-life has been centered around job search for the past three years. He is a Certified Professional Résumé Writer (CPRW™) as well as an active member of the Professional Association of Résumé Writers & Careers Coaches (PARWCC™). Milan holds a record for creating the most career document samples for our help center – until today, he has written more than 500 resumes and cover letters for positions across various industries. On top of that, Milan has completed studies at multiple well-known institutions, including Harvard University, University of Glasgow, and Frankfurt School of Finance and Management.

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How to Write a Proposal Letter for Outsourcing

• Small Business
• Business Communications & Etiquette
• Writing Business Proposals
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An Outline to Pitch an Idea to a Company

What are the causes of outsourcing failures, the advantages of fixed price contracts.

• How to Fire an Employee Who Never Returns to Work
• Can My Employee Freelance?

Outsourcing is enjoying a surge in respectability now that businesses of all types and sizes are striving to contain costs and operate more efficiently. Making the case for outsourcing often crosses the desk of a business owner when she seeks a business loan and must explain the rationale in a proposal letter. Treat the exercise as one part problem-solution writing, one part argumentative writing, which requires you to anticipate and address possible objections. Choose your words with clarity and precision and then watch your proposal come to fruition.

Assess your company’s experience with outsourcing and plot your proposal accordingly. For example, if your company has outsourced job functions in the past with positive results, you may face an “easy sell.” If it has outsourced functions with negative outcomes, you would be smart to address how your proposal would eliminate past disappointments. And if your company has never outsourced a job function, you would be wise to break down resistance and provide greater specifics about why this “novel concept” is worth implementing. Anticipating responses will help you formulate a more compelling letter.

Research outsourcing options in the interest of answering a key question: How will your company find a competent person to fulfill the need at hand? Gather information and document cost estimates. To sell your outsourcing proposal, you must be sold on it yourself.

Begin your proposal letter with an acknowledgement of the problem or issue at hand and your sound belief in the solution: outsourcing. Let’s say you are running a growing remodeling business that must submit timely bids to potential customers. Your team of contractors are busy meeting with clients and taking measurements but have no time to write up professional proposals with itemized costs. The work is sporadic – frenetic some weeks and virtually non-existent during others. In this case, your thought-provoking opening paragraph might say, “As my company enjoys a profitable resurgence, it behooves me to look at ways that I can continue to provide the premier customer service my company is known for while containing costs. In this spirit, I believe I should outsource the task of writing up bids and sending client letters to an independent contractor.”

Take a step back from your proposal and describe the problem – in this case, that your team of contractors are struggling to provide timely bids. Illustrate the problem in real, tangible terms with anecdotes. In this example, you might explain how your contractors are trying to be responsive to client calls but cannot keep up with the follow-through: submitting timely project bids.

Describe the consequences of the present situation. In this case, you might detail how your contractors are chalking up overtime hours but are still failing to submit timely project bids. Calculate how much these “lost” bids are worth to your company in real dollars.

Present your case for outsourcing and emphasize the positives – in this case underscoring that the independent contractor you hire will afford your company the value of responding promptly to peak periods of activity while restoring greater profitability to your company. Explain the “mechanics” of the outsourcing arrangement, estimating the projected costs and the talent pool you will draw from, based on your research. Make the point that unlike an employee, a contractor is not entitled to medical and other health benefits, which makes the arrangement a cost-saver right from the start.

Anticipate and address objections to your proposal, based on your company’s culture and track record with independent contractors. In this example, you might cede the obvious tack of hiring a part- or full-time employee but then point out the wastefulness of paying this employee during lulls in the business. Remember that outsourcing allows you flexibility as well as the ability to outline your specific terms in a written contract. Emphasize that you can clearly outline these terms in an agreement that can be voided upon written notice.

Express your conviction that outsourcing is the best and most cost-efficient option to solve the problem your company faces. Remain open-minded to modifications to your proposal and express your wish to discuss the issue in a constructive forum. Thank the letter recipient for her time and consideration.

• Letters from the Homeroom: Sample Letters: Persuasion Letters
• Colorado State University: Writing Guide: Business Letters
• The Writing Center at the University of North Carolina-Chapel Hill: Writing Concisely
• Writing Arguments; John Ramage, John Bean and June Johnson; 2001
• The New St. Martin’s Handbook; Andrea Lunsford and Robert Connors; 1999.
• Purdue University Online Writing Lab: Writing the Basic Business Letter
• After writing your proposal, put it aside for a few days so you can review it with a fresh pair of eyes and a renewed desire for specificity. Be your own worst critique before you allow others to assume that role.

With education, health care and small business marketing as her core interests, M.T. Wroblewski has penned pieces for Woman's Day, Family Circle, Ladies Home Journal and many newspapers and magazines. She holds a master's degree in journalism from Northern Illinois University.

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How to Write a Cover Letter in 2024 + Examples

After weeks of heavy job search, you’re almost there!

You’ve perfected your resume. 

You’ve short-listed the coolest jobs you want to apply for.

You’ve even had a friend train you for every single interview question out there.

But then, before you can send your application and call it a day, you remember that the job ad requires a cover letter.

Now you’re stuck wondering how to write a cover letter ...

Don’t panic! We’ve got you covered. Writing a cover letter is a lot simpler than you might think. 

In this guide, we’re going to teach you how to write a cover letter that gets you the job you deserve.

• What’s a cover letter & why it’s important for your job search
• How to write a convincing cover letter that gets you the job (step-by-step!)
• How to perfect your cover letter with the Novoresume free checklist
• What excellent cover letter examples look like

New to cover letter writing? Give our resumes 101 video a watch before diving into the article!

So, let’s get started with the basics!

What is a Cover Letter? (and Why It’s Important)

A cover letter is a one-page document that you submit as part of your job application (alongside your CV or Resume). 

Its purpose is to introduce you and briefly summarize your professional background. On average, your cover letter should be from 250 to 400 words long .

A good cover letter can spark the HR manager’s interest and get them to read your resume. 

A bad cover letter, on the other hand, might mean that your application is going directly to the paper shredder. So, to make sure this doesn’t happen, it’s essential to know how to write a convincing cover letter.

How does a good cover letter look, you might ask. Well, here’s an example:

Keep in mind, though, that a cover letter is a supplement to your resume, not a replacement. Meaning, you don’t just repeat whatever is mentioned in your resume.

If you’re writing a cover letter for the first time, writing all this might seem pretty tough. After all, you’re probably not a professional writer.

The thing is, though, you don’t need to be creative, or even any good at writing. All you have to do is follow a tried-and-tested format:

• Header - Input contact information
• Greeting the hiring manager
• Opening paragraph - Grab the reader’s attention with 2-3 of your top achievements
• Second paragraph - Explain why you’re the perfect candidate for the job
• Third paragraph - Explain why you’re a good match for the company
• Formal closing

Or, here’s what this looks like in practice:

How to Write the Perfect Cover Letter (And Get Hired!)

Now that we’ve got the basics out of the way, we’re going to guide you through the process of writing a cover letter step by step. 

Step #1 - Pick the Right Cover Letter Template

A good cover letter is all about leaving the right first impression.

So, what’s a better way to leave a good impression than a well-formatted, visual template?

You can simply pick one of our hand-picked cover letter templates , and you’ll be all set in a jiffy!

As a bonus, our AI will even give you suggestions on how to improve your cover letter on the go.

Step #2 - Start the Cover Letter with a Header

As with a resume, it’s important to start your cover letter with a Contact Information section:

Here, you want to include all essential information, including:

• Phone Number
• Name of the hiring manager / their professional title
• Name of the company you’re applying to

In certain cases, you might also consider adding:

• Social Media Profiles - Any type of profile that’s relevant to your field. Social Profiles on websites like LinkedIn, GitHub (for developers), Medium (for writers), etc.
• Personal Website - If you have a personal website that somehow adds value to your application, you can mention it. Let’s say you’re a professional writer. In that case, you’d want to link to your blog.

And here’s what you shouldn’t mention in your header:

• Your Full Address 
• Unprofessional Email - Make sure your email is presentable. It’s pretty hard for a hiring manager to take you seriously if your email address is “[email protected].” Whenever applying for jobs, stick to the “[first name] + [last name] @ email provider.com” format.

Step #3 - Greet the Hiring Manager

Once you’ve properly listed your contact information, you need to start writing the cover letter contents.

The first thing to do here is to address the cover letter to the hiring manager .

That’s right, the hiring manager! Not the overly popular “Dear Sir or Madam.” You want to show your future boss that you did your research and are really passionate about working with their team.

No one wants to hire a job seeker who just spams 20+ companies and hopes to get hired in any of them.

So, how do you find out who’s the hiring manager? There are several ways to do this. 

The simplest option is to look up the head of the relevant department on LinkedIn. Let’s say you’re applying for the position of a Communication Specialist at Novoresume. The hiring manager is probably Head of Communications or Chief Communications Office.

So, you do a quick lookup on LinkedIn:

And voila! You have your hiring manager.

Or let’s say you’re applying for the position of a server. In that case, you’d be looking for the “restaurant manager.”

If this doesn’t work, you can also check out the “Team” page on the company website; there’s a good chance you’ll at least find the right person there.

Here are several other greetings you could use:

• Dear [Department] Hiring Manager
• Dear Hiring Manager
• To whom it may concern
• Dear [Department] Team

Step #4 - Write an Attention-Grabbing Introduction

First impressions matter, especially when it comes to your job search.

Recruiters get hundreds, sometimes even thousands, of applications. Chances are, they’re not going to be reading every single cover letter end-to-end.

So, it’s essential to catch their attention from the very first paragraph .

The #1 problem we see with most cover letter opening paragraphs is that they’re usually extremely generic. Most of them look something like this..

• Hey, my name is Jonathan and I’d like to work as a Sales Manager at XYZ Inc. I’ve worked as a sales manager at MadeUpCompany Inc. for 5+ years, so I believe that I’d be a good fit for the position.

See the issue here? This opening paragraph doesn’t say pretty much anything except the fact that you’ve worked the job before.

Do you know who else has similar work experience? All the other applicants you’re competing with.

Instead, you want to start off with 2-3 of your top achievements to really grab the reader’s attention. Preferably, the achievements should be as relevant as possible to the position.

So now, let’s make our previous example shine:

My name’s Michael and I’d like to help XYZ Inc. hit and exceed their sales goals as a Sales Manager. I’ve worked with Company X, a fin-tech company, for 3+ years. As a Sales Representative, I generated an average of $30,000+ in sales per month (beating the KPIs by around 40%). I believe that my previous industry experience, as well as excellence in sales, makes me the right candidate for the job.

See the difference between the two examples? If you were the hiring manager, which sales manager would you hire, Jonathan or Michael?

Now that we’ve covered the introduction, let’s talk about the body of your cover letter. This part is split into two paragraphs: the first is for explaining why you’re the perfect person for the job, and the latter is for proving that you’re a good fit for the company.

So, let’s get started...

Step #5 - Explain why you’re the perfect person for the job

This is where you show off your professional skills and convince the HR manager that you’re a better fit for the job than all the other applicants.

But first things first - before you even write anything, you need to learn what the most important requirements for the role are. So, open up the job ad and identify which of the responsibilities are the most critical.

For the sake of the example, let’s say you’re applying for the position of a Facebook Advertiser. You scan the job ad and see that the top requirements are:

• Experience managing a Facebook ad budget of $10,000+ / month
• Some skills in advertising on other platforms (Google Search + Twitter)
• Excellent copywriting skills

Now, in this section, you need to discuss how you fulfill these requirements. So, here’s how that would look for our example:

In my previous role as a Facebook Marketing Expert at XYZ Inc. I handled customer acquisition through ads, managing a monthly Facebook ad budget of $20,000+ . As the sole digital marketer at the company, I managed the ad creation & management process end-to-end. Meaning, I created the ad copy , images, picked the targeting, ran optimization trials, and so on.

Other than Facebook advertising, I’ve also delved into other online PPC channels, including:

• Google Search

Are you a student applying for your first internship? You probably don’t have a lot of work experience to show off in this section. Learn how to write an internship cover letter here.

Step #6 - Explain why you’re a good fit for the company

Once you’ve written the last paragraph, you might be thinking - I’m a shoo-in for the job! What else do I need to write? I’ll just wrap up the cover letter and hit that sweet SEND button.

Well, no. You’re not quite there yet.

The HR manager doesn’t only look at whether you’ll be good at the job or not. They’re looking for someone that’s also a good fit for the company culture.

After all, employees that don’t fit in are bound to quit, sooner or later. This ends up costing the company a ton of money, up to 50% of the employee’s annual salary . 

Meaning, you also need to convince the HR manager that you’re really passionate about working with them.

