What Do Treasury Candidates Want?
The current political and economic landscape has created a certain amount of trepidation amongst treasury candidates. Let’s face it, treasury professionals prefer certainty, they like to manage risk, not put themselves at risk!
For this reason, many treasury professionals can be reluctant to explore job opportunities often taking the ‘better the devil I know’ stance.
However, treasury roles are out there and they need to be filled with excellent candidates but the key is in knowing where to look for them. The best place to find candidates is in what we call the “passive candidate talent pool” – those treasury candidates who are not actively looking for a new role, but might be tempted if the right opportunity comes along.
The challenge for employers is how to engage with these risk averse candidates. What can you do to attract treasury professionals to your role, and most importantly encourage your preferred candidate to take what they may perceive to be a risk in leaving their current company and joining yours.
The Challenge of Attracting Treasury Professionals to Join You
We think the key to successful recruiting within treasury is what is commonly referred to as your Employee Value Proposition, your EVP – this describes why you would choose to work for a company in terms of the specific characteristics that appeal when trying to attract potential candidates.
It is the way you try and differentiate yourself from your competition to coin a phrase it’s your ‘people-edge’.
Pull factors such as in-house massages and free beer Fridays, although attractive in the short term are not sufficient to differentiate you from your competition anymore.
What treasury professionals really want, and need is the knowledge that they will be joining an employer who will support their career development. They must be confident in the knowledge that their careers are in the hands of bosses who will mentor and coach them whenever they may need it.
Sounds like common sense? Not many companies are doing it.
I often say that we – treasury recruiters – are the last resort. If you are using us something has gone wrong.
- Why couldn’t you retain your own staff?
- Why don’t you have the right people to promote from within?
Harsh I know, but employee attraction and retention go hand in hand. If you want to recruit candidates in the current market you need to also be thinking about retention.
It is your EVP and employee retention strategies, how you look after your people – how you make sure they can do their job and how you can help them achieve what they want – these factors will all prove vital to your business’s success!
How Do You Get Them Through the Door?
You have a new opening within your team, the location isn’t ideal, but travel links are good. You ideally want someone that has been with the same company for a few years who has shown commitment and has worked their way up, gaining some broad treasury exposure along the way.
How can you attract them to this position if they are happy where they are?
How do you get their attention and then more importantly keep it?
Here are our tips for recruitment success;
JOB DESCRIPTION – Your potential candidate has probably been contacted several times about various AMAZING opportunities so what makes your job description any different?
- Appearance – It needs to engage them from the start, offering a link to the company website and a Google Map link to the office to make it as easy as possible for the individual to research where you are.
- Grab Their Attention – A short paragraph about who the company is, and future growth plans will instantly attract a prospective candidate. Awards, global footprint etc. Why would they want to work for you and your company
- Responsibilities – Sometimes it can be a challenge to make these interesting. However, read them and think…
Are they growth points for an individual?
Do you need to make it more challenging?
Do you need to improve / upskill the current position before going to market?
- Why Apply? This doesn’t have to be epic! A short paragraph about why the individual would be interested in joining you. Is the office in a great location, fun team environment? Are there any specific perks? Does the role offer a good work-life-balance? Do you hold many social events? Are there fantastic progression prospects and the opportunity to learn and develop within the company both in your office and overseas prospects in the future?
THE 1ST INTERVIEW – Many individuals will be nervous at 1st interview, especially if they weren’t really looking for a job in the first place. It will have probably been a while since their last one, give them a break!
- A Warm Welcome – OK it’s a formal interview but the friendlier you are the better. Encourage the candidate to feel welcome. Show them what a great place to work it is. A relaxed candidate will always volunteer more of themselves, making the interview a more positive experience for the both of you.
- Sell, Sell, Sell! Whilst this is the candidate’s opportunity to sell themselves, this is your chance to sell the company and the role – this is as much your first chance to make a good first impression and attract them back for a potential 2nd!
- Their Future – If this is a good candidate, progression and prospects will be at the front of their minds, make sure you describe any progression opportunities that this role offers, plus any training/development the company offers. This is your chance to tempt them to leave their current employer to join you!
- End on a positive note – Everyone conducts their interview differently. Whichever way you choose to conduct yours, be it a general discussion, competency based, technical questions, tests etc always finish on a good note. Perhaps a little bit about the candidate, their general interests and hobbies? You want them to remember what a pleasure it was speaking with you. Not “I hope I don’t have to go back there again!”.
THE 2ND INTERVIEW – Get to know the candidate, show them around the office, let them meet the team, take them into any social areas etc. Get them envisaging themselves working there and being part of it!
This will also possibly be their last chance to ask more in-depth questions about the company and find out the nitty gritty so be as open as possible. The more comfortable they are with you and your company the more likely they are to accept any job offer.
THE OFFER – The final hurdle – what can go wrong you ask?
Their salary expectations are out of sync with your potential offer.
It is extremely important to gauge what this candidate is looking for in terms of salary.
You need to know;
- What base they are on now?
- What their bonus and benefits package is? How is it measured and awarded?
- Does their current company sponsor study? If so, will the candidate be expected to pay this back or will this be something you can offer in terms of a sign on bonus?
- Will they expect you to continue to sponsor future study?
- Are they due a bonus that they will lose if they leave before? Is this something you would be willing to cover if so?
- Will they need to relocate? If so, are you willing to offer a re-location package?
It is important to obtain this information upon application or at the very latest after the 1st interview but most definitely before an offer is considered!
- They get counter-offered. They weren’t really looking for a new role, so how happy are they where they are? This probably means the company are very happy with them too and will want to keep them! Be aware as this is very common. Stay professional, find out what they have been offered and what it will take to ‘override’ that offer. Remember your pull factor needs to override any concerns they may have about leaving!
CONGRATULATIONS! You have a fantastic, new member of the team who is ready to get stuck in. It is now down to you to retain that fantastic new team member and keep them feeling fantastic!
If you would like advice about how best to on board your staff or recruit new ones.
We are here to help, anytime you need us!