All you need to know: Delving into the European Treasury Market

We’re delighted to have released the results of our Spring 2019 Salary Survey, an invaluable document that aims to provide the treasury community with a clear and factual picture of the treasury market as a whole. It not only allows for accurate salary benchmarking on a global scale, but also an understanding of the opinions and behaviours of those operating in this demanding and ever-changing industry. Here’s what the results revealed on the EU treasury market…

GENERAL MARKET TRENDS

The treasury market across Europe has been relatively stable with a strong flow of talent at all levels and a healthy pipeline of opportunities. Mid to senior level positions have been most in demand as businesses looked to strengthen their teams at Treasury Manager and Head of Treasury / Global Treasurer level. There has also been a significant shift in demand for more specialist functions including systems and processes, FX and debt management as well as bank relationship and cash management.

The junior end of the market has been a little more steady in comparison. There has been a lot less movement at this level, generally attributed to the fact that junior level roles have become broader in scope with increased levels of responsibility. There has also appeared to be more opportunities for internal development and career advancement which again has led to higher retention rates at this level.

RECRUITMENT TRENDS

As demand has risen for more specialist roles this, in turn, has led to significant skills shortages for candidates with this type of experience. In general, there has been a reluctance for candidates to move away from the generalist positions, in part due to the variety and flexibility these types of roles can offer but also due to the belief that it is best to maintain a broad role from a career advancement perspective – the more aspects of treasury you have gained exposure to, the better. Historically, this would have been the case however as business needs change, so must the candidate. Therefore, as a treasury professional with specialist expertise today, you will most certainly be regarded as ‘hot property’, the net result of which is increased job opportunities and higher rates of pay.

REGIONAL TRENDS

There have been some fundamental shifts developing across Europe with many businesses looking to re-locate their treasury centres as a result of BEPS. Luxembourg has been a major growth region, and with its highly developed financial services sector and booming economy, it is predicted that it will continue to rank as one of the top treasury-centre locations for businesses moving forward.

Germany and Belgium also saw increased activity – both very appealing locations from a commercial and economic standpoint, as well as offering attractive places to live for candidates considering moves out there. Switzerland on the other hand, which was once the epicentre of treasury recruitment activities, has now slowed down. Geneva, in particular, has been hit, predominantly because of the infrastructure challenges and practicalities of living in such a densely populated city. Zurich and Zug have been affected to some extent too, with a noticeable dip in the level of new opportunities arising in these areas.

IMPACT OF BREXIT

With the uncertainty around Brexit continuing and many questions still left unanswered, its impact on recruitment and the treasury sector as a whole remains unclear. Whatever deal is negotiated, the big question for many UK treasurers is how easy will it be in the future to work in Europe? The fact is, treasury is a skilled profession and by its very nature deals first-hand with the effects of Brexit. On this basis, the demand for treasurers will remain high. What is likely to change is the process by which candidates are able to move between countries which will undoubtedly involve visas or work permits. These potentially minor obstacles, however, should not prevent the flow of talent between countries, but will simply add another step to the process.

The other question, of course, is how easy will it be for European treasury professionals to work in the UK? Again, the same principals apply. Treasury is a skilled profession and therefore should remain relatively unaffected apart from some additional steps in the hiring process. What will be interesting to see however is how appealing the UK will be as a career destination. We have already noticed a reluctance by many professionals to consider opportunities in the UK as they are unsure what this could mean for them long term. That said, with a final deal looming, we can only hope that things will become clearer and much of the uncertainty to be lifted.

To explore the interesting statistics on the current EU treasury market or to learn more about the UK, US and Senior treasury markets, take part in our Spring 2019 Salary Survey here and you will receive the full report via email.

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2019-10-15T09:10:58+00:00April 17th, 2019|

Talking Treasury Careers

In this weekly podcast, I interview treasury professionals from across the globe about their treasury careers. I talk to them about their roles, how they built their careers, where they are now and where do they see both themselves and the treasury profession developing.

Other areas we talk about include; Career highlights and lowlights. Where they got their big break? What do they see as key to their success? Where do their careers go from here? What do they see as the future of the Treasury profession?