How do you do this? Well, as a start, you want to do some research about the company. You want to know things like:

• What’s the company’s business model?
• What’s the company product or service? Have you used it?
• What’s the culture like? Will someone micro-manage your work, or will you have autonomy on how you get things done?

So, get to Googling. Chances are, you’ll find all the information you need either on the company website or somewhere around the web.

Then, you need to figure out what you like about the company and turn that into text.

Let’s say, for example, you’re passionate about their product and you like the culture of innovation / independent work in the organization.

You’d write something like:

I’ve personally used the XYZ Smartphone, and I believe that it’s the most innovative tech I’ve used in years. The features such as Made-Up-Feature #1 and Made-Up-Feature #2 were real game changers for the device. 

I really admire how Company XYZ thrives for excellence for all its product lines, creating market-leading tech. As someone that thrives in a self-driven environment, I truly believe that I and Company XYZ will be a great match.

What you don’t want to do here is be super generic for the sake of having something to write. Most job seekers tend to mess this one up. Let’s take a look at a very common example we tend to see (way too often):

I’d love to work for Company XYZ because of its culture of innovation. I believe that since I’m super creative, I’d be a good fit for the company. The company values of integrity and transparency really vibe with me.

See what’s wrong here? The example doesn’t really say anything about the company. “Culture of Innovation” is something most companies claim to have. 

The same goes for “values of integrity and transparency” - the writer just googled what the values for the organization are, and said that they like them.

Any hiring manager that reads this will see through the fluff.

So, make sure to do a lot of research and come up with good reasons why you're applying.

Step #7 - Wrap up with a call to action

Finally, it’s time to finish up your cover letter and write the conclusion.

In the final paragraph, you want to:

• Wrap up any points you couldn't in the previous paragraphs. Do you have anything left to say? Any other information that could help the hiring manager make their decision? Mention it here.
• Thank the hiring manager for their time. It never hurts to be courteous, as long as you don’t come off as too needy.
• Finish the cover letter with a call to action. The very last sentence in your cover letter should be a call to action. You should ask the hiring manager to take some sort of action.

And now, let’s turn this into a practical example:

So to wrap it all up, thanks for looking into my application. I hope I can help Company X make the most out of their Facebook marketing initiatives. I'd love to further discuss how my previous success at XYZ Inc. can help you achieve your facebook marketing goals.

Step #8 - Use the right formal closing

Once you’re done with the final paragraph, all you have to do is write down a formal “goodbye” and you’re good to go.

Feel free to use one of the most popular conclusions to a cover letter:

• Best Regards,
• Kind Regards,

And we’re finally done! Before sending off the cover letter, make sure to proofread it with software like Grammarly, or maybe even get a friend to review it for you.

Does your cover letter heading include all essential information?

• Professional email
• Relevant Social Media Profiles

Do you address the right person? I.e. hiring manager in the company / your future direct supervisor

Does your introductory paragraph grab the reader's attention?

• Did you mention 2-3 of your top achievements?
• Did you use numbers and facts to back up your experience?

Do you successfully convey that you’re the right pro for the job?

• Did you identify the core requirements?
• Did you successfully convey how your experiences help you fit the requirements perfectly?

Do you convince the hiring manager that you’re passionate about the company you’re applying to?

• Did you identify the top 3 things that you like about the company?
• Did you avoid generic reasons for explaining your interest in the company?

Did you finalize the conclusion with a call to action?

Did you use the right formal closure for the cover letter?

5+ Cover Letter Examples

Need some inspiration? Read on to learn about some of the best cover letter examples we’ve seen (for different fields).

College Student Cover Letter Example

Middle Management Cover Letter Example

Career Change Cover Letter Example

Management Cover Letter Example

Senior Executive Cover Letter Example

Want to discover more examples AND learn what makes them stand out? Check out our guide to cover letter examples .

Next Steps in Your Job Search - Creating a Killer Resume

Your cover letter is only as good as your resume. If either one is weak, your entire application is for naught. 

After all, a cover letter is just an introduction. Imagine going through all this effort to leave an amazing first impression, but flopping at the end because of a mediocre resume.

...But don’t you worry, we’ve got you covered on that end, too.

If you want to learn more about Resumes & CVs, we have a dedicated FREE guide for that. Check out our complete guide on how to make a resume , as well as how to write a CV - our experts will teach you everything you need to know in order to land your dream job.

Or, if you’re already an expert, just pick one of our resume templates and get started.

Key Takeaways

Now that we’ve walked you through all the steps of writing a cover letter, let’s summarize everything we’ve learned:

• A cover letter is a 250 - 400 word document that convinces the hiring manager of your competence
• A cover letter goes in your job application alongside your resume
• Your introduction to the cover letter should grab the hiring manager’s attention and keep it all the way until the conclusion
• There are 2 main topics you need to include in your cover letter: why you’re the perfect candidate for the job & why you’re passionate about working in the company you’re applying to
• Most of the content of your cover letter should be factual , without any fluff or generalizations

At Novorésumé, we’re committed to helping you get the job you deserve, every step of the way! Follow our blog to stay up to date with the industry-leading advice. Or, check out some of our top guides…

• How to Write a Motivational Letter
• How to Write a Resume with No Work Experience
• Most Common Interview Questions and Answers

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Top 10 Outsourcing Proposal Templates with Samples and Examples

Mohammed Sameer

"Do what you do best and outsource the rest." - Peter Drucker (American consultant, educator, and author)

In today's business, delegation has become a strategic necessity, allowing companies to allocate their resources wisely and concentrate on what they do best. As business landscapes evolve at the speed of thought, management has to strike a balance between in-house excellence and external expertise. Some of the biggest and most renowned players in the corporate arena have taken to outsourcing, reaping the dividends of handing over their operations to specialized partners. Let's take a closer look at how global giants like Apple, IBM, and Amazon have used outsourcing to enhance efficiency, reduce costs, and excel.

Apple Inc. , a name synonymous with innovative technology, has long recognized the power of outsourcing. The manufacturing of Apple's iconic products, such as the iPhone and iPad, is entrusted to companies like Foxconn and Pegatron. After doing this, Apple can direct its expertise toward product design and software development, using the manufacturing proficiency of these outsourcing partners. The result? High-quality devices that have redefined industries and set new standards in innovation.

IBM , a pioneer in the world of information technology, has a history of outsourcing IT services to industry leaders like Tata Consultancy Services (TCS) and Wipro. This strategic decision has allowed IBM to provide cost-effective solutions to clients while zeroing in on its core competencies, such as research and development. With outsourcing, IBM has cemented its status as a trusted global technology partner.

Meanwhile, e-commerce giant  Amazon  has outsourced its customer service operations to third-party call centers in many countries. This approach has been instrumental in Amazon's ability to offer around-the-clock customer support, even as it also focuses on expanding its e-commerce empire and dominating the cloud services market. It's a testament to Amazon's commitment to delivering unparalleled customer experiences.

These examples illustrate the profound impact that outsourcing can have on a company's success. These underline the importance of concentrating on core competencies and relying on specialists to handle ancillary functions. As your journey through this blog unfolds, you'll discover how  outsourcing proposal templates  can empower businesses of all sizes to follow in the footsteps of these industry giants, grab new opportunities, and streamline operations.

The 100% editable and customizable nature of these PowerPoint Templates provides you with the structure and the desired flexibility to edit your presentations.

Let's explore!

Template 1: Executive Summary Outsourcing Proposal PPT Bundle

Creating an effective executive summary for your outsourcing PowerPoint Presentation has never been more convenient. This comprehensive outsourcing PPT Slideshow enables you to articulate your company's mission and vision and the meeting's agenda to your workforce, facilitating a deeper comprehension of the organization's objectives. The presentation covers executive dashboards, sales performance, financial metrics, target markets, market share objectives, key potential clients, customer growth strategies, and specific focus areas. The deck includes slides on unique selling propositions, value proposition expansion, feedback mechanisms, potential pricing, and profit margins. To ensure a comprehensive proposal, we have also included creative executive summary business plan PowerPoint Designs covering product sales volume, critical areas of focus, identified issues and bottlenecks, action plans, desired outcomes, and potential solutions. It also includes informative charts such as clustered columns, bar graphs, bubble charts, stacked line graphs, and filled radar charts. Download now!

Download this template

Template 2: Payroll  Outsourcing Proposal Template

To present your services to potential clients in a compelling and confidence-inspiring manner, we offer our specialized Payroll Outsourcing Proposal Template. This resource empowers you to craft an impressive cover letter, differentiating yourself from competitors and capturing your audience’s attention. This includes articulating the objectives of payroll services, outlining its timeframe, presenting payroll files and reports, offering a summary of payroll service costs, and detailing terms and conditions, among other essential components. This PPT Set enables you to articulate your services, encompassing total tax service, deduction tracking and reporting, new hire reports, employee self-service, custom reports, electronic payroll reports, timekeeping systems, and direct deposits. Besides, the template helps showcase your company's accounting services, including year-end tax statements and summaries, quarterly tax payment reports, ledger maintenance, inventory account balancing, and yearly accounting reconciliations. Download now! 

Template 3: Human Resource Outsourcing Services Proposal 

Human Resource Outsourcing (HRO) is a strategic approach to address organizational challenges and achieve specific goals. This PPT Deck offers a platform to convey the benefits of HRO. This presentation underlines your expertise in business plan development, policy and procedure creation, employee recruitment, onboarding, and more. It also highlights your successful track record and team's capabilities, strengthening your credibility. The interactive HRO services slide allows transparent cost discussions with prospective clients. Get it today!

Template 4: Information Technology Outsourcing Services Proposal

Businesses outsource to secure top-tier talent for their permanent information technology positions. This strategic decision opens doors to growth prospects by redistributing some operational responsibilities to external staffing experts. This PPT Bundle offers a cost-effective solution tailored to your needs. Staffing agencies can tweak their offerings based on the duration and category of employees required, and whether full-time and part-time. This template provides a comprehensive framework for creating a dynamic pool of staff. This proposal includes a detailed action plan, allocation of resources, and establishing clear objectives, elevating the quality of staffing services. The proposal also delves into strategies for talent retention, mitigating organizational stress, and strengthening workforce stability. It offers a transparent breakdown of the costs associated with the staffing process. Get it today!

Template 5: Offshoring and Outsourcing Proposal 

This PPT Template is a comprehensive proposal tool designed to streamline the B2B sales process, bridging the interaction between the seller and the prospective buyer. This proposal serves a dual purpose by providing essential knowledge and delivering a compelling sales pitch, persuading the buyer. Tailored for the benefit of businesses and professionals operating in the contact center industry, this PPT Set is a strategic resource for crafting superior proposals. Within this presentation, we have incorporated a range of carefully-curated slides, each serving a specific purpose:

1. Cover Letter

2. Project Context and Objectives

3. Scope of Work

4. Key Deliverables

5. Plan of Action

6. Contact Center Price Packages

7. Company Overview

These slides present a comprehensive overview of your organization, the services you offer, and the caliber of your team, supported by client testimonials, real-world case studies, and a detailed statement of work. 

We also offer a clear roadmap of the next steps in the engagement process and provide contact information for further inquiries. Download now!

These were the comprehensive Presentation Sets on Outsourcing Proposals. Now, we’ll discuss the slides you shouldn’t ignore while crafting yours.

Template 6: Your Investment

In the "Your Investment" slide, you present a comprehensive breakdown of the financial aspect of our proposal. This slide is designed to offer a detailed look at the investment proposition and pricing packages designed to suit your specific outsourcing needs. It goes beyond just numbers; it explains the value behind your investment, showcasing the options, service inclusions, and flexible pricing structures to help stakeholders make an informed decision. For instance, in the template below, these are labeled as Essential, Business Plus, Enterprise, and Premium. Download now!

Template 7: Company Overview

The "Company Overview" slide serves as the foundational introduction to your organization. It encapsulates three key components: "Why Us," where you highlight the advantages of choosing your services; "About Us," providing insights into your company's mission, history, and values; and "Our Team," introducing the individuals who will be steering your clients' project toward success. This slide is designed to give you a holistic understanding of your company, its culture, and the team's expertise. Download now!

Template 8: Past Experience

‘Past Experience’ is where you demonstrate our credibility and proven track record. It presents the voice of your satisfied clients through Client Testimonials, offering real-world evidence of your service quality and customer satisfaction. Additionally, it features a detailed Case Study that dives into the challenges, solutions, and successful outcomes of a previous project. This slide provides a deep dive into your ability to deliver results, instilling confidence in your capabilities. Get it today!

Template 9: Statement of Work

The ‘Statement of Work and Contract’ slide is where you lay out your partnership’s legal and operational framework. It explains the terms of service, payment structures, and outlines contract-related specifics such as termination conditions, notice periods, and renewal options. This slide ensures that stakeholders have a clear understanding of the legal and operational aspects of your collaboration, promoting transparency, accountability, and trust. Download now!

