The Association of Corporate Treasurers’ Business of Treasury report was released in the midst of the Covid-19 crisis.
Treasurers are in the front line of liquidity and cash management, and the spotlight is shining on them like never before – even during the 2008 global financial crisis.
Although the research behind the report was conducted just before the crisis struck and prior to widespread lockdowns, it is clear from the findings that treasurers already believed that fundamental changes were afoot. The new priorities identified by treasurers are perhaps this year’s most striking finding.
The full report is available online. Here, meanwhile is a digest of the most notable findings:
Treasurers themselves say that cash and liquidity management are the essence of their role. That was true before and is certainly priority number one today.
Treasurers are playing an invaluable role in maintaining the financial health and stability of their organisations and, indeed, the wider economy.
As one respondent put it: “Good treasury can ensure a company’s continued survival and success; bad treasury can open up unexpected and catastrophic risks.”
This year we asked treasurers about their likely priorities for the year ahead. The answers revealed a new set of priorities for the modern treasurer, including: technological advancement; business strategy; communications and relationship management; and change management.
These four areas now take precedence over traditional areas such as regulation, treasury operations and tax/pensions/insurance, which appear more as accepted must-haves.
Crucially, this shift of priorities requires that treasurers develop new skills and behaviours.
We asked treasurers about their main issues within their organisation. Their top concern was technology advances; second was mental health and wellbeing.
Not what you’d have expected perhaps, but a compelling finding, nonetheless.
This year’s survey examined how treasurers are leveraging technology. The picture is one of technology allowing treasurers the space to increase their strategic and value-adding contributions to their organisations.
The fact that 87% of organisations are pushing forward in investing in automating treasury activities is a finding that also has long-term implications for treasurers.
This year’s research reveals that treasurers are closely focused around the skills and capabilities needed to progress their careers. The top three areas of focus for personal objectives?
Leadership and strategic competence; people management skills; and communication and relationship-building skills.
Treasurers also felt that a lack of leadership skills was the most significant issue holding back their team members.
Read The Business of Treasury 2020 in full here, and view the video from International Treasury Week.
This article was taken from the June/July 2020 issue of The Treasurer magazine. For more great insights, log in to view the full issue or sign up for eAffiliate membership
