2020 was an unexpected and unprecedented year. From a professional point of view, treasurers spent most of their time fire-fighting and reacting to market conditions, and therefore didn’t concentrate on their own professional development.
The Future Leaders in Treasury group organised an event to discuss the impact of COVID-19 on recruitment and to ask whether the skills needed to succeed in treasury had changed as a result of the pandemic.
Treasury skills
Caroline Stockmann started the session by providing an overview of how the treasury skills set had changed as a result of the pandemic.
No-one could have predicted or prepared for the current crisis but treasurers have risen to the challenge and as a result treasury skills are in high demand. With organisation’s focussing on cashflow, the treasury team have used their core technical training to secure and steer their company’s future. The profile of the treasurer has understandably risen as a result and they are now being heard more than ever before.
The ACT’s Business of Treasury research, completed just before the pandemic, highlighted that the main blockers to career progression were a lack of personal development skills – most notably leadership skills. How has this been affected by COVID? Commercial and relationship building skills have become more important than ever in the current environment. Not only are treasurers taking on the responsibility of managing their teams, having to check in with their them and discuss wellbeing and home schooling etc., but they are having to use strategic influencing skills to speak to the Board and to truly influence at the highest level.
How does this translate to recruitment? When talking to the recruiting managers the current environment has made them risk adverse and they are looking for exact matches to the roles they are recruiting for. They want to see a proven track record so that the candidate will be able to ‘hit the ground running’. However, as we come out of the crisis it is likely that this risk aversion will ease and strong candidates who may not tick all the boxes but have additional skills will be considered for roles.
One of the positives of the crisis is that, as most employees are working remotely, organisations have been able to see the benefits of working from home, and those who are happy to continue with flexible working post-COVID have a wider pool of candidates to recruit from. Physical location has becoming less of a barrier.
More generally, COVID-19 has made us more reflective, and has made many members think about what is important to them. This has meant an increase in focus on their personal development and this uptick in self development is really healthy. Reflecting on what you can control in your life and developing yourself and increasing your learning can help with your mental wellbeing and work/life balance.
The ACT have a number of resources to help you with this including the strategic insight podcasts, the Career Hub, ACT mentoring scheme and articles in The Treasurer.
The treasury recruiter’s view
We then asked a panel of treasury recruiters about the impact of the pandemic on recruitment. The panel consisted of Rachael Crocker, Head of Practice - Treasury, Brewer Morris, Laura Beasley, Manager – Corporate Services, Michael Page Treasury and Mike Richards, CEO and Founder, The Treasury Recruitment Company.
Question: What impact has COVID has had on recruitment over the last 12 months and what does this mean for recruitment in 2021.
Mike Richards (MR): 2020 saw a lot of new projects being put on hold, which affected the number of roles being put forward. Working from home was a positive, but it did have knock on effects in relation to work/life balance, with no commute and a blurred relationship between home and work life. People have coped with the pandemic but they have not achieved.
Rachael Crocker (RC): There was an initial slowdown in roles when the pandemic struck. Treasury teams were very busy, busier than they have ever been before, but they were not able to recruit due to a reluctance by the company to increase headcount and costs, as well as a reluctance to recruit and onboard remotely. However, as we go in to 2021 recruitment is picking up. The increase in workload within the treasury team is the main driver – the focus on liquidity within organisations is still there. As a result there are lots of opportunities within the treasury team and we should see this filtering through to roles.
Laura Beasley (LB): Treasury has been thrown to the forefront as a result of the pandemic. There was a nervousness around candidates at the start, reflecting the risk averse recruitment attitude by employers that had been noted by Caroline, but confidence is being restored bit by bit. These are unprecedented times but company’s are recruiting and supporting people remotely.
Question: What is the panels view of bankers looking to move into a treasurer role. They bring a slightly different skill set but are companies prepared to take a broader view and perspective?
LB: Right now we are finding that clients want to recruit those who can instantly fill the role advertised and that they often recruit in their own image. As a recruitment consultant we do go back and speak to them about the best candidates but company’s are in a risk averse period. Over time this will change.
RC: This is a risk averse environment. Organisations want more boxes ticked than ever before. It is ultimately down to the hiring manager as to what candidate they want to see but we will help to position candidates in the best light.
MR: There is a massive pressure on treasury teams to perform. This makes it difficult for them to go with unusual candidates. It has been a slow market and most company’s have recruited to replace. It will become more flexible as things become less pressurised.
It’s also important to understand that what is required will vary depending on the organisation’s size and industry sector. Large companies tend to have blended teams and as you go down the FTSE the treasurer’s role becomes broader. This will have an impact on who the company will recruit.
Question: Are recruiters are asking for different skills?
RC: Analytical skills remain a key skill-set which is in high demand along with funding experience which is also seen as important. Generally though, clients are asking for agile and adaptable candidates with a breadth of experience. They are looking for the same skills as they were in pre-COVID recruitment – technical skills, influencing skills, attention to detail along with the ability to step back and see the bigger picture.
Question: What can you do to show development on your CV?
LB: Make sure you showcase your new skills and that you are detailed in your CV. For example, when talking about TMS highlight the exact systems you use. If you’ve been involved with wider initiatives bring this out in your CV so that the employer can build a picture of you - if you have acted as a mentor/coach/been involved in a company project remember to put this on your CV.
And very importantly, remember to tailor your CV to each role.
Question: How do you see the future?
MR: Organisations which have a robust plan and clarity of structure will attract the best candidates. They must be able to answer: What is their working from home balance? What is their expectation of how much time the candidate will need to be in the office?
A lot of treasurers will recruit in their own image. But a key recommendation is not to recruit a clone of yourself but to recruit for your gaps. This ensures you have a blend in your team.
In the last 12 months treasurers have been requested to do so many things. They have had to support their team, be an empathetic leader and a technical leader. These skills will continue to be important.
Question: Are employers using technology in their recruitment more than in the past?
The answer to this question has two strands: one is about using technology (virtual rooms) in the recruitment process and the other is about using AI to screen CVs.
LB: Due to the pandemic recruiters are interviewing candidates remotely using Microsoft Teams and Zoom. This has been successful although it is still preferable to have a face-to-face meeting at the later stages of the interview process (if possible). Going forward it will continue to be a part of the application process, with online interviews in the earlier stages of the recruitment process, as organisations will use a blended approach.
Even when you are being interviewed remotely remember this is an interview and give yourself the best chance of success by preparing as you would for a face-to-face interview.
MR: When being interview via Teams or Zoom ensure you get your personality across. How do you do this? A good way is to put yourself in the interviewer’s shoes and to ask what do they want to get out of the interview, what are they looking for, what would they expect you to do? And after you put yourself in their shoes, remember to rehearse the interview.
With regard to using algorithms to screen CVs….
LB: There doesn’t seen to be a shift to using AI in treasury recruitment.
RC: A lot of treasury recruitment comes down to chemistry and whether you will fit in with the team. This can’t be achieved using AI – it needs to be done in person (whether virtually or face-to-face).
MR: Treasury is a specialist area and recruiters add value to the process – both for the candidates and for the organisations. LinkedIn simply isn’t set up to sift treasury candidates correctly.
The ACT would like to thank the speakers Caroline Stockmann, Chief Executive, ACT, Rachael Crocker, Head of Practice - Treasury, Brewer Morris, Laura Beasley, Manager – Corporate Services, Michael Page Treasury and Mike Richards, CEO and Founder, The Treasury Recruitment Company and Rob Searle, Relationship Manager, MUFG for chairing the event.
We have a number of resources to help members with their career journey, including a treasury career section on the website, the Career Hub, and educational videos.