Template 10: Next Steps

The "Next Steps" slide serves as a roadmap for what comes after the proposal review. While labeled as a general 'Next Steps' slide, it is crucial as it outlines the precise action plan for moving forward with your proposal. It summarizes the key actions, deadlines, and milestones that will help you transition from the proposal stage to the implementation phase. Download now!

Outsource to Outperform: Crafting Success the Strategic Way

Strategic outsourcing isn’t just a business tactic; it’s a recipe for success. This approach isn't confined to mere efficiency and cost savings; it's a crucible for innovation. Through the lens of outsourcing proposal templates, businesses, regardless of their scale, now hold the blueprint to mirror these triumphs. Download today!

Related posts:

• How to Design the Perfect Service Launch Presentation [Custom Launch Deck Included]
• Quarterly Business Review Presentation: All the Essential Slides You Need in Your Deck
• [Updated 2023] How to Design The Perfect Product Launch Presentation [Best Templates Included]
• 99% of the Pitches Fail! Find Out What Makes Any Startup a Success

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How to Write a Payroll Specialist Cover Letter (With Template)

Key takeaways

• A cover letter can be the most important element in a job application. Ensuring your profile stands out to recruiters is crucial to your professional success.
• A well-tailored cover letter should provide relevant information clearly and concisely. Focus on detailing your skills and why you are the right person for that specific role.
• The included Payroll Specialist cover letter template provides an easy starting point to craft your own cover letters. Adapt and personalize it to fit your profile.

A well-written cover letter is key to quickly getting the attention of prospective employers. Among countless job seekers, resumes, and application letters, yours need to stand out on first impression if you want to ensure your job search   translates to a new role .

In this post, you will discover:

• Reasons why a well-crafted cover letter is key to professional success, from entry-level roles to senior positions
• Cover letter do’s and dont’s
• A Payroll Specialist sample cover letter you can easily adapt and personalize

A well-tailored   cover letter : The key to   job application   success

Ensuring you know how to write a cover letter that is clear, informative, and tailored to the role you are applying to will benefit you in many ways. Well-crafted cover letters have many benefits, which include:

• Showcasing relevance:   Tailoring your cover letter allows you to emphasize the most relevant skills, experiences, and achievements that align with the specific job requirements. This immediately captures the attention of the   talent acquisition   team, recruiters, or human resources reps.
• Demonstrating research:   A good cover letter conveys your understanding of the organization's needs and illustrates how you can contribute to its success, signaling to potential employers that you've done your homework.
• Telling your story:   Each job application is unique, and a tailored cover letter enables you to craft a personalized narrative. It lets you connect your professional journey with the role's specific challenges and opportunities, making your application more compelling.
• Highlighting cultural fit:   Your cover letter allows you to address the company's values, mission, and culture. By aligning your experiences and values with those of the organization, you demonstrate a cultural fit and convey your enthusiasm for being part of the team.
• Addressing specific requirements:   Job postings often include   specific skills or qualifications   the employer is seeking. Tailoring your cover letter enables you to address these requirements directly, showcasing how you possess the desired attributes and can meet the company's expectations.

Cover letter tips

A great cover letter should reflect your professional profile and personality. However, no matter what your cover letter's content is, the tips below will help ensure the message you want to convey is clear and easily accessible to hiring managers.

• Keep it concise:   Aim for a cover letter length of 250-400 words. Be succinct in presenting your qualifications and experiences.
• Use a clean layout:   Opt for a professional and clean cover letter format with a standard font (e.g., Arial, Calibri, or Times New Roman) and a font size of 10-12 points.
• Include   contact information :   Provide your contact information at the top of the cover letter, including your name, phone number, and professional email address.
• Use   headers   and sections:   Organize your cover letter into clear sections with headers such as Introduction, Work Experience, and Achievements for easy readability.
• Maintain a professional tone:   Keep the tone of your cover letter professional and upbeat. Avoid overly casual language, and focus on showcasing your skills and experiences.
• Use keywords:   Incorporate relevant keywords from the Agile Project Manager   job description   and company website into your cover letter. This can help your application pass through   applicant tracking systems (ATS)   used by many employers.
• Highlight achievements with bullet points:   Use bullet points to list specific accomplishments or notable projects. This makes it easier for the reader to grasp your accomplishments quickly.
• Use quantifiable data:   Whenever possible, include quantifiable data to demonstrate the impact of your achievements. Numbers provide concrete evidence of your contributions.
• Match company tone:   Adapt your writing style to match the tone of the company and industry. Research the company's culture to strike the right balance between professionalism and personality.
• Showcase company knowledge:   Demonstrate your understanding of the company by referencing its values, mission, or recent achievements. Explain why you're excited about the opportunity to work for this specific organization.
• Address employment gaps (if applicable):   If you have employment gaps, briefly address them in a positive light, focusing on any skills or experiences gained during those periods.
• Proofread   thoroughly:   Eliminate typos and grammatical errors by proofreading your cover letter multiple times. Consider using tools like Grammarly to catch any overlooked mistakes and ensure your English (or any language you use) is correct.
• Include a   call to action :   Conclude your cover letter with a call to action, expressing your enthusiasm for the opportunity and indicating your readiness for an interview.
• Follow submission instructions:   If there are specific instructions for submitting the cover letter, such as naming conventions or document formats, ensure that you adhere to them.
• Save as a PDF:   Save your cover letter as a PDF before submitting it. This ensures that the formatting remains consistent across different devices and software.

While understanding the correct steps to write a cover letter is crucial to your professional success, knowing what mistakes to avoid is equally important. The best cover letter can easily be made useless by a tiny blunder. Avoid making the mistakes listed below; you will be halfway to your new job.

• Don't use a generic greeting:   Avoid generic salutations like "To whom it may concern," “Dear sir or madam, “ or “Dear hiring manager.“ Whenever possible, address the cover letter to a specific person.
• Don't repeat your resume:   An effective cover letter should complement your resume, not duplicate it. Focus on specific experiences and achievements that showcase your qualifications for the role.
• Don't exaggerate or lie:   Be truthful in your cover letter. Exaggerating your qualifications or providing false information can harm your chances and damage your professional reputation.
• Don't use unprofessional email addresses:   Ensure that the email address you use in your contact information is professional. Avoid using nicknames or unprofessional terms.
• Don't include irrelevant information:   Keep your cover letter focused on the job. Avoid including unrelated personal details or experiences that do not contribute to your suitability for the role.
• Don't use jargon unnecessarily:   While demonstrating your knowledge is essential, avoid unnecessary jargon that may confuse the reader. Use clear and straightforward language.
• Don't sound overly eager:   Expressing enthusiasm is positive but can easily feel unauthentic if overdone.

Remember, the goal of a practical cover letter is to present your qualifications in a clear, organized, and compelling manner while adhering to professional standards.

How to structure your Payroll Specialist cover letter

Convey your sincere interest in the Payroll Specialist position in the opening paragraph. Clearly express your passion for payroll management and your eagerness to contribute to an efficient and accurate payroll process. If applicable, mention any referrals that have influenced your decision to apply for this specific role.

About your current role

Highlight your achievements and strategies in payroll management that have contributed to the financial success of your current team. Emphasize your role in implementing specific payroll procedures or tools that have streamlined processes, demonstrating your proficiency in maintaining accurate and timely payroll records.

Use this section to outline your current responsibilities and ongoing projects, emphasizing how they align with the requirements and objectives of the Payroll Specialist role.

About your experience

Detail your hands-on experience in payroll tasks, underscoring your commitment to accuracy and your contribution to the overall financial health of the organization. Communicate that your payroll skills and readiness for the role are well-established. This section is also an opportunity to highlight the number of years you've spent as a Payroll Specialist and any additional skills acquired throughout your career path .

Notable achievements

Highlight notable accomplishments that showcase your effectiveness as a Payroll Specialist. Whether you played a crucial role in implementing efficient payroll systems, resolving complex payroll discrepancies, or improving the efficiency of payroll processes, use this section to concisely mention your achievements, how they were measured, and their impact on the financial stability of the team or organization.

Why you want to work there

Express your interest in the company by highlighting specific aspects of its payroll practices, mission, and values that resonate with you. Convey how these align seamlessly with your professional goals and how you envision contributing to the company's success through your expertise in payroll management. Be concise but articulate about your motivations.

Specific projects or initiatives that motivated you to apply

Demonstrate your understanding of the organization by referencing specific payroll-related projects or initiatives that have captured your interest. Draw connections between these initiatives and your skills and experiences, emphasizing how your contributions align with the company's payroll goals. This shows your genuine interest and proactive approach to aligning with the company's mission.

In the closing paragraph, reiterate your enthusiasm to contribute to the company's financial success as a Payroll Specialist. Express your eagerness to discuss how your skills align with the company's payroll objectives and invite the reader to reach out with any questions they may have. Sign off with a professional salutation.

Payroll Specialist   cover letter template

Dear [Hiring Manager’s name],

I am writing to express my strong interest in the Payroll Specialist position at [Company Name], as advertised. With a solid background in payroll management and a proven track record of ensuring accurate and timely payroll processing, I am confident in my ability to contribute effectively to your organization.

About my current role

In my current position as a Payroll Specialist at [Current Company], I have:

• Successfully managed end-to-end payroll processes, including timekeeping, deductions, and tax compliance, ensuring accurate and timely disbursement of employee payments.
• Collaborated with HR and finance teams to address payroll-related queries and discrepancies, fostering effective communication and resolution.
• Stayed updated on payroll regulations and tax laws to ensure compliance with relevant legal requirements.

About my Payroll Specialist experience

My experience extends to:

• Utilizing payroll software, such as [specific software], to process payroll efficiently and maintain accurate records.
• Conducting regular audits to identify and correct discrepancies, ensuring payroll accuracy.
• Providing support during internal and external audits related to payroll processes.

Some of my notable achievements include:

• Implementing a streamlined payroll processing system that reduced errors by [percentage] and improved overall efficiency.
• Successfully managing the transition to a new payroll software, ensuring a smooth and error-free migration.
• Developing and delivering employee training programs on payroll-related matters, improving overall understanding, and reducing queries.

Why I want to work for [Company]

I am particularly drawn to [Company Name] due to its [mention aspects unique to the company and are a core part of its mission and values such as commitment to accuracy in payroll, dedication to employee satisfaction, growth,...]. I am excited to apply my payroll management skills to contribute to [Company Name]'s success in ensuring seamless and accurate payroll processes.

Specific projects or initiatives of [Company] that motivated me to apply

In researching [Company Name], I was impressed by your recent initiatives in [specific payroll-related project or achievement]. I believe my experience in payroll management aligns seamlessly with your organizational objectives. My commitment to maintaining accurate payroll records and my dedication to delivering high-quality results would make me a valuable addition to your team.

Thank you for considering my application. I am eager to further discuss how my skills and experiences align with the Payroll Specialist role at [Company Name]. I look forward to the possibility of contributing to your team's success.

[Your Full Name]

Get your career rolling with Deel

Your job application is your chance to tell your professional story, and a well-tailored cover letter is your narrative's opening chapter. Remember that personalization is key. Make each word count, emphasizing how your background uniquely positions you as the ideal candidate, and get your dream job. 

Looking for even more inspiration?   Discover how to write a stellar cover letter in 5 steps .

Discover more tips and tools to help boost your career further and climb the steps to your dream job on   the get-hired content hub .

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Resume Worded   |  Career Strategy

5 business process specialist cover letters.

Approved by real hiring managers, these Business Process Specialist cover letters have been proven to get people hired in 2024. A hiring manager explains why.

Table of contents

• Business Process Specialist
• Senior Business Process Specialist
• Senior Business Process Analyst
• Alternative introductions for your cover letter
• Business Process Specialist resume examples

Business Process Specialist Cover Letter Example

Why this cover letter works in 2024, project management success.

By highlighting a specific accomplishment in process improvement, this cover letter demonstrates the candidate's ability to make a tangible impact. Quantifying the success (25% reduction) adds credibility to the claim.

Applying Expertise to Microsoft

Connecting past experience to how it can benefit the company shows that the candidate is not just focused on themselves, but also on contributing to the company's success.

Training Program Initiative

Sharing an accomplishment that showcases initiative and problem-solving skills helps position the candidate as someone who can identify and address gaps in a company's processes.

Training Program Results

Providing specific results (40% decrease) from the training program initiative emphasizes the candidate's ability to create value for the company, making them a strong fit for the role.

Draw on personal experiences with the company

In your cover letter, try to connect your personal experience with the company's products or services. This shows your genuine interest in the company and demonstrates that you already understand their offerings. For instance, if you've used IBM's Watson for a college project, do mention it. It shows you are already familiar with their products, which is a huge bonus.

