The Treasury Leader's Responsibility: Building a High-Performing Team

As a treasury leader, you understand the importance of effective cash flow management, risk mitigation and strategic financial planning. But your role goes beyond these core responsibilities. Building a high-performing team is fundamental to your department’s success. This blog explores key considerations for treasury leaders in building a strong talent pool.

Proactive Succession Planning

While internal recruiters can facilitate the initial stages of hiring, the responsibility for maintaining a robust talent pipeline ultimately falls on your shoulders. Succession planning is a critical aspect of this responsibility. By anticipating potential departures and identifying the skills required for future growth, you can proactively source and develop talent internally. This proactive approach ensures a smooth transition and minimises disruption.

Build a well-rounded Treasury Team

While technical skills are essential, focusing solely on resumes creates a narrow lens. Look for candidates who have complementary skills and personality traits that contribute to a high-functioning team. A strong leader may need a detail-oriented teammate to ensure a balanced and efficient operation. Prioritising cultural fit alongside technical competence will encourage collaboration, build team spirit and ultimately drive departmental success.

Expand your Search

Relying solely on internal recruiters or external agencies introduces an element of risk. To mitigate this, explore alternative recruitment channels. Industry conferences, professional organisations and targeted online platforms can be valuable sources of highly skilled individuals. Proactive outreach demonstrates initiative and commitment to strengthening your team.

Strategies to Retain Your Top Treasury Talent

Attracting talent is only the beginning. Retaining high performers is just as important. Prioritise professional development opportunities to enhance their skills and keep them abreast of evolving industry trends. Clearly defined career paths provide motivation and demonstrate a commitment to employee growth. In addition, fostering a culture of open communication, appreciation and work-life balance creates a positive work environment, promotes employee satisfaction and reduces turnover.

Conclusion: Building a strong treasury team together

At Treasurer Search, we understand the unique challenges faced by Treasury leaders in building exceptional teams. Our extensive market knowledge, combined with a focus on long-term client relationships, positions us as your trusted partner in managing the talent spectrum.

We invite you to get in touch with us! We look forward to discussing your specific needs and working with you to build a high-performing treasury team that will enable your department to achieve its strategic goals.

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Group Treasurer Recruitment: A Specialized Approach to Finding Top Talent

Recruiting for a treasury specialist is different from recruiting for a Group Treasurer. Technical skills and knowledge are considered a given at this level, personality becomes a more important factor, and stronger connections to business leaders are expected. Mass recruiters are not used anymore, companies are less likely to do the search themselves, and senior executive firms and niche firms like ours are used to find the candidate.

Why finding your next Top Treasury Executive requires a specialised approach

Finding a new Treasury Professional may seem straightforward, but when it comes to group treasurers, a whole new level of expertise is required. At Treasurer Search, we understand the nuances of these critical roles and the specialised approach required to attract top talent. Pieter found his first Group Treasurer of a listed firm before 2000, a first in a string of many that is still being extended.

The Importance of Soft Skills

While technical skills and financial knowledge are essential, they only paint part of the picture for a Group Treasurer. Even more than for junior and medior treasurers. At this senior level, soft skills become paramount. The ideal candidate will possess:

  • Strategic thinking: The ability to align treasury functions with overall business objectives.
  • Strong communication skills: Collaborate effectively and communicate complex financial concepts to diverse stakeholders.
  • Leadership: Inspiring and guiding a team to achieve key financial goals.
  • Business acumen: Understanding the broader business environment and its impact on financial strategy.
  • Relationship building: Fostering strong relationships with internal and external partners.

Tailored Recruitment Strategies

Finding a Group Treasurer demands a far more targeted approach than relying on bulk recruitment methods. These senior positions are rarely filled, and companies often lack the internal expertise to conduct a thorough search. This is where specialized executive search firms like Treasurer Search come in. Identifying & screening candidates, approaching them, and guiding the process are handled more thoroughly and discretely than with junior positions.

Our Approach

  • Deep industry knowledge: We possess and continue to invest in a comprehensive understanding of treasury across various sectors, allowing us to identify the best-qualified candidates.
  • Extensive network: We cultivate long-lasting relationships with top treasury professionals, granting us access to a pool of talent not readily available through traditional methods who pick up the phone when we call.
  • Customized approach: We take the time to understand your specific needs and company culture, ensuring a perfect match between candidate and employer.
  • Confidentiality and discretion: We handle all searches with the utmost confidentiality and respect, protecting the reputations of both companies and candidates.

