Jessica Timelin from Michael Page, Eliot Bates of Brewer Morris and Craig Perkins at The Treasury Recruitment Company share their views on the jobs and ways of working that will shape the world of treasury work in 2024. Hybrid-working practices will evolve, as will the scope of treasury work, while salaries will be pushed up amid a growing demand for strategic skills.
As we head into 2024, hopefully it is with an air of optimism and excitement about the year ahead, at least professionally. A lot of the conversations I am having with treasurers are focused around two things for them as they set out in the new year to ensure they are putting their best foot forwards.
Increasingly, we are seeing treasurers take on hybrid and more complex roles that are stretching them intellectually. Things such as tax, pensions, risk, insurance and procurement are evermore falling into the treasurer’s skill set and, as such, group treasurers are talking to me about what they can do to position themselves internally and externally for such an opportunity. A focus on softer skills, being able to handle a range of diverse stakeholders and being able to partner and communicate with the wider business is absolutely paramount.
Being able to see how issues and challenges knit across different departments and being able to present a solution to a CFO or a board is a hugely valuable asset for anyone looking for career growth. While treasurers will already be trusted as competent and technical experts when it comes to arranging liquidity and managing debt, being able to present to and influence boards is becoming very important as the profile of treasurers continues to grow.
Therefore, with the above in mind, the second consideration is succession planning for these individuals. As more of group treasurers’ time is taken up by other tasks and projects, it is becoming clear that they will need to hand over the reins to someone else in the team to keep the day-to-day functions running and engage the team effectively.
Treasurers are actively looking into succession planning – either from within the organisation and making sure that individual has the right tools and support to grow, or alternatively if there isn’t a viable internal option, going to market in order to secure an up-and-coming talent that can continue their good work.
In this instance, they are looking for individuals who have broad and strong operational experience and are looking for more exposure to either financing or strategy as they elevate themselves under the tutelage of the incumbent. Early indications suggest it should be another interesting year!
In the current economic conditions, many organisations are growing and upskilling their treasury departments in preparation for an expected increase in workload.
The importance of a treasury function, and the group treasurer role within it, is increasing and there is a greater focus on making sure the right person is leading the department. Group treasurers are now required to be strategic, as most organisations predict the challenging period to continue over the next few years.
The strategic skill set is more important than ever, and clients are keen to ensure the treasurer they hire has the ability to look ahead and pro-actively identify where they can add value or reduce risk.
As a result, salaries have increased, but this increase is also as a result of the current economic climate, with candidates being concerned about inflation and the cost of living. Candidates are pushing for greater uplifts in negotiations and clients are typically finding they need to accommodate this in order to secure the best talent.
Hiring managers need to move quickly and be flexible when entering salary negotiations. Senior candidates are in demand and will often have multiple processes on the go, so speed of process is key. However, things should not be rushed. It is important that senior hires experience a robust process. There is a need to recognise this as candidates want to feel valued when discussing compensation and it is important to remember this.
Last year, there were some excellent senior opportunities and this trend will continue into the current year. Candidates should take advantage of this. There are likely to be some really high-quality opportunities that come up as a result of senior moves or companies looking to increase their treasury expertise. Group treasurers can afford to be choosy when considering their next role but should also be ready to throw their hat in the ring if they see an opportunity that looks like the right next step, even if the timing isn’t perfect.
Following the pandemic, the corporate treasury function, like many others, has been compelled to embrace hybrid working. With more than 8.7 million full-time workers desiring more flexible arrangements, the trend is unmistakable. While 90% of business leaders plan to implement return-to-office mandates by end-2024, flexibility remains a cornerstone for attracting talent in a skills-short market.
The upcoming UK Flexible Working Bill, allowing two flexible work requests annually, only serves to reinforce this shift.
For anyone working within the treasury world, the balance between in-office and remote work has become obligatory and the further any of our clients have tried to move towards a more office based five-day week, the more we have seen the resignations flow!
Our clients have had to negotiate, or they have lost staff; a three-day work week/flexible shifting schedule has been the only way to retain their best team members.
I know Mike Richards, TTRC CEO, doesn’t like remote, he doesn't even really like hybrid.
As he explained to me, he prefers a physical office and the camaraderie of the in-person environment but when he spoke at a recent treasury conference, he explained that, if he wanted to run a successful recruitment company, he had to embrace it.
But he also recognises that 100% office-based working is effectively dead.
Treasury employers need to do the same, they need to adjust their attitudes towards remote work. Hiring challenges often stem from employers' reluctance to adapt, and candidates, now more than ever, have the upper hand. Those that enforce any kind of inflexible return-to-office blanket policy will lose the battle for treasury talent.
Collaboration with remote colleagues is critical and we need to make the most of time when working together as a group to gain the best results.
Yes, it is easier not to travel to an office and work over Zoom or Teams but that in and of itself won’t deliver the best results – we need to accept a new ‘blended’ way of working is the new future.
Jessica Timelin is senior operating director, corporate services and finance, at Michael Page
Eliot Bates is UK head of treasury recruitment at Brewer Morris
Craig Perkins is head of UK recruitment at The Treasury Recruitment Company