Detailing specific achievements

When you mention projects you led that resulted in clear, quantifiable benefits, it gives me a concrete idea of what you can achieve. You've reduced time-to-market by 30% - that's impressive and shows that you can deliver results. This is what recruiters want to see.

Understanding the bigger picture

Here, you're showing that you understand how your role fits into the overall business. By stating that you understand the value of data-driven decision making and efficient processes, you're demonstrating that you're not just focused on your tasks, but on how they impact the company's success.

Aligning personal drive with company's goals

It's refreshing to see your excitement about the opportunity to apply your skills in dynamic environments. This shows that you're not looking for a 'business as usual' role, but thrive on challenges and innovation, which aligns well with tech companies like Google.

Emphasizing cultural fit

By stating that you thrive in environments that challenge the status quo, you're indirectly showing that you'd fit right into an innovative, forward-thinking culture. You're not just here for a job, but to bring a fresh perspective and drive change - that’s a great selling point.

Polite sign-off

I appreciate your polite sign-off. It's a small detail, but it shows your politeness and good manners, which can go a long way.

Senior Business Process Specialist Cover Letter Example

Highlight relevant achievements.

Always highlight your achievements that are most relevant to the job you're applying for. If you've led an initiative that improved process efficiency, mention it. This not only shows your ability to take initiative but also that you can achieve results. Just remember, the more relevant your achievements are to the job, the better.

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Senior Business Process Analyst Cover Letter Example

Highlighting valuable skills learned.

By stating that your project taught you the importance of holistic analysis and cross-functional collaboration, you're showing me—not just telling me—that you're a team player and a strategic thinker, which are essential qualities for a Senior Business Process Analyst.

Proving effectiveness

You're not just saying you can drive change – you're proving it with your accomplishments. When you mention how your predictive analytics project improved demand forecasting accuracy by 35%, it gives me confidence in your abilities.

Matching personal interest with company's objectives

You're not just applying for a job at Amazon, you're genuinely interested in the company. You admire their work in logistics and customer experience, which is exactly what this role is about. That shows me you're not just in it for the paycheck, but are genuinely interested in the work.

Self-confidence

While it's important not to sound arrogant, your statement of confidence in your skills is refreshing. You back it up with evidence of your track record, which makes your self-assurance feel more credible and not just empty boasting.

Appreciation and enthusiasm

Your thank you note is a nice touch, not just as a polite sign-off, but it also subtly shows your enthusiasm for the opportunity to contribute to Amazon's success and innovation.

Alternative Introductions

If you're struggling to start your cover letter, here are 6 different variations that have worked for others, along with why they worked. Use them as inspiration for your introductory paragraph.

Cover Letters For Jobs Similar To Business Process Specialist Roles

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Thank you for the checklist! I realized I was making so many mistakes on my resume that I've now fixed. I'm much more confident in my resume now.

How to Write a Proposal Letter for Outsourcing

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Lisa's journalism career spans two decades, and she currently serves as the Americas Day Editor for the Global News Desk. She played a pivotal role in tracking the COVID pandemic and leading initiatives in speed, headline writing and multimedia. She has worked closely with the finance and company news teams on major stories, such as the departures of Twitter CEO Jack Dorsey and Amazon’s Jeff Bezos and significant developments at Apple, Alphabet, Facebook and Tesla. Her dedication and hard work have been recognized with the 2010 Desk Editor of the Year award and a Journalist of the Year nomination in 2020. Lisa is passionate about visual and long-form storytelling. She holds a degree in both psychology and journalism from Penn State University.

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Larry Fink’s 2024 Annual Chairman’s Letter to Investors

Time to rethink retirement.

When my mom passed away in 2012, my dad started to decline quickly, and my brother and I had to go through my parents’ bills and finances.

Both my mom and dad worked great jobs for 50 years, but they were never in the top tax bracket. My mom taught English at the local state college (Cal Northridge), and my dad owned a shoe store.

I don’t know exactly how much they made every year, but in today’s dollars, it was probably not more than $150,000 as a couple. So, my brother and I were surprised when we saw the size of our parents' retirement savings. It was an order of magnitude bigger than you’d expect for a couple making their income. And when we finished going over their estate, we learned why: My parents' investments.

My dad had always been an enthusiastic investor. He encouraged me to buy my first stock (the DuPont chemical company) as a teenager. My dad invested because he knew that whatever money he put in the bond or stock markets would likely grow faster than in the bank. And he was right.

I went back and did the math. If my parents had $1,000 to invest in 1960, and they put that money in the S&P 500, then by the time they’d reached retirement age in 1990, the $1,000 would be worth nearly $20,000. 1 That’s more than double what they would have earned if they’d just put the money in a bank account. My dad passed away a few months after my mom, in his late 80s. But both my parents could have lived beyond 100 and comfortably afforded it.

Why am I writing about my parents? Because going over their finances showed me something about my own career in finance. I had been working at BlackRock for almost 25 years by the time I lost my mom and dad, but the experience reminded me — in a new and very personal way — why my business partners and I founded BlackRock in the first place.

Obviously, we were ambitious entrepreneurs, and we wanted to build a big, successful company. But we also wanted to help people retire like my parents did. That’s why we started an asset manager — a company that helps people invest in the capital markets — because we believed participating in those markets was going to be crucial for people who wanted to retire comfortably and financially secure.

We also believed the capital markets would become a bigger and bigger part of the global economy. If more people could invest in the capital markets, it would create a virtuous economic cycle, fueling growth for companies and countries, which would, in turn, generate wealth for millions more people.

My parents lived their final years with dignity and financial freedom. Most people don’t have that chance. But they can. The same kinds of markets that helped my parents in their time can help others in our time.  Indeed, I think the growth- and prosperity-generating power of the   capital markets will remain a dominant economic trend through the rest of the 21 st  Century.

This letter attempts to explain why.

I had been working at BlackRock for almost 25 years by the time I lost my mom and dad, but the experience reminded me — in a new and very personal way — why my business partners and I founded BlackRock in the first place.

A brief (and admittedly incomplete) history of U.S. capital markets

In finance, there are two basic ways to get or grow money.

One is the bank, which is what most people historically relied on. They deposited their savings to earn interest or took out loans to buy a home or expand their business. But over time a second avenue for financing arose, particularly in the U.S., with the growth of the capital markets: Publicly traded stocks, bonds, and other securities.

I saw this firsthand in the late 1970s and early 1980s when I played a role in the creation of the securitization market for mortgages.

Before the 1970s, most people secured financing for their homes the same way they did in the Christmas classic It’s a Wonderful Life — through the Building & Loan (B&L). Customers deposited their savings into the B&L, which was essentially a bank. Then that bank would turn around and lend out those savings in the form of mortgages.

In the movie — and in real life — everything works fine until people start lining up at the bank’s front door asking for their deposits back. As Jimmy Stewart explained in the film, the bank didn’t have their money. It was tied up in somebody else’s house.

After the Great Depression, B&Ls morphed into savings & loans (S&Ls), which had their own crisis in the 1980s. Approximately half of the outstanding home mortgages in the U.S. were held by S&Ls in 1980, and poor risk management and loose lending practices led to a raft of failures costing U.S. taxpayers more than $100 billion dollars. 2

But the S&L crisis didn’t cause the American economy lasting damage. Why? Because at the same time the S&Ls were collapsing another method of financing was getting stronger. The capital markets were providing an avenue to channel capital back to challenged real estate markets.

This was mortgage securitization.

Securitization allowed banks not just to make mortgages but to sell them. By selling mortgages, banks could better manage risk on their balance sheets and have capital to lend to home buyers, which is why the S&L crisis didn’t severely impact American homeownership. 

Eventually, the excesses of mortgage securitization contributed to the crash in 2008, and unlike the S&L crisis, the Great Recession did harm home ownership in the U.S. The country still hasn’t fully recovered in that respect. But the broader underlying trend — the expansion of the capital markets — was still very helpful for the American economy.

In fact, it’s worth considering: Why did the U.S. rebound from 2008 faster than almost any other developed nation? 3

A big part of the answer is the country’s capital markets .

In Europe, where most assets were kept in banks, economies froze as banks were forced to shrink their balance sheets. Of course, U.S. banks had to tighten capital standards and pull back from lending as well. But because the U.S. had a more robust secondary pool of money – the capital markets — the nation was able to recover much more quickly.

Today public equities and bonds provide over 70% of financing for non-financial corporations in the U.S. – more than any other country in the world. In China, for example, the bank-to-capital market ratio is almost flipped. Chinese companies rely on bank loans for 65% of their financing. 4

In my opinion, this is the most important lesson in recent economic history:  Countries aiming for prosperity don’t just need strong banking systems — they also need strong capital markets.

That lesson is now spreading around the world.

Replicating the success of America’s capital markets

Last year, I spent a lot of days on the road, logging visits to 17 different countries. I met with clients and employees. I also met with many policymakers and heads of state, and during those meetings, the most frequent conversation I had was about the capital markets.

More and more countries recognize the power of American capital markets and want to build their own.

Of course, many countries do have capital markets already. There are something like 80 stock exchanges around the world, everywhere from Kuala Lumpur to Johannesburg. 5  But most of these are rather small, with little investment. They’re not as robust as the markets in the U.S., and that’s what other nations are increasingly looking for.

In Saudi Arabia, for example, the government is interested in building a market for mortgage securitization, while Japan and India want to give people new places to put their savings. Today, in Japan, it’s mostly the bank. In India, it’s often in gold.

When I visited India in November, I met policymakers who lamented their fellow citizens’ fondness for gold. The commodity has underperformed the Indian stock market, proving a subpar investment for individual investors. Nor has investing in gold helped the country’s economy.

Compare investing in gold with, let’s say, investing in a new house. When you buy a home, that creates an economic multiplier effect because you need to furnish and repair the house. Maybe you have a family and fill the house with children. All that generates economic activity. Even when someone puts their money in a bank, there’s a multiplier effect because the bank can use that money to fund a mortgage. But gold? It just sits in a safe. It can be a good store of value, but gold doesn’t generate economic growth.

This is a small illustration — but a good one — of what countries want to accomplish with robust capital markets. (Or rather, of what they  can’t accomplish without them.)

Despite the anti-capitalist strain in our modern politics, most world leaders still see the obvious: No other force can lift more people from poverty or improve quality of life quite like capitalism. No other economic model can help us achieve our highest hopes for financial freedom — whether we want it for ourselves or our country.

That’s why the capital markets will be key to addressing two of the mid-21 st Century’s biggest economic challenges.

• The first is providing people what my parents built over time — a secure, well-earned retirement. This is a much harder proposition than it was 30 years ago. And it’ll be a much harder proposition 30 years from now . People are living longer lives. They’ll need more money. The capital markets can provide it — so long as governments and companies help people invest.
• A second challenge is infrastructure. How are we going to build the massive amount the world needs? As countries decarbonize and digitize their economies, they’re supercharging demand for all sorts of infrastructure, from telecom networks to new ways to generate power. In fact, in my nearly 50 years in finance, I’ve never seen more demand for energy infrastructure. And that’s because many countries have twin aims: They want to transition to lower-carbon sources of power while also achieving energy security. The capital markets can help countries meet their energy goals, including decarbonization, in an affordable way.

[Retirement] is a much harder proposition than it was 30 years ago. And it’ll be a much harder proposition 30 years from now .

Asking the old age question: How do we afford longer lives?

Last year, Japan passed a demographic milestone. The country’s population has been aging since the early 1990s as the pool of working-age people has shrunk and the number of elderly has risen. But 2023 was the first time that 10% of their people exceeded 80 years old, 6 making Japan the “oldest country in the world” according to the United Nations. 7

This is part of the reason the Japanese government is making a push for retirement investment.

Most Japanese keep the bulk of their retirement savings in banks, earning a low interest rate. It wasn’t such a bad strategy when Japan was suffering from deflation, but now the country’s economy has turned around, with the NIKKEI surging past 40,000 for the first time this month (March 2024). 8

Most aspiring retirees are missing out on the upswing. The country didn’t have anything resembling a 401(k) program until 2001, but even then, the amount of income people could contribute was quite low. So a decade ago, the government launched the Nippon Individual Savings Accounts (NISA) to encourage people to invest even more in retirement. Now they’re trying to double NISA’s enrollment. The goal is 34 million Japanese investors before the end of the decade. 9 It will require the Japanese government to expand their capital markets, which historically had very little retail participation.

Japan isn’t alone in helping more of its citizens invest for retirement. BlackRock has a joint venture — Jio BlackRock — with Jio Financial Services, an affiliate of India’s Reliance Industries. Over the past 10 years, India has built a huge digital public infrastructure network that connects nearly one billion Indians to everything from healthcare to government payments via their smartphones. Jio BlackRock’s goal is to use the same infrastructure to deliver retirement investing (and more).