Partnering for Success

At Treasurer Search, we believe in fostering long-term partnerships. We don’t just fill vacancies; we build successful teams. By leveraging our specialized expertise and targeted approach, we connect you with the ideal Group Treasurer who can elevate your organization’s financial performance and contribute to its long-term success.

Ready to find your next Group Treasurer? Contact us today and let’s discuss your specific needs.

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Recruiting a Treasurer: A Task That Demands Expertise

The role of a treasurer is crucial to any organization’s financial success. Treasurers are responsible for managing money and financial risks in an organization. Its priority is to ensure the business has the money it needs to manage its day-to-day business obligations, while also playing a key role in developing and implementing the organization’s financial strategy and policies.

Recruiting a qualified treasurer can be a challenging task. There are several reasons for this:

Competitive labour market

We are still dealing with a historically tight labour market (1).  The demand for treasury professionals exceeds the supply, which makes it more and more difficult to find the right candidate for the job.

Lack of treasury knowledge

Internal recruiters often don’t have any knowledge of what treasury entails. This makes it difficult to identify if candidates are a good match for the job opening they have.

No warm network

Dealing with a market where not many candidates are applying for a new job anymore, you will need to actively go into the market to approach and enthuse candidates for a new challenge. This takes a lot of time when you can’t build on an already established warm network.

In addition to these challenges, the treasury recruitment process can be lengthy and complex. It is important to carefully define the role, develop a comprehensive job description, identify qualified potential candidates, and think about strategies to enthuse these potential candidates for the role. Should you outsource, or do it yourself? We can help you decide on this!

Already being in the treasury recruitment business for 14 years, Treasurer Search has built an extensive and warm network of treasury professionals. Because of this warm network combined with our treasury and market knowledge, we can help you find qualified professionals and fill your treasury vacancy better and faster.

Contact us today to discuss your treasury recruitment needs.

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Tips for getting your Dream Job

Are you ready to take the next step in your career? If so, you’ll need to do some planning. In this article, we’ll share some tips on how to get your dream job.

  1. Strategic Career Planning
  2. Clean up your CV
  3. Use your Connections
  4. Keep track of your Applications
  5. Prepare for your Interviews
  6. Write follow-up Letters.

1. Strategic Career Planning

The first step is to take some time to think about your career goals. What do you want to achieve in your professional life? Once you have a clear understanding of your goals, you can start to develop a plan to reach them.

There are a number of tools that can help you with strategic career planning. One popular tool is the SWOT analysis, which helps you to identify your strengths, weaknesses, opportunities, and threats. You can also use a gap analysis to identify the skills and knowledge you need to acquire in order to reach your goals.

2. Clean up your CV

Once you know what career path you want to take, it’s time to update your CV. Make sure that your CV clearly highlights your relevant experience and skills. You should also tailor your CV to each specific job you apply for.

3. Use your connections

Don’t underestimate the power of your connections. Talk to your family, friends, and former colleagues to see if they know of any open positions that might be a good fit for you. You can also use LinkedIn to connect with people in your field.

4. Keep track of your Applications

When you’re applying for multiple jobs, it’s important to keep track of your applications. This will help you to remember where you’ve applied and to follow up with potential employers.


P.S. At Treasurer Search, you can create an account to easily track your applications and stay organized throughout your job search.


5. Prepare for your Interview

Once you’ve landed an interview, it’s time to start preparing. Make sure you research the company and the position you’re applying for. You should also practice answering common interview questions.

6. Write follow-up letters

After your interview, be sure to write a thank-you letter to the interviewer. This is a great way to reiterate your interest in the position and to thank the interviewer for their time.

 

Are you ready to land your dream job in treasury? Let us help you get there. We have a team of experienced recruiters who can help you find the perfect position for your skills and experience.

On behalf of my colleagues,
Haia

Find a job that might have your interest

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Meet us in person next week!

Next week presents an exceptional opportunity for a face-to-face connection with our team.

Ron will be in Amsterdam on Tuesday, 28 November, actively participating in The Working Capital Forum Europe 2023. Delve into insightful discussions and take the chance to connect with Ron at The Working Capital Forum Europe 2023.

