The State of the UK Treasury Recruitment Market

The UK treasury recruitment market is going through some challenging times!

There has been the long-term effects of coping with the changes BREXIT landed on the laps of treasury professionals, the medium-term effects of recovering from the pandemic and a whole new world of working in a blended age of hybrid work and as if that wasn’t enough there’s an increasingly unstable political environment as an election looms.

The economy does not know where to go next!

I do feel Europe and the US markets feel some of the similar problems but with a lack of BREXIT and some political change but the UK as a far smaller economy does seem to be languishing leading to a slower treasury recruitment market overall.

Often, we have been asked to simply “recruit-to-replace” staff in the same positions when staff have moved on rather than clients wanting to expand their treasury teams or seeking to develop their treasury functions.

They have retreated into their shells and only sought to recruit when they are forced to i.e. if a member of staff leaves, they try and spread the workload and cover internally before recruiting.

It is only when a second member of staff moves on and say they were a team of five people initially then they can cope with 4 BUT at 3 they struggle and then recruitment is often conducted in haste rather than fully planned.

If your team dropped by 20% and you were having to still do the same amount of work, you may be able to cover but if that becomes a 33% drop it becomes urgent in a matter of weeks not months!

Salaries in the UK treasury market have shown some moderate and steady increases in compensation, and whilst that does indicate a stable market, it does not make for a particularly buoyant market.

We have seen salaries keep pace with inflation but in in real terms, keeping pace is not any sort of increase!

When you examine the numbers more deeply and I do not think many employers have been looking too deeply and dare I say that has been deliberate in many cases rather than through ignorance. Then many treasury professionals have faced some tough times.

I would add that there has been consistency across the different levels of seniority in terms of salary rises. Unlike some European regions and the US, the UK has given a more consistent growth pattern across all levels of treasury roles and there has been a more balanced demand within the market itself for treasury staff.

Whereas in other regions, say in the US, there have been higher demand at the mid and semi-senior level, i.e. International Treasurer & Deputy Treasurer. In Europe, there has been higher demand at the operational levels and the more junior levels that has driven salary growth.

In the UK, we have seen a strong increase in terms of salary for Deputy and Group Treasurers, highlighting the importance of leadership within financial strategy, which is one of the key factors people have said when they are recruiting. But again, there has still been a ‘recruit-to-replace’ mentality rather than increasing the levels within treasury teams.

There also have NOT been an influx of NEW Group Treasurer roles as some of our rivals have spouted rubbish about!

If they have recruited all these brand-new Treasurer roles, then why aren’t they boasting all about it through lots of amazing testimonials from these brand-new Treasurers?

Why? Because its BS that is why!

They have been saying there has been high demand for Group Treasurers this year, and it has been busy please send us your CV’s / resumes. That is just them CV gathering. There has not been high demand.

Yes, there have been promotions. That has been the default. But when people are going to the external market i.e. trying to find new Treasury talent from other companies, it has been limited.

It has been a tough year in 2023. It is improving in 2024, but it is not a boom market by any means at the senior levels.

There has been a more moderate increase in salaries as people move from the Analyst level and then an increase in salary level for early to mid-managerial positions such as Treasury Manager.

Meaning that they are looking for treasury professionals who can take on leadership, who can supervise, who can lead, coach and train. But one of the things I would mention there is, how many organizations are providing that to their Treasury Managers?

How many organizations are saying, great. We would like you to train up the Junior Treasury Operational team, manage and train the Treasury Dealer, manage the Treasury Analyst, manage the Treasury Assistant.

Fantastic but what training are you giving them to be effective leaders of the future?

For many years, right the way across the treasury function, I see a lack of treasury training, and it’s something we have addressed, and we have partnered with a couple of organizations that when treasury professionals need more training about how to be trainers, how to be managers, that’s one of the key things that we’ve identified. So, we are going to be offering that more extensively in 2024.

Overall, within the UK market and within our survey, we have fantastic knowledge.

We have been operating in the treasury recruitment market for over 25 years. We have stable participant numbers in the salary surveys year-on-year.

There is a good mature market with established career paths within treasury, but the best thing for us as the treasury recruitment company is we know the market. We have the power of knowing exactly where salary stands.

We know intuitively, but also factually what the right salary is for and when you are recruiting a new Treasury Analyst, a Manager, Deputy Treasurer, or Group or Global Treasurer, and we know the difference between them because we have done it for twenty-five plus years.

This is what we do and what we continue to do. So, call us if you need help.

Thank you to all those who take part in our Salary Surveys. It is only with your input that we can offer the insights into the state of the Global Treasury Recruitment market.

We are aware that competitors create surveys simply to have something to talk about on LinkedIn with your support our 100% real survey, offers unique value – “we use real data from treasury professionals, to give a one-of-a-kind treasury salary survey for treasury professionals globally”.

Please share our survey within your treasury network – colleagues, team members, superiors. The few minutes they give to the survey make it the powerhouse it is to this day!

Any suggestions on its content or areas to be explored are welcome. With your help, every day we improve the survey, thanks for your support.

Please Take Part In Our Ongoing Treasury Salary Survey!

This comprehensive survey is the foremost benchmarking tool for Treasury sector salaries. It gathers data from Treasury professionals worldwide, ranging from Treasury Analysts to Group Treasurers. By participating, you’ll gain exclusive access to the full results at no cost.

We are gearing up for the 1st set of results for 2024, we invite you to join them. Upon confirming your status as a Treasury Professional, you’ll receive a complimentary copy of the latest set of results and you are then included from then on!