After all, India is aging, too. The whole world is, albeit at different speeds. Brazil will start seeing more people leave its workforce than enter it by 2035; Mexico will reach peak workforce by 2040; India sometime around 2050.

As populations age, building retirement savings has never been more urgent

Source: Working-age population (ages 15-64): UN “medium trend 10

By the mid-century mark, one-in-six people globally will be over the age of 65, up from one-in-11 in 2019. 11 To support them, governments are going to have to prioritize building out robust capital markets like the U.S. has.

But this isn’t to say the U.S. retirement system is perfect. I’m not sure anybody believes that. The retirement system in America needs modernizing, at the very least.

Rethinking retirement in the United States

This was particularly clear last year as the biotech industry pumped out a rush of new, life-extending drugs. Obesity, for example, can take more than 10 years off someone’s life expectancy, which is why some researchers think that new pharmaceuticals like Ozempic and Wegovy can be life-extending drugs, not just weight-loss drugs. 12 In fact, a recent study shows that semaglutide, the generic name for Ozempic, can give people with cardiovascular disease an extra two years of life where they don’t suffer a major condition like a heart attack. 13

We focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those extra years.

These drugs are breakthroughs. But they underscore a frustrating irony: As a society, we focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those extra years.

It wasn’t always this way. One reason my parents had a financially secure retirement was CalPERS, California’s state pension system. As a public university employee, my mom could enroll. But pension enrollment has been declining across the country since the 1980s. 14 Meanwhile the federal government has prioritized maintaining entitlement benefits for people my age (I’m 71) even though it might mean that Social Security will struggle to meet its full obligations when younger workers retire.

It’s no wonder younger generations, Millennials and Gen Z, are so economically anxious. They believe my generation — the Baby Boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.

Today in America, the retirement message that the government and companies tell their workers is effectively: “You’re on your own.” And before my generation fully disappears from positions of corporate and political leadership, we have an obligation to change that.

Maybe once a decade, the U.S. faces a problem so big and urgent that government and corporate leaders stop business as usual. They step out of their silos and sit around the same table to find a solution. I participated in something like this after 2008, when the government needed to find a way to unwind the toxic assets from the mortgage crisis. More recently, tech CEOs and the federal government came together to address the fragility of America’s semiconductor supply chain. We need to do something similar for the retirement crisis. America needs an organized, high-level effort to ensure that future generations can live out their final years with dignity.

What should that national effort do? I don’t have all the answers. But what I do have is some data and the beginnings of a few ideas from BlackRock’s work. Because our core business is retirement.

More than half the assets BlackRock manages are for retirement. 15 We help about 35 million Americans invest for life after work, 16 which amounts to about a quarter of the country’s workers. 17 Many are educators like my mom was. BlackRock helps manage pension assets for roughly half of U.S. public school teachers. 18 And this work — and our similar work around the globe — has given us some insight into how a national initiative to modernize retirement might begin.

We think the conversation starts by looking at the challenge through three different lenses. 

• What’s the issue from the perspective of a current worker , someone who’s still trying to save for retirement?
• What about someone who has already retired? We have to look at the problem from the retiree’s point of view­­­­­­­­­­ — an individual who has already saved enough to stop working but is worried the money will run out.
• But first it’s important to look at retirement in America like you’d look at a map of America — a high-level picture of the problem, the kind a national policymaker might look at. What’s the issue for the population as a whole? (It’s demographics.)

[Young people] believe my generation — the Baby Boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.

The demographics don’t lie

There’s a popular saying in economics: “You just can’t fight demographics.” And yet, when it comes to retirement, the U.S. is trying anyway.

In wealthy countries, most retirement systems have three pillars. One is what people invest personally (my dad putting his money in the stock market). Another is the plans provided by employers (my mom’s CalPERS pension). A third component is what we hear politicians mostly talking about – the government safety net. In the U.S., this is Social Security.

You’re probably familiar with the economics behind Social Security. During your working years, the government takes a portion of your income, then after you retire, it sends you a check every month. The idea actually originates from pre-World War I Germany, and these “old-age insurance” programs gradually became popular over the 20 th Century largely because the demographics made sense.

Think about someone who was 65 years old in 1952, the year I was born. If he hadn’t retired already, that person was probably getting ready to stop working.

But now think about that person’s former colleagues, all the people around his age who he’d entered the workforce with back in the 1910s. The data shows that in 1952, most of those people were not preparing for retirement because they’d already passed away .

This is how the Social Security program functioned: More than half the people who worked and paid into the system never lived to retire and be paid from the system. 19

Today, these demographics have completely unraveled, and this unraveling is obviously a wonderful thing. We should want more people to live more years. But we can’t overlook the massive impact on the country’s retirement system.

It’s not just that more people are retiring in America; it’s also that their retirements are increasing in length. Today, if you’re married and both you and your spouse are over the age of 65, there’s a 50/50 chance at least one of you will be receiving a Social Security check until you’re 90. 20

All this is putting the U.S. retirement system under immense strain. The Social Security Administration itself says that by 2034, it won’t be able to pay people their full benefits. 21

What’s the solution here? No one should have to work longer than they want to. But I do think it’s a bit crazy that our anchor idea for the right retirement age — 65 years old — originates from the time of the Ottoman Empire.

Humanity has changed over the past 120 years. So must our conception of retirement.

One nation that’s rethought retirement is the Netherlands. In order to keep their state pension affordable, the Dutch decided more than 10 years ago to gradually raise the retirement age. It will now automatically adjust as the country’s life expectancy changes. 22

Obviously, implementing this policy elsewhere would be a massive political undertaking. But my point is that we should start having the conversation . When people are regularly living past 90, what should the average retirement age be?

Or rather than pushing back when people receive retirement benefits, perhaps there’s a more politically palatable idea: How do we encourage more people who wish to work longer with carrots rather than sticks? What if the government and the private sector treated 60-plus year-olds as late-career workers with much to offer rather than people who should retire?

One way Japan has managed its aging economy is by doing exactly this. They’ve found new ways to boost the labor force participation rate, a metric that has been declining in the U.S. since the early 2000s. 23 It’s worth asking: How can America stop (or at least, slow) that trend?

Again, I’m not pretending to have the answers. Despite BlackRock’s success helping millions retire, these questions are going to have to be posed to a broader range of investors, retirees, policymakers, and others. Over the next few months, BlackRock will be announcing a series of partnerships and initiatives to do just that, and I invite you to join us.

For workers, make investing (almost) automatic

When the U.S. Census Bureau released its regular survey of consumer finances in 2022, nearly half of Americans aged 55 to 65 reported not having a single dollar saved in personal retirement accounts. 24 Nothing in a pension. Zero in an IRA or 401(k).

Why? Well, the first barrier to retirement investing is affordability.

Four-in-10 Americans don’t have $400 to spare to cover an emergency like a car repair or hospital visit. 25 Who is going to invest money for a retirement 30 years away if they don’t have cash for today? No one. That’s why BlackRock’s foundation has worked with a group of nonprofits to set up an Emergency Savings Initiative. The program has helped mostly low-income Americans put away a total of $2 billion in new liquid savings. 26

Studies show that when people have emergency savings, they’re 70% more likely to invest for retirement. 27 But this is where workers run into another barrier: Investing is complex even if you can afford it.

No one is born a natural investor. It’s important to say that because sometimes in the financial services industry we imply the opposite. We make it seem like saving for retirement can be a simple task, something anyone can do with a bit of practice, like driving your car to work. Just grab your keys and hop in the driver’s seat. But financing retirement isn’t so intuitive. The better analogy is if someone dropped a bunch of engine and auto parts in your driveway and said, “Figure it out.”

At BlackRock, we’ve tried to make the investing process more intuitive by inventing simpler products like target date funds. They only require people to make one decision: What year do they expect to retire? Once people choose their “target date,” the fund automatically adjusts their portfolio, shifting from higher-return equities to less risky bonds as retirement approaches. 28

In 2023, BlackRock expanded the types of target date ETFs we offer so people can more easily buy them even if they don’t work for employers offering a retirement plan. There are 57 million people like this in America — farmers, gig workers, restaurant employees, independent contractors — who don’t have access to a defined contribution plan. 29 And while better investment products can help, there are limits to what something like a target date fund can do. Indeed, for most people, the data shows that the hardest part of retirement investing is just getting started.

Other nations make things simpler for their part-time and contract workers. In Australia, employers must contribute a portion of income for every worker between the ages of 18 and 70 into a retirement account, which then belongs to the employee. The Superannuation Guarantee was introduced in 1992 when the country seemed like it was on the path to a retirement crisis. Thirty-two years later, Australians likely have more retirement savings per capita than any other country. The nation has the world’s 54 th largest population, 30 but the 4 th largest retirement system. 31

Of course, every country is different, so every retirement system should be different. But Australia’s experience with Supers could be a good model for American policymakers to study and build on. Some already are. There are about 20 U.S. states — like Colorado and Virginia — that have instituted retirement systems to cover all workers like Australia does, even if they’re gig or part-time. 32

It’s a good thing that legislators are proposing different bills and states are becoming “laboratories of retirement.” More should consider it. The benefits could be enormous for individual retirees. These new programs could also help the U.S. ensure the long-term solvency of Social Security. That’s what Australia found — their Superannuation Guarantee relieved the financial tension in their country’s public pension program. 33

But what about workers who do have access to an employer retirement plan? They need support too.

Even among employees who have access to employer plans, 17% don’t enroll in them, and the hypothesis among retirement experts is this is not a conscious choice. People are just busy.

It sounds trivial, but even the hour or so it takes someone to look through their work email inbox for the correct link to their company’s retirement system, and then select the percentage of their income they want to contribute can be the unclearable hurdle. That’s why companies should make a conscious effort to look at what their default option is. Are people automatically enrolled in a plan or not? And how much are they auto-enrolled to contribute? Is it a minimum percentage of their income? Or the maximum?

In 2017, the University of Chicago economist Richard Thaler won the Nobel Prize, in part, for his pioneering work around “nudges” — small changes in policy that can have enormous impact in people’s financial lives. Auto-enrollment is one of them. Studies show that the simple step of making enrollment automatic increases retirement plan participation by nearly 50%. 34

As a nation, we should do everything we can to make retirement investing more automatic for workers. And there are already bright spots. Next year, a new federal law will kick in, requiring employers that set up new 401(k) plans to auto-enroll their new workers. Plus, there are hundreds of major companies (including BlackRock) that have already taken this step voluntarily.

But firms can do even more to improve their employee’s financial lives, such as providing some level of matching funds for retirement plans and offering more financial education on the tremendous long-term difference between contributing a small percentage of your income to retirement versus the maximum. I also think we should make it easier for workers to transfer their 401(k) savings when they switch jobs. There is a menu of options here, and we need to explore all of them.

For retirees, help them spend what they saved

In 2018, BlackRock commissioned a study of 1,150 American retirees. When we dug into the data, we found something unexpected — even paradoxical.

The survey showed that after nearly two decades of retirement, the average person still had 80% of their pre-retirement money saved. We’re talking about people who were probably between the ages of 75 and 95. If they had invested for retirement, they were likely sitting on more than enough money for the rest of their lives. And yet the data also showed that they were anxious about their finances. Only 32% reported feeling comfortable about spending what they saved. 35

This retirement paradox has a simple explanation: Even people who know how to save for retirement still don’t know how to spend for it.

In the U.S., this problem’s roots stretch back more than four decades when employers began switching from defined benefit plans — pensions — to defined contribution plans like 401(k)s.

In a lot of ways, pensions were much simpler than the 401(k). You had a job somewhere for 20 or 30 years. Then when you retired, your pension paid you a set amount — a defined benefit — every month.

When I entered the workforce in the 1970s, 38% of Americans had one of these defined benefit plans, but by 2008 the percentage had been cut almost in half. 36 Meanwhile, the fraction of Americans with defined contribution plans almost quadrupled. 37

This should have been a good thing. Beginning with the Baby Boomers, fewer and fewer workers spent their entire careers in one place, meaning they needed a retirement option that would follow them from job to job. In theory, 401(k)s did that. But in practice? Not really.

Anyone who’s switched jobs knows how unintuitive it is to transfer your retirement savings. In fact, studies show that about 40% of employees cash out their 401(k)s when they switch jobs, putting themselves back at the starting line for retirement savings. 38

The real drawback of defined contribution was that it removed most of the retirement responsibility from employers and put it squarely on the shoulders of the employees themselves. With pensions, companies had a very clear obligation to their workers. Their retirement money was a financial liability on the corporate balance sheet. Companies knew they’d have to write a check every month to each one of their retirees. But defined contribution plans ended that, forcing retirees to trade a steady stream of income for an impossible math problem.