Additionally, Pieter will attend the ATEL Tech Day 2023 in Luxembourg on Thursday, 30 November. This is an excellent opportunity to catch up with Pieter, and explore the latest technological trends shaping our industry.

We look forward to meeting you in person and sharing valuable insights at these noteworthy gatherings.

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Working in Treasury: Is it a good Career Choice?

When considering a career in finance, many people think of roles in investment banking, asset management, or financial planning. However, there is another financially rewarding and fulfilling path that is often overlooked: working in treasury.

What is it Like to Work in Treasury?

Working in treasury is an exciting and dynamic career choice that involves managing a company’s finances and ensuring its financial stability. Here’s a glimpse into what it’s like to work in treasury:

Financial Strategy: Treasurers play a crucial role in shaping a company’s financial strategy. They analyze financial data, market trends, and economic indicators to make informed decisions regarding investments, cash flow management, and risk mitigation.

Cash Management: Treasury professionals are responsible for optimizing a company’s cash position. They ensure that there is enough liquidity to meet operational needs while also investing excess funds to generate returns.

Risk Management: Treasury departments actively manage financial risks, such as currency fluctuations, interest rate changes, and credit risk. They use financial instruments and derivatives to hedge against adverse movements in financial markets.

Banking Relationships: Building and maintaining relationships with banks and financial institutions is a significant part of treasury work. Treasurers negotiate terms, secure credit lines, and leverage banking services to benefit the company.

Compliance and Regulation: Treasurers must stay updated on financial regulations and compliance requirements. They ensure that the company’s financial activities adhere to legal and regulatory standards.

 

Treasury Career Path

A career in treasury offers a clear and structured path to advancement. Here’s a general trajectory you can expect:

  • Entry-Level Roles: Most individuals start their treasury careers in entry-level positions, such as treasury analyst or cash management specialist. In these roles, you’ll gain hands-on experience in cash management, financial analysis, and basic risk management.
  • Mid-Level Positions: With a few years of experience, you can progress to mid-level roles like treasury manager or risk analyst. These positions involve more complex responsibilities, such as managing larger cash flows, overseeing risk strategies, and working closely with senior management.
  • Senior Management: As you gain expertise, you can move into senior roles like treasurer or director of treasury. In these positions, you’ll have a strategic impact on the organization’s financial decisions, develop long-term financial strategies, and often report directly to the CFO.
  • Executive Roles: In some cases, experienced treasury professionals may eventually ascend to executive roles like Chief Financial Officer (CFO). These roles involve overseeing the entire financial function of the organization.

 

Treasury Qualifications

To excel in a treasury career, you’ll need a combination of education, skills, and certifications:

Educational Background: A bachelor’s degree in finance, accounting, or a related field is often a minimum requirement. Many treasury professionals also pursue master’s degrees or certifications to enhance their knowledge.

Certifications: Consider obtaining certifications such as the Certified Treasury Professional (CTP) or Chartered Financial Analyst (CFA) to demonstrate your expertise and commitment to the field.

Analytical Skills: Strong analytical skills are essential for treasury professionals. You’ll need to analyze financial data, assess risks, and make data-driven decisions.

Communication Skills: Effective communication is crucial when dealing with banks, senior management, and colleagues. Treasury professionals need to convey complex financial information clearly.

Technology Proficiency: Treasury departments rely heavily on financial software and technology. Familiarity with financial systems and software is a valuable skill.

Conclusion

Working in treasury can be a rewarding and financially fulfilling career choice. It offers a unique blend of financial strategy, risk management, and relationship building. With the right qualifications and dedication, you can carve out a successful career path in treasury and contribute significantly to your organization’s financial success. So, if you’re passionate about finance and enjoy strategic thinking, consider exploring the world of treasury as your next career move.

Do you want additional tips for a succesful career in treasury? Feel free to reach out to me.

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Interested in a Career in Treasury? These are 7 Ways you can prepare

treasuryXL received many questions from people interested in a career in banking, especially treasury. Haia helped the treasuryXL team and collaborated on a comprehensive guide to help these candidates and others who wanted to make a similar career move. Let’s dive in!

