Jessica Timelin, operating director, corporate services & finance, Michael Page Treasury, and Eliot Bates, head of treasury UK, Brewer Morris, said after a Covid fall off followed by a spike in activity in 2021-22, activity would return to normality.
Timelin said: “What we’re starting to see now is a pick up, but not quite the frenzy of 2021-2022. There’s still very much a demand for high-quality treasury professionals, especially for juniors and assistants to manager level.”
She said a lot of demand is driven by treasury teams feeling they need more hands-on deck for projects that may have been put on hold previously.
Bates said: “It’s quieter than last year, but the market is now what would it have been pre-Covid. Treasury is one of those areas that is recession-proof to an extent, which is why it’s in a pretty good state for the moment, despite the effects of high interest rates and inflation,” he added.
Their comments were made in a session, hosted by the Future Leaders in Treasury group, facilitated by Marks & Spencer deputy treasurer Louise Woodroffe, at the ACT’s conference in May.
One of the biggest changes to the recruitment market since the pandemic has been the demand for greater work flexibility, said Timelin and Bates, with an expectation of a 50:50 split between remote and office working, or even 60:40 in favour of working from home.
To an extent that has changed recruiting patterns, said Bates. Although London remains by far the main place in which companies are recruiting, greater work flexibility has meant a growing proportion of treasurers are living further away from the capital. “Candidates now can commute into London for two days a week from slightly further out,” he said.
Outside London, the main locations for recruiting senior treasurers are likely to be where headquarters of FTSE-250 sized companies are based, said Timelin. “Centres of activity are the Midlands where you’ve got the likes of GKN, National Express, Rolls-Royce, JLR, as well as Leeds and Bristol,” she added.
Treasury is one of those areas that is recession-proof to an extent, which is why it’s in a pretty good state for the moment, despite the effects of high interest rates and inflation
Aside from flexibility, career pathway remains important to candidates, along with remuneration, said Bates. He said that when a process is under way to hire a candidate, career progression “and whatever they can get from that role as well” becomes the conversation.
On the pay front, Bates said organisations are trying to find a balance between paying enough to be competitive but not feeling under pressure to significantly hike their offer. “Salary levels are starting to calm down a little bit. We're not seeing the 20-30% pay increases for candidates that we were seeing last year,” he added.
When it comes to what employers are seeking, a top priority in the last four months has been
involvement in a treasury management system for more junior staff, said Timelin. For seniors, its evidence of developing relationships, both internally and externally, at an organisation.
At the top level, demonstrating leadership in the new flexible environment can be a key factor for selection. “It’s about showing the emotional intelligence behind managing and driving a team on a hybrid, remote basis,” said Timelin.
Added to that is the growing demand for an analytical skill set, said Bates. “Over the last few years, bigger corporates have become increasingly automated, so that way of thinking is becoming critical, whether you’re an analyst, treasury manager or at the top of a treasury function,” he added.
Lawrie Holmes is a freelance business and financial journalist
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