Because most defined contribution accounts don’t come with instructions for how much you can take out every month, individual savers first must build up a nest-egg, then spend down at a rate that will last them the rest of their lives. But who really knows how long that will be?

Put simply, the shift from defined benefit to defined contribution has been, for most people, a shift from financial certainty to financial un certainty .

That’s why around the same time we saw the data that retirees were nervous about spending their savings, we started wondering: Was there something we can do about it? Could we develop an investment strategy that provided the flexibility of a 401(k) investment but also the potential for a predictable, paycheck-like income stream, similar to a pension?

It turns out, we could. That strategy is called LifePath Paycheck™, which will go live in April. As I write this, 14 retirement plan sponsors are planning to make LifePath Paycheck™ available to 500,000 employees. I believe it will one day be the most used investment strategy in defined contribution plans.

We’re talking about a revolution in retirement. And while it may happen in the U.S. first, eventually other countries will benefit from the innovation as well. At least, that is my hope. Because while retirement is mainly a saving challenge, the data is clear: It’s a spending one too.

Fear vs. hope

Before I conclude this section on retirement, I want to share a few words about one of the largest barriers to investing for the future. In my view, it’s not just affordability or complexity or the fact that people are too busy to enroll in their employer’s plan.

Arguably the biggest barrier to investing for retirement — or for anything — is fear.

In finance, we sometimes think of “fear” as a fuzzy, emotional concept — not as a hard economic data point. But that’s what it is. Fear is as important and actionable a metric as GDP. After all, investment (or lack thereof) is just a measure of fear because no one lets their money sit in a stock or a bond for 30 or 40 years if they’re afraid the future is going to be worse than the present. That’s when they put their money in a bank. Or underneath the mattress.

This is what happens in many countries. In China, where new surveys show consumer confidence has dropped to its lowest level in decades, household savings have reached their highest level on record — nearly $20 trillion — according to the central bank. 39 China has a savings rate of about 30%. Nearly a third of all money earned is socked away in cash in case it’s needed for harder times ahead. The U.S., by comparison, has a savings rate in the single digits. 40

America has rarely been a fearful country. Hope has been the nation’s greatest economic asset. People put their money in American markets for the same reason they invest in their homes and businesses — because they believe this country will be better tomorrow than it is today.

This big, hopeful America has been the one I’ve known my whole life, but over the past few years, especially as I’ve had more grandchildren, I’ve started to ask myself: Will they know this version of America, too?

As I was finishing this letter, The Wall Street Journal published an article that caught my attention. It was titled “The Rough Years that Turned Gen Z into America’s Most Disillusioned Voters,” and it included some eye-catching — and really disheartening — data.

The article showed that from the mid-1990s through most of the early 21 st Century, most young people — around 60% of high school seniors, to be specific — believed they’d earn a professional degree, would land a good job, and go on to be wealthier than their parents. They were optimistic. But since the pandemic, that optimism has fallen precipitously.

Compared with 20 years ago, the current cohort of young Americans is 50% more likely to question whether life has a purpose. Four-in-10 say it’s “hard to have hope for the world.” 41

I’ve been working in finance for almost 50 years. I’ve seen a lot of numbers. But no single data point has ever concerned me more than this one.

The lack of hope worries me as a CEO. It worries me as a grandfather. But most of all, it worries me as an American.

If future generations don’t feel hopeful about this country and their future in it, then the U.S. doesn’t only lose the force that makes people want to invest. America will lose what makes it America. Without hope, we risk becoming just another place where people look at the incentive structure before them and decide that the safe choice is the only choice. We risk becoming a country where people keep their money under the mattress and their dreams bottled up in their bedroom.

How do we get our hope back?

Whether we’re trying to solve retirement or any other problem, that is the first question we have to ask, although I readily admit that I do not have the solution. I look at the state of America — and the world — and I am as answerless as everyone else. There’s so much anger and division, and I often struggle to wrap my head around it.

What I do know is that any answer has to start by bringing young people into the fold. The same surveys that show their lack of hope also show their lack of confidence — far less than any previous generation — in every pillar of society: In politics, government, the media, and in corporations. Leaders of these institutions (I am one) should be empathetic to their concerns.

Young people have lost trust in older generations. The burden is on us to get it back. And maybe investing for their long-term goals, including retirement, isn’t such a bad place to begin.

Perhaps the best way to start building hope is by telling young people, “You may not feel very hopeful about your future. But we do. And we’re going to help you invest in it.”

Young people have lost trust in older generations. The burden is on us to get it back. And maybe investing for their long-term goals, including retirement, isn’t such a bad place to begin.

The new infrastructure blueprint: Steel, concrete, and public-private partnership

I started traveling to London in the 1980s, and back then, if you had a choice between the city’s two major international airports — Heathrow or Gatwick — you probably chose Heathrow. Gatwick was farther from the city. It was also in a comparative state of disrepair.

But things changed in 2009 when Gatwick was purchased by Global Infrastructure Partners (GIP). They increased runway capacity and instituted commonsense changes, like oversized luggage trays that cut security screening times by more than half.

“The thing about infrastructure businesses... is a lot of them tend not to focus on customer service,” GIP’s CEO Bayo Ogunlesi told the Financial Times . GIP wanted to make Gatwick different. In the process, they also turned the airport into a prime example of how infrastructure will be built and run in the 21 st Century — with private capital. 42

In the U.S., people tend to think of infrastructure as a government endeavor, something built with taxpayer funds. But because of one very big reason that I’ll dive into momentarily, that won’t be the primary way infrastructure is built in the mid-21 st Century. Rather than only tapping government treasuries to build bridges, power grids, and airports, the world will do what Gatwick did.

The future of infrastructure is public-private partnership.

Debt matters

The $1 trillion infrastructure sector is one of the fastest growing segments of the private markets, and there are some undeniable macroeconomic trends driving this growth. In developing countries, people are getting richer, boosting demand for everything from energy to transportation while in wealthy countries, governments need to both build new infrastructure and repair the old.

Even in the U.S., where the Biden Administration has signed generational infrastructure investments into law, there’s still $2 trillion worth of deferred maintenance. 43

How will we pay for all this infrastructure? The reason I believe it’ll have to be some combination of public and private dollars is that funding probably cannot come from the government alone. The debt is just too high.

From Italy to South Africa, many nations are suffering the highest debt burdens in their history. Public debt has tripled since the mid-1970s, reaching 92% of global GDP in 2022. 44 And in America, the situation is more urgent than I can ever remember. Since the start of the pandemic, the U.S. has issued roughly $11.1 trillion of new debt, and the amount is only part of the issue. 45 There’s also the interest rate the Treasury needs to pay on it.

Three years ago, the rate on a 10-year Treasury bill was under 1%. But as I write this, it’s over 4%, and that 3-percentage-point increase is very dangerous. Should the current rates hold, it amounts to an extra trillion dollars in interest payments over the next decade. 46

Why is this debt a problem now? Because historically, America has paid for old debt by issuing new debt in the form of Treasury securities. It’s a workable strategy so long as people want to buy those securities — but going forward, the U.S. cannot take for granted that investors will want to buy them in such volume or at the premium they currently do.

Today, around 30% of U.S. Treasury securities are held by foreign governments or investors. That percentage will likely go down as more countries build their own capital markets and invest domestically. 47

More leaders should pay attention to America’s snowballing debt. There’s a bad scenario where the American economy starts looking like Japan’s in the late 1990s and early 2000s, when debt exceeded GDP and led to periods of austerity and stagnation. A high-debt America would also be one where it’s much harder to fight inflation since monetary policymakers could not raise rates without dramatically adding to an already unsustainable debt-servicing bill.

But is a debt crisis inevitable? No.

While fiscal discipline can help tame debt on the margins, it will be very difficult (both politically and mathematically) to raise taxes or cut spending at the level America would need to dramatically reduce the debt. But there is another way out beyond taxing or cutting, and that’s growth. If U.S. GDP grows at an average of 3% (in real, not nominal terms) over the next five years, that would keep the country’s debt-to-GDP ratio at 120% – high, but reasonable.

I should be clear: 3% growth is a very tall order, especially given the country’s aging workforce. It will require policymakers to shift their focus. We can’t see debt as a problem that can be solved only through taxing and spending cuts anymore. Instead, America’s debt efforts have to center around pro-growth policies , which include tapping the capital markets to build one of the best catalysts for growth: Infrastructure. Especially energy infrastructure.

Energy pragmatism

Roads. Bridges. Ports. Airports. Cell towers. The infrastructure sector contains multitudes, but the multitude where BlackRock sees arguably the greatest demand for new investment is energy infrastructure.

Why energy? Two things are happening in the sector at the same time.

The first is the “energy transition.” It’s a mega force, a major economic trend being driven by nations representing 90% of the world’s GDP. 48 With wind and solar power now cheaper in many places than fossil-fuel-generated electricity, these countries are increasingly installing renewables. 49 It’s also a major way to address climate change. This shift – or energy transition – has created a ripple effect in the markets, creating both risks and opportunities for investors, including BlackRock’s clients.

I started writing about the transition in 2020. Since then, the issue has become more contentious in the U.S. But outside the debate, much is still the same. People are still investing heavily in decarbonization. In Europe, for example, net-zero remains a top investment priority for most of BlackRock’s clients. 50 But now the demand for clean energy is being amplified by something else: A focus on energy security.

Governments have been pursuing energy security since the oil crisis of the 1970s, (and probably as far back as the early Industrial Revolution), so this is not a new trend. In fact, when I wrote my original 2020 letter about sustainability, I also wrote to our clients that countries would still need to produce oil and gas to meet their energy needs. 

To be energy secure, I wrote, most parts of the globe would need “to rely on hydrocarbons for a number of years.” 51

I’m hearing more leaders talk about decarbonization and energy security together under the joint banner of what you might call “energy pragmatism.”

Then in 2022, Putin invaded Ukraine. The war lit a fresh spark under the idea of energy security. It disrupted the world’s supply of oil and gas causing massive energy inflation, particularly in Europe. The UK, Norway, and the 27 EU countries had to collectively spend 800 billion euros subsidizing energy bills. 52

This is part of the reason I’m hearing more leaders talk about decarbonization and energy security together under the joint banner of what you might call “energy pragmatism.”

Last year, as I mentioned, I visited 17 countries, and I spent a lot of time talking to the people who are responsible for powering homes and businesses, everybody from prime ministers to energy grid operators. The message I heard was completely opposite to what you often hear from activists on the far left and right who say that countries have to choose between renewables and oil and gas. These leaders believe that the world still needs both. They were far more pragmatic about energy than dogmatic. Even the most climate conscious among them saw that their long-term path to decarbonization will include hydrocarbons, albeit less of them, for some time to come.

Germany is a good example of how energy pragmatism is still a path to decarbonization. It’s one of the countries most committed to fighting climate change and has made enormous investments in wind and solar power. But sometimes the wind doesn’t blow in Berlin, and the sun doesn’t shine in Munich. And during those windless, sunless periods, the country still needs to rely on natural gas for “dispatchable power.” Germany used to get that gas from Russia, but now it needs to look elsewhere. So, they’re building additional gas facilities to import from other producers around the world. 53

Or look at Texas. They face a similar energy challenge – not because of Russia but because of the economy. The state is one of the fastest growing in the U.S., 54 and the additional demand for power is stretching ERCOT, Texas’ energy grid, to the limit. 55

Today, Texas runs on 28% renewable energy 56 – 6% more than the U.S. as a whole. 57 But without an additional 10 gigawatts of dispatchable power, which might need to come partially from natural gas, the state could continue to suffer devastating brownouts. In February, BlackRock helped convene a summit of investors and policymakers in Houston to help find a solution.

Texas and Germany are great illustrations of what the energy transition looks like. As I wrote in 2020, the transition will only succeed if it’s “fair.” Nobody will support decarbonization if it means giving up heating their home in the winter or cooling it in the summer. Or if the cost of doing so is prohibitive.

Since 2020, economists have popularized better language to describe what a fair transition actually means. One important concept is the “green premium.” It’s the surcharge people pay for “going green”: for example, switching from a car that runs on gas to an electric vehicle. The lower the green premium, the fairer decarbonization will be because it’ll be more affordable.

This is where the power of the capital markets can be unleashed to great effect. Private investment can help energy companies reduce the cost of their innovations and scale them around the world. Last year, BlackRock invested in over a dozen of these transition projects on behalf of our clients. We partnered with developers in Southeast Asia aiming to build over a gigawatt of solar capacity (enough to power a city) in both Thailand and the Philippines. 58 We also invested in Lake Turkana Wind Power, Africa’s largest windfarm. It’s located in Kenya and currently accounts for about 12% of the country’s power generation. 59

There are also earlier-stage technologies, like a giant “hot rock” battery being built by Antora Energy. The company heats up blocks of carbon with wind or solar power during parts of the day when renewable energy is cheap and abundant. These “thermal batteries” reach up to 2,400 degrees Celsius and glow brighter than the sun. 60 Then, that heat is used to power giant industrial facilities around-the-clock, even when the sun isn’t shining, or the wind isn’t blowing.

BlackRock invested in Antora through Decarbonization Partners, a partnership we have with the investment firm, Temasek. Our funding will help Antora scale up to deliver billions of dollars worth of zero-emission energy to industrial customers. 61 (One day, their thermal batteries might help solve the kind of dispatchable power problem that Texas and Germany are facing – but without carbon emissions.)

The final technology I’ll spotlight is carbon capture. Last year, one of BlackRock’s infrastructure funds invested $550 million in a project called STRATOS, which will be the world’s largest direct air capture facility when construction is completed in 2025. 62 Among the more interesting aspects of the project is who’s building the facility: Occidental Petroleum, the big Texas oil company.

The energy market isn’t divided the way some people think, with a hard split between oil & gas producers on one side and new clean power and climate tech firms on the other. Many companies, like Occidental, do both, which is a major reason BlackRock has never supported divesting from traditional energy firms. They’re pioneers of decarbonization, too.

Today, BlackRock has more than $300 billion invested in traditional energy firms on behalf of our clients. Of that $300 billion, more than half – $170 billion – is in the U.S. 63 We invest in these energy companies for one simple reason: It’s our clients’ money. If they want to invest in hydrocarbons, we give them every opportunity to do it – the same way we invest roughly $138 billion in energy transition strategies for our clients. That’s part of being an asset manager. We follow our clients’ mandates.

But when it comes to energy, I also understand why people have different preferences in the first place. Decarbonization and energy security are the two macroeconomic trends driving the demand for more energy infrastructure. Sometimes they’re competing trends. Other times, they’re complementary, like when the same advanced battery that decarbonizes your grid can also reduce your dependence on foreign power.

The point is: The energy transition is not proceeding in a straight line. As I’ve written many times before, it’s moving in different ways and at different paces in different parts of the world. At BlackRock, our job is to help our clients navigate the big shifts in the energy market no matter where they are.

BlackRock’s next transformation

One way we’re helping our clients navigate the booming infrastructure market is by transforming our company. I began this section by writing about the owners of Gatwick Airport, GIP. In January, BlackRock announced our plans to acquire them. 

Why GIP? BlackRock’s own infrastructure business had been growing rapidly over the past several years. But to meet demand, we realized we needed to grow even faster.

It’s not just debt-strapped governments that need to find alternate pools of financing for their infrastructure. Private sector firms do too. All over the world, there’s a vast infrastructure footprint that’s owned and operated entirely by private companies. Cell towers are a good example. So are pipelines that deliver the feedstocks for chemical companies. Increasingly, the owners of these assets prefer to have a financing partner, rather than carrying the full cost for the infrastructure on their balance sheet.

I had been thinking about this trend and called an old colleague, Bayo Ogunlesi.

Both Bayo and I started our careers in finance at the investment bank First Boston. But our paths diverged. I lost $100 million on a series of bad trades at First Boston and…well, nobody needs to hear that story again. But it led me (and my BlackRock partners) to pioneer better risk management for fixed income markets. Meanwhile, Bayo and his team were pioneering modern infrastructure investing in the private markets.

Now, we plan to join our forces again. I think the result will be better opportunities for our clients to invest in the infrastructure that keeps our lights on, planes flying, trains moving, and our cell service at the maximum number of bars.

More about BlackRock’s work in 2023

In this letter, I’ve shared my view that the capital markets are going to play an even bigger role in the global economy. They’ll have to if the world wants to address the challenges around infrastructure, debt, and retirement. These are the major economic issues of the mid-21st Century. We’re going to need the power of capitalism to solve them.

The way BlackRock figures into that story is through our work with clients. We want to position them well to navigate these trends, which is why we’ve tried to stay more connected to our clients than ever.

Over the past five years, thousands of clients on behalf of millions of individuals have entrusted BlackRock with managing over $1.9 trillion in net new assets. Thousands also use our technology to better understand the risks in their portfolios and support the growth and commercial agility of their own businesses. Years of organic growth, alongside the long-term growth of the capital markets, underpin our $10 trillion of client assets, which grew by over $1.4 trillion in 2023.

In good times and bad, whether clients are focused on increasing or decreasing risk, our consistent industry-leading organic growth demonstrates that clients are consolidating more of their portfolios with BlackRock. In 2023, our clients awarded us with $289 billion in net new assets during a period of rapid change and significant portfolio de-risking.

BlackRock’s differentiated business model has enabled us to continue to grow with our clients and maintain positive organic base fee growth. We’ve grown regardless of the market backdrop and even as most of the industry experienced outflows.

I think back to 2016 and 2018 when uncertainty and cautious sentiment impacted investment behavior among institutions and individuals. Many clients de-risked and moved to cash. BlackRock stayed connected with our clients. We stayed rigorous in driving investment performance, innovating new products and technologies, and providing advice on portfolio design. Once clients were ready to step back into the markets more actively, they did it with BlackRock – leading to new records for client flows, and organic base fee growth at or above our target.

Flows and organic base fee growth accelerated into the end of 2023. We saw $96 billion of total net inflows in the fourth quarter and we entered 2024 with great momentum.

In 2024, I plan to do what I did in 2023 – spend a lot of time on the road visiting clients. I’ve already taken several trips in the U.S. and around the world, and it’s clearer than ever that companies and clients want to work with BlackRock.

For companies where we are investing on behalf of our clients, they appreciate that we typically provide long-term, consistent capital. We often invest early, and we stay invested through cycles whether it’s debt or equity, pre-IPO or post-IPO. Companies recognize BlackRock’s global relationships, brand, and expertise across markets and industries. This makes us a valuable partner, and in turn supports the sourcing and performance we can provide for clients.

Over the past 18 months, we’ve sourced and executed on a number of deals for clients. In addition to the STRATOS direct air capture project, our funds partnered with AT&T on the Gigapower JV to build out broadband in communities across the U.S. We also made investments globally, including in Brasol (Brazil), AirFirst (South Korea), Akaysha Energy (Australia), and the Lake Turkana Wind Farm (Kenya).

Our ability to source deals for clients is a primary driver of demand for BlackRock private markets strategies. These strategies saw $14 billion of net inflows in 2023, driven by infrastructure and private credit. We continue to expect these categories to be our primary growth drivers within alternatives in the coming years.

Our active investment insights, expertise and strong investment performance similarly differentiate BlackRock in the market. We saw nearly $60 billion of active net inflows in 2023, compared with industry outflows.

In ETFs, BlackRock generated an industry-leading $186 billion of net inflows in 2023. Our leadership in the ETF industry is another testament to our global platform and connectivity with clients.

What we have seen in market after market is that if we can make investing easier and more affordable, we can quickly attract new clients. We are leveraging digital wealth platforms in local markets to provide more investment access and accelerate organic growth for iShares ETFs.

In EMEA, BlackRock powers ETF savings plans for end investors, partnering with many banks and brokerage platforms, including Trade Republic, Scalable Capital, ING, Lloyds, and Nordnet. These partnerships will help millions of people access investments, invest for the long-term, and achieve financial well-being.

In 2023, we also announced our minority investment in Upvest, which will help drive innovation in how Europeans access markets and make it cheaper and simpler to start investing.

Then there is our work with Britain’s leading digital bank, Monzo, to offer its customers our products through its app, with minimum investments as low as £1. Through these relationships, we’re evolving our iShares ETF franchise to meaningfully increase access to global markets.

Let me also say a few words about Aladdin. It remains the language of portfolios, uniting all of BlackRock, and providing the technological foundation for how we serve clients across our platform. And Aladdin isn’t just the key technology that powers BlackRock; it also powers many of our clients. The need for integrated data and risk analytics as well as whole portfolio views across public and private markets is driving annual contract value (ACV) growth.

In 2023, we generated $1.5 billion in technology services revenue. Clients are looking to grow and expand with Aladdin, reflected in strong harvesting activity, with over 50% of Aladdin sales being multi-product.

As we look ahead, the re-risking of client portfolios will create tremendous prospects for both our public and private markets franchises. And integrated technology will be needed to help clients be nimble while operating at scale.

These are the times where investors are making broad changes to the way they build portfolios. BlackRock is helping investors build the “portfolio of the future” – one that integrates public and private markets and is digitally enabled. We view these changes as big catalysts. With the diversified investment and technology platform we’ve built, we’ve set ourselves up to be a structural grower in the years ahead.

Positioning our organization for the future

Just as we continually innovate and evolve our business to stay ahead of our clients, we also evolve our organization and our leadership team.

Earlier this year we announced changes to reimagine our business and transform our organization to better anticipate what clients need – and shape BlackRock so clients can continue to get the insights, solutions, and outcomes they expect from us.

For years, BlackRock has worked with clients across the whole portfolio, albeit with distinctions between product structures for ETFs, active mutual funds, and separate accounts.

Now the traditional lines between products are blurring. Clients are building portfolios that seamlessly combine both active and index strategies, including liquid and illiquid assets and spanning public and private markets, across ETF, mutual fund, and separate account structures.

BlackRock has been critical in expanding the market for ETFs by making them accessible to more investors and delivering new asset classes (like bonds) and investment strategies (like active). As a result of that success, the ETF is no longer just an indexing concept – it is becoming an efficient structure for a range of investment solutions.

We always viewed ETFs as a technology, a technology that facilitated investing. And just as our Aladdin technology has become core to asset management, so too have ETFs. That’s why we believe embedding our ETF and Index expertise across the entire firm will accelerate the growth of iShares and every investment strategy at BlackRock.

We’ll be nimbler and more closely aligned with clients through our new architecture with the aim of delivering a better experience, better performance, and better outcomes.

Voting choice

Healthy capital markets depend on a continuous feedback loop between companies and their investors. For more than a decade, BlackRock endeavored to improve that feedback loop for our clients.

We’ve done it by building an industry-leading stewardship program, one that’s focused on engaging investee companies on issues impacting our clients’ long-term economic interests. This requires understanding how companies are positioned to navigate the risks and opportunities they face – for example, how geopolitical fragmentation might rewire their supply chains or how higher borrowing cost might impact their capacity to deliver sustained earnings growth.

To do that, we built one of the largest stewardship teams to engage with companies, often alongside our investment teams, because we never believed in the industry’s reliance on the recommendations of a few proxy advisors. We knew our clients would expect us to make independent proxy voting decisions, informed by our ongoing dialogue with companies – a philosophy that continues to underpin our stewardship efforts today. For our clients who have entrusted us with this important responsibility, we remain steadfast in promoting sound corporate governance practices and financial resilience at investee companies on their behalf.

And for our clients who wish to take a more direct role in the proxy voting process, we continue to innovate to provide them with more choice. In 2022, BlackRock was the first in our industry to launch Voting Choice, a capability that enabled institutional investors to participate in the proxy voting process. Today, about half of our clients’ index equity assets under management can access Voting Choice. And in February, we launched a pilot in our largest core S&P 500 ETF, enabling Voting Choice for individual investors for the first time.

We welcome these additional voices to corporate governance and believe they can further strengthen shareholder democracy. I believe that more asset owners can participate in this important process effectively if they are well-informed. We are encouraged by their engagement and the continued transformation of the proxy voting ecosystem but continue to believe that the industry would benefit from additional proxy advisors.

Strategy for long-term growth

For 36 years, BlackRock has led by listening to our clients and evolving to help them achieve long-term outcomes. That commitment has been behind everything we’ve done as a firm, whether it’s unlocking new markets through iShares, pioneering whole portfolio advisory, launching Aladdin on the desktops of investors and so much more. Clients have been at the foundation of our mindset and our growth strategy, informing the investments we’ve made across our businesses.

The combination of technology and advisory, alongside ETFs, active and private markets capabilities, enables us to deliver a better client experience – leading to clients consolidating more of their portfolios with BlackRock or engaging us for outsourcing solutions. We believe this in turn will drive continued differentiated organic growth into the future.

As we do each year, our management team and Board spent time assessing our strategy for growth. We challenge ourselves to think: What opportunities will this economic environment create for BlackRock and our clients, what more can we do to meet and anticipate their needs? How can we evolve our organization, operating structure, investment capabilities, and service models and, in doing so, keep leading the industry?