It is always great to hear young people aspirating the transition to a career in treasury. We were happy to help them, and created the following steps to take for the transition:

1. Educate Yourself

  • Review the treasuryXL e-book to gain a foundational understanding of treasury operations and concepts.
  • Follow treasuryXL on LinkedIn to stay updated with the latest trends, news, and insights in the treasury field.

2. Network and Build Connections

  • Create a LinkedIn account if you don’t have one already, and start connecting with professionals in the treasury and banking sectors.
  • Join relevant LinkedIn groups and engage in discussions to demonstrate your interest and willingness to learn.
  • Attend webinars, conferences, or live events focused on treasury. These events are great opportunities to network and learn from industry experts.

3. Gain Practical Experience

  • Look for side jobs or internships in banking or treasury during your final year of study. Practical experience can significantly enhance your resume.
  • When reaching out to professionals on LinkedIn, express your interest in learning more about their roles and ask for advice on breaking into the treasury field.

4. Online Courses

  • Consider enrolling in free or low-cost online courses related to finance and banking on platforms like LinkedIn Learning, Coursera, or edX. Topics such as financial modeling, risk management, and financial markets can be valuable.

5. Make Your Interests Visible

  • Showcase your passion for treasury on your CV and LinkedIn profile. Highlight any relevant coursework, projects, or certifications.
  • Mention any relevant skills you’ve gained during your mechanical engineering studies that could be applied to the treasury field, such as analytical skills, attention to detail, or problem-solving abilities.

6. Create an Account with Treasurer Search

  • Create an account on our website which can help you explore job opportunities and connect with employers looking for candidates interested in treasury roles.

7. Stay Informed

  • Continuously stay informed about the banking and finance industry, especially the treasury sector, by reading industry publications, news articles, and reports.

Remember that a career transition may take time and persistence, but by taking these proactive steps, you’ll be better prepared to make a successful switch into the treasury field. Best of luck to you all with your journey, and feel free to reach out to us if you have any more questions along the way.

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Interim Treasury: The Solution to the Tightening Labor Market

The labor market is tightening, and this is especially true in the treasury profession. Companies are struggling to find qualified treasury professionals, and this is having a negative impact on their businesses.

One solution to this problem is to use interim treasury professionals. Interim professionals are experienced treasury experts who can be brought in on a temporary basis to fill skills gaps or to provide support during periods of increased activity.

Treasurer Search always manages a portfolio of interim treasurers. Experts work, through our matching services, on projects or bring temporary qualified capacity. As projects are always closed relatively quickly, we only briefly communicate or do not publicly mention the search at all. In almost all cases we know the interim treasurer before we find his or her assignment.

Now why mention these separate messages? Because I think part of the solution to a tightening labour market can be found in deploying interim treasurers. Old-style interim management, working with contractor (ZZP) or pay-roll contracts will remain but will, I expect, become more expensive. As traditional interim managers are becoming more scarce and inflation rises, prices per hour for clients will go up for that type of service.

In my perception room lies in labour markets that, until recently, was not tapped into. There are three obvious ones:

  1. Semi-retired treasury professionals: Many experienced treasury professionals retire before they are ready to fully step away from the workforce. They may be looking for part-time or flexible work, and they can be a valuable asset to companies that need temporary treasury support.
  2. People who make conscious choices about work: There is a growing trend of people making conscious choices about their work-life balance. This may include choosing to work part-time, starting their own business, or taking care of family members. These individuals can be a great fit for interim treasury roles, as they are often highly motivated and have a wealth of experience.
  3. Migrant treasury professionals: The EU makes it easy for people to move to other countries for work, and this includes treasury professionals. Treasurer Search has brought in treasury professionals from Portugal, the Netherlands, and other countries. These professionals bring with them valuable skills and experience, and they can help companies to fill skills gaps and to expand their global reach.

The ”never waste a good crisis” statement has been, regretfully, used too often over the last few years. But I think it applies here very well: ambitions about an inclusive society and labour market are getting realized. Not from an ethical starting point but more from a practical. Is that such a bad thing?

Contact us today to learn more about how interim treasury professionals can help your company. We would be happy to discuss your needs and find the right solution for your business.

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Find Your Interim Treasurer Through a Recruiter or a Consultancy Firm?

Treasury recruitment organisations and treasury consultants are both involved in interim treasury assignments. They often approach the same candidates but work with a different cost structure. The expertise of the service provider and interim manager is always important. If capacity is most important in your assignment, a recruiter might be best. If the project result dominates, a consultant.