All we ask is that you update your salary information whenever you get a well deserved pay rise 😉

Take the Salary Survey   Find out more

The State of the European Treasury Recruitment Market

There has been a notable upward drive-in salary levels for junior and entry-level managerial positions within the treasury sector. Roles such as Treasury Analysts, Dealers, and Treasury

Managers have experienced significant salary increases ranging between 21% and 35%, underscoring the critical role these professionals play in managing a company’s cash flow.

This trend is particularly evident in the creation of roles such as Cash Managers and junior operational treasury positions across various European companies, where competitive salaries have become essential for recruitment success.

Several companies in Europe have had to adjust their salary offerings to attract the level of qualified candidates, as demonstrated by instances where positions, like Treasury Analysts, saw salary increases from €55,000 to €76,000, a 40% raise.

Similarly, we have seen Treasury Managers salaries with an average increase from €93,000 to €117,000, marking a 25% uptick.

Lengthy Recruitment Cycles Hampering Treasury Teams

Failure to offer competitive salaries has resulted in prolonged recruitment cycles, lasting between 3 to 6 months, prompting companies to reassess their compensation packages.

Despite challenges in illustrating the wide salary variation across Europe due to diverse economic conditions, Katie Hardie and I offer insights tailored to individual needs. It’s evident that economic disparities between regions impact compensation growth rates, emphasising the need for customised solutions rather than a one-size-fits-all approach.

The demand for Treasury Consultants, whether from consultancy firms or independent practitioners, remains high, especially for change projects, leading to substantial salary offerings. This demand underscores the value of high-level advisory skills, particularly in strategic financial risk management, and their impact on treasury and finance teams.

While the UK treasury market remains mature with limited newly introduced job opportunities, other European countries like Belgium, the Benelux region, Germany, and the Nordics have seen the emergence of new roles. Katie and I have been actively assisting clients in navigating these evolving markets.

We Foresee European Teams Recovering Before The UK

Our comprehensive salary survey has seen a significant increase in participants, reflecting our deep market understanding. Despite a modest average base salary increase for a Global Treasurer from €250,000 to €266,000, the doubling of participants strengthens our ability to negotiate competitive compensation packages for our clients.

Moving forward, European treasury teams are expected to continue growing with the creation of new positions, contrasting with the UK market where recruitment primarily focuses on replacements rather than expansion.

We encourage sharing the survey within your treasury networks to further enhance its impact and welcome suggestions for improvement. We strive to refine and improve our survey to better serve the treasury community. Thank you for your continued support.

Thank you to all those who take part in our Salary Surveys. It is only with your input that we can offer the insights into the state of the Global Treasury Recruitment market.

Our Treasury Salary Surveys are 100% Real!

We are aware that competitors create surveys simply to have something to talk about on LinkedIn unlike competitors’ surveys, our 100% real data approach ensures unique and reliable results.

With your support our authentic survey, offers unique value – “we use real data from treasury professionals, to give a one-of-a-kind treasury salary survey for treasury professionals globally”.

Please share our survey within your treasury network – colleagues, team members, superiors. The few minutes they give to the survey make it the powerhouse it is to this day!

Any suggestions on its content or areas to be explored are welcome. With your help, every day we improve the survey, thanks for your support.

Many thanks from me, Mike Richards, CEO of The Treasury Recruitment Company, I appreciate it!

Please Take Part In Our Ongoing Treasury Salary Survey!

This comprehensive survey is the foremost benchmarking tool for Treasury sector salaries. It gathers data from Treasury professionals worldwide, ranging from Treasury Analysts to Group Treasurers. By participating, you’ll gain exclusive access to the full results at no cost.

We are gearing up for the 1st set of results for 2024, we invite you to join them. Upon confirming your status as a Treasury Professional, you’ll receive a complimentary copy of the latest set of results and you are then included from then on!

All we ask is that you update your salary information whenever you get a well deserved pay rise 😉

Take the Salary Survey   Find out more

More highlights from the survey below;

Insights From Our Q1 2024 Treasury Salary Survey

So, salaries are rising, no surprises there but where are they going up most? This where our global treasury salary survey really offers the most invaluable insights for clients.

In the UK we have seen very moderate salary rises, in Europe there have much higher increases and in the USA in extremely high growth cities and expensive cities such as New York, and up and down the East Coast, the West Coast in California, we are seeing some exceptional increases in salary levels to acquire the right talent.

Overall, there are rising levels of compensation driven by geography not that surprising, but I think the pay rises demonstrate the value of treasury, and its people recognizing that if they want to get the best treasury staff, they must pay them often a premium to secure the brightest talent too!

Treasury is really being recognized as a specialized discipline and the value treasury professionals offer. When treasury was recognized as a specialist discipline 20 years ago, I saw treasury professionals earning a premium salary. People were saying treasury, which is special, we need to pay more for those people, great news they said, it also happened in areas such as tax. It offered far higher salaries than professionals who worked in general finance.

But a serious downside emerged, many treasurers became ‘separated’ from the business. They were seen as specialist providers who were often seen as being slightly outside of the mainstream of the business itself, they were money managers / risk mitigators in the corner office.

Treasury has spent, the past 10 to 15 years trying to get back into the business mainstream and it is finally doing it. Not always, but they are finally ‘re-integrating’ into for the most part!

I think that’s key, and our surveys highlight the fact that the strategic treasury positions do demand a higher salary if you want the right specialists in place. But the same can be said for others in the finance team. You want a strong CFO; you are going to pay more for them, if you want a great treasury person, the same, if you want a great tax person, the same again.

So, I think, again, that is one of the things you notice here. Our surveys span the globe, but we are always here to give individual advice about a country or region within a specific territory.

If I’m a client or candidate, can you offer me individual advice?

We