We have strong conviction in our strategy and our ability to execute with scale and expense discipline. Our strategy remains centered on growing Aladdin, ETFs, and private markets, keeping alpha at the heart of BlackRock, leading in sustainable investing, and advising clients on their whole portfolio.

We have continually made internal investments for organic growth and efficiency, investing ahead of client opportunities in private markets, ETFs, technology, and whole portfolio solutions.

In private markets, we are prepared to capitalize on structural growth trends. Whether it’s executing on demand for much-needed infrastructure, or the growing role of private credit as banks and public lenders move away from the middle market, private capital will be essential. BlackRock is poised to capture share through our scale, proprietary origination, and track record. And we believe our planned acquisition of GIP will meaningfully accelerate our ability to offer our private markets capabilities to our clients.

In ETFs, we will continue to lead by expanding investment access globally and through innovation. The ETF is an adaptable piece of financial technology, and over time we’ve been able to do more with it than just making investing more affordable. We’ve been able to bring better liquidity and price discovery to more opaque markets. One recent example is offering people exposure to Bitcoin through ETFs.

ETFs have been an incredible growth story in the U.S., with iShares leading the way. We believe global ETF adoption is set to accelerate as catalyst trends that we saw in the U.S. years ago like the growth of fee-based advisory and model portfolios are just beginning to take root. Nearly half of 2023 iShares net inflows were from our ETFs listed internationally in local markets, led by European iShares net inflows of $70 billion.

Active asset allocation, security selection and risk management have consistently been key elements in long-term returns. Our active teams across multi-asset, fixed income and equities are well-positioned to seize on broad opportunities arising out of this new interest rate and potentially more volatile regime. We are particularly excited about the opportunity in fixed income and how artificial intelligence is propelling performance in our systematic investing businesses.

Fixed income is going to be increasingly relevant in the construction of whole portfolios with higher yields and better return potential compared to the low-rate environment of the last 15 years. Now that the rate on 10-year U.S. Treasuries is near long-term averages, clients are reconsidering bond allocations.

BlackRock is well-positioned with a diversified fixed income platform. It’s not going to be just about index, where we manage nearly $1.7 trillion. Or just about active where we manage over $1 trillion. Some of the most interesting portfolio conversations are with allocators who are blending ETFs with active or using innovations like our active ETFs for professionally managed income solutions.

Across asset classes, the need for integrated data, technology and risk management will continue to drive demand for Aladdin. Through its dynamic ecosystem of over 130,000 users, the Aladdin platform is constantly innovating and being improved. Investments in Aladdin AI copilots, enhancements in openness supporting ecosystem partnerships, and advancing whole portfolio solutions are going to further augment the value of Aladdin.

We are honored that our clients entrusted us with $289 billion of net new assets in 2023. And over the past few months, we’ve seen a decidedly more positive sentiment and tone in markets and among clients that I'm very optimistic will carry into the rest of 2024.

Our ability to adapt, evolve, and grow has generated a total return of 9,000% for our shareholders since our IPO in 1999. That is well in excess of the S&P 500 return of 490% and representative of a business model serving all our stakeholders.

Total return since BlackRock’s IPO through December 31, 2023

S&P Global. The performance graph is not necessarily indicative of future investment performance.

Our Board of Directors

BlackRock’s Board plays an integral role in our strategy, our growth and our success.

The diverse experiences and backgrounds of our Directors enable us to have rich discussions and debates. At each meeting, our Directors review components of our long-term strategy and foster constructive dialogue with our leadership team on strategic opportunities, priorities and risks facing BlackRock’s business. This dialogue ultimately pushes us to make the sometimes tactical and sometimes transformational moves to build a better BlackRock. This includes the two transformational moves we made in January: The strategic re-architecture of our organization and our agreement to acquire GIP.

These two transformational changes are the largest since our acquisition of Barclays Global Investors nearly 15 years ago.

Following the closing of the GIP transaction, we plan to have Bayo Ogunlesi join our Board of Directors. We will continue to evolve our Board over time to reflect the breadth of our global business and to guide us as we evolve ahead of our clients’ needs.

A final note

Over the past 36 years, BlackRock has grown from a company of eight people in a tiny Manhattan office into the largest asset manager in the world. But our growth is just a small part of a much larger success story.

It’s part of the same story that includes my parents retiring comfortably after 50 years of hard work. The same story where America was able to endure the 1980s S&L crisis and 2008 financial crisis – and rebound quickly and with growing strength.

And it’s the story that, hopefully, will include more people around the world. Nations that can outgrow their debt. Cities that can afford to power more homes and build more roads. Workers who can live out their golden years with dignity.

All of these stories are only possible because of the power of the capital markets and the people who are hopeful enough to invest in them.

Laurence Fink Chairman and Chief Executive Officer

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1 Based on a $1,000 investment from January 1960 to December 1990. Assumes reinvestment of all dividends. Past performance is not indicative of future results.

2 Federal Reserve History , Savings and Loan Crisis

3 OCED Economic Surveys: United States (2016)

4 Securities Industry and Financial Markets Association , Capital DMarkets Fact Book (2023), p.6

5 World Federation of Exchanges , Market Statistics-February 2024, (2024)

6 World Economic Forum , Ageing and Longevity, (2023)

7 United Nations , World Population Ageing, (2017), p.8

8 The Wall Street Journal , Japan’s Nikkei Tops 40000 for First Time, Driven by AI Optimism, ( 2024)

9 Cabinet Secretariat of Japan , Doubling Asset-based Income Plan, ( 2022), p.2

10 Note: 1. Format adapted from Adele M. Hayutin, New Landscapes of Population Change: A Demographic World Tour (Hoover Press, 2022). Data from United Nations Population Division, World Population Prospects. (latest refresh 2022), Medium Fertility Projection. 2. Peak year is defined as the year in which working age population reaches its maximum for a country. Sources: United Nations Population Statistics (as of 2022). OECD (as of 06/2023). World Bank (as of 2022).

11 United Nations , UN DESA releases new report on ageing , (2019)

12 The New York Times Magazine , Can We Live to 200? ( 2021)

13 National Library of Medicine , Estimated Life-Years Gained Free of New or Recurrent Major Cardiovascular Events With the Addition of Semaglutide to Standard of Care in People With Type 2 Diabetes and High Cardiovascular Risk, ( 2022)

14 Source 1: Bureau of Labor Statistics , Employee Benefits in the United States , (2023), p.1; Source 2: Bureau of Labor Statistics , Employee Benefits in Industry , (1980), p. 6

15 BLK Estimates based on AUM as of December 31 st , 2021 and Cerulli data as of 2020. ETF assets include only qualified assets based on Cerulli data, and assumes 9.5% of institutionally held ETFs are related to pensions or retirement. Institutional estimates includes assets defined as “related to retirement” and are based on products and clients with a specific retirement mandate (e.g., LifePath, pensions). Estimates for LatAm based on assets managed for LatAm Pension Fund clients, excluding cash.

16 BlackRock as of Dec. 31, 2021. The overall number of Americans is calculated based on estimates of participants in BlackRock’s Defined Contribution and Defined Benefit plan clients. The Defined Contribution number is estimated based on data from FERS as well as ISS Market Intelligence BrightScope for active participants across 401(k) and 403(b). Defined Contribution includes plans with over $100M+ in assets where participants have access to one or more BlackRock funds; some may not be invested with BlackRock. The Defined Benefit number is estimated based on data from public filings and Pension & Investments for the total number of participants across the 20 largest U.S. Defined Benefit plans that are not also Defined Contribution clients of BlackRock.

17 U.S. Bureau of Labor Statistics , Labor Force Statistics from the Current Population Survey, (Feb. 2023)

18 Represents the total number of active public schoolteachers enrolled in defined benefit plans with assets managed by BlackRock. Excludes Virginia, Alaska and Pennsylvania pension clients, as the states’ DB plan is not the default plan for its participants. Public school teachers count from the National Center for Education Statistics, projection for 2022 school year. Pensions participation rate based on data from the U.S. Bureau of Labor Statistics: 89% as of March 2022.

19 Social Security , Life Tables for the United States Social Security Area 1900-2100, Figure 3a

20 Social Security , When to Start Receiving Retirement Benefits, (2023), p.2

21 Social Security , Summary: Actuarial Status of the Social Security Trust Funds, (2023)

22 Dutch Government , Why is the state pension age increasing? (translated from Dutch)

23 U.S. Bureau of Labor Statistics , Civilian labor force participation rate, (2000-2024)

24 U.S. Census Bureau , Survey of Income and Program Participation (SIPP) , (2022)

25 Federal Reserve , Economic Well-Being of U.S. Households in 2022, (2023), p.2

26 BlackRock , Emergency Saving Initiative: Impact and Learnings Report, (2019-2022), p.2

27 BlackRock, Emergency Savings Initiative: Impact and Learnings Report, ( 2019-2022), p.12

28 BlackRock , What are target date funds?

29 AARP, New AARP Research: Nearly Half of Americans Do Not Have Access to Retirement Plans at Work, (2022)

30 CIA: The World Factbook , Country Comparisons: Population (2023 est.)

31 OECD , Pensions at a Glance 2023 , (2023), 222

32 Georgetown University Center for Retirement Initiatives , State-Facilitated Retirement Savings Programs: A Snapshot of Program Design Features, (2023)

33 Parliament of Australia , Superannuation and retirement incomes

34 Human Interest , The power of 401(k) automatic enrollment, (2024)

35 BlackRock , To spend or not to spend? (2023), p. 2-5

36 Source 1: The Wall Street Journal, The Champions of the 401(k) Lament the Revolution They Started, (2017); Source 2: Social Security Office of Retirement and Disability Policy, The Disappearing Defined Benefit Pension and Its Potential Impact on the Retirement Incomes of Baby Boomers , (2009)

37 U.S. Chamber of Commerce , Statement of the U.S. Chamber of Commerce, (2012), p. 3

38 Harvard Business Review , Too Many Employees Cash Out Their 401(k)s When Leaving a Job, ( 2023)

39 The Wall Street Journal , Why China’s Middle Class Is Losing Its Confidence, (2024)

40   The Wall Street Journal , Covid-Era Savings are Crucial to China’s Economic Recovery , (2023)

41 The Wall Street Journal , The Rough Years That Turned Gen Z Into America’s Most Disillusioned Voters , (2024)

42 Financial Times , How Adebayo Ogunlesi’s contrarian bet led to $12.5bn BlackRock tie-up , (2024)

43 American Society of Civil Engineers (ASCE ), 2021 Report Card For America’s Infrastructure, (2021), p. 5

44 International Monetary Fund , Global Debt Is Returning to its Rising Trend, (2023)

45 Fiscal Data: U.S. Treasury , Debt to the Penny, ( Debt was $23.4T in March 2020 and $34.5T in March 2024)

46 The Wall Street Journal , A $1 Trillion Conundrum: The U.S. Government’s Mounting Debt Bill, ( 2024)

47 US Department of Treasury , Table 5: Major Foreign Holders of Treasury Securities

48 As of March 2024. Net Zero Tracker, https://zerotracker.net (last visited March 18 th , 2024)

49 Associated Press News , The year in clean energy: Wind, solar and batteries grow despite economic challenges, (2023)

50 BlackRock iResearch Services global survey, sample size n=200, May-June 2023. Survey covered institutional investors’ attitudes, approaches, barriers, and opportunities regarding transition investing. 83% of EMEA respondents surveyed have net zero by 2050 or other date as a transition objective across their portfolio. https://www.blackrock.com/corporate/literature/brochure/global-transition-investing-survey.pdf

51 BlackRock’s 2020 Letter to Clients , Sustainability as BlackRock’s New Standard for Investing, (2020)

52 Reuters , Europe’s spend on energy crisis nears 800 billion euros, (2023)

53 The New York Times , Germany Announces New L.N.G. Facility, Calling It a Green Move from Russian Energy, (2022)

54 Texas Fall 2023 Economic Forecast

55 Federal Reserve Bank of Dallas, Texas electrical grid remains vulnerable to extreme weather events, (2023)

56 U.S. Energy Information Administration : Electricity Data Browser

57 U.S. Energy Information Administration , Solar and wind to lead growth of U.S. power generation for the next two years, (2024)

58 BlackRock Alternatives, CFP, 2023

59 Kenya Power , Annual Report & Financial Statements, (2022)

60 Reuters , BlackRock, Temasek-led group invest $150 mln in thermal battery maker Antora, (2024)

61 Business Wire , Antora Energy Raises $150 Million to Slash Industrial Emissions and Spur U.S. Manufacturing, ( 2024)

62 Oxy, Occidental and BlackRock Form Joint Venture to Develop STRATOS, the World’s Largest Direct Air Capture Plant, (2023)

63 As of June 30, 2022. “Energy companies” refers to corporations classified as belonging to the GICS-1 Energy Sector.

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