Between the times of life-time-employment and the current flexible employment contracts some decades have passed. The Dutch have been among the trailblazers in making the labour market more flexible. These developments are being applauded by some and regretted by others. In our niche, corporate treasury, employers and employees are mainly positive. In this article, I want to focus on two channels through which you can find your interim treasurer.

In my opinion, the underlying agreement for labour, contractor or consultancy is secondary to what the company is looking for. If they are looking for a long-term (a year or more) solution with a predictable set of tasks, an interim solution is not appropriate. Interim will not offer stability and will cost too much.

The obvious reason for choosing an interim solution is the temporary need for capacity and/or expertise. This can be because you are looking for a permanent solution or the regular employee has taken a time-out. Also when you are shutting down your organisation, capacity is the dominating factor. In a build-up, implementation or crisis transition skills are important. In all described situations specific expertise, measured in experience and education, is a must. How does this help you choose between a recruitment or consultancy firm?

When to use a Treasury Recruiter to find an Interim Treasurer

As treasury recruiters, we find candidates for interim positions in various ponds. First, there is a group of independent contractors with a track record in interim management, with a legal entity that can hit the ground running. Next to this group, there is a group of candidates who are between jobs or just before retirement. Knowledgeable and motivated. Some of them can work from their own company, others will work through payrolling solutions we can provide. This second group is not always the best at hitting the ground running but does have the knowledge level. Some of them can make the transfer from temporary to permanent employment. Most of the time the second group comes at a lower rate but sometimes needs more time to bring the same results.

When to use a Treasury Consultancy to find an Interim Treasurer

Most professional consultancies work with the idea that they will solve the problems of their clients. In fee structure, it is even possible to define a project and agree upon the cost in advance. A recruiter will not be able to do this. An interim manager working through a consultancy can do so with shadow management: he can call colleagues if he lacks knowledge. Furthermore, the infrastructure and support are more substantial. All these benefits come at a price: the average hourly rate of a consultant is often 50% higher than an independent interim manager with a similar profile would charge.

Where Recruiters and Consultants overlap

In competition with consultants, we often notice that we (recruiters) approach the same candidates and ask for a lower price. Also, it happens that an independent senior interim manager is compared with a medior consultant who is on the payroll of the consultancy. In that situation, the client has to decide if he prefers apples over oranges.

Final remark and what to do

Often all parties pretend recruitment (and other) processes are 100% rational. They are not and that is not a bad thing. You should choose the interim manager and service provider that makes you feel good and who solves your problem. Sometimes a high hourly fee and few hours is better than a low hourly fee and many hours.

It is not rocket science but do think before you act. If you want to only steer upon results and high expertise, a consultancy is best, in other scenarios a recruiter might offer a better solution. What is your experience?

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The Best (Interim) Treasurer and the Best Presentation

In many of my meetings with (interim) treasurers the topic of “landing the assignment” pops up. The average treasurer is quite technically, treasury content oriented. They assume the best expert will get the assignment. Reality is a bit different. In the market for interim assignments, as in the labour market, wrapping is also important.

Perhaps you can consider the following three aspects:

Know your strengths.

This is your strategic market positioning. People do not believe in “an expert in all aspects”. Analyze what you are good at. If you land a position or assignment that is not in your comfort zone, you set yourself up for failure;

Match your offerings to the request.

Read the job description, the website of the company, Wikipedia, LinkedIn and other information sources. Try to ask your questions and listen before you present. Broadcast what is most relevant for your meeting partner and rise above your “standard pitch”;

Accept that it is a numbers game.

You cannot control competition but you can increase your options. Call, mail, and meet potential decision makers and influentials. This is typically something the average treasurer is not good at.
The average expert will only execute the first aspect properly and expect success. This is what one of my professors called “the old Philips marketing strategy”. Most potential clients and employers are not willing to ignore aspect 2. The interim managers I know who are always in an assignment are not necessarily better at aspect 1 but do rule in 2 and 3.

If you want to apply the above, start by talking with former bosses and colleagues about aspect 1. Train your presentation and interview skills to improve on aspect 2. Block time in your calendar for aspect 3 and outsource to us.

We can help you develop a strong presentation that will help you land your next interim treasury assignment. Contact us today to learn more about how we can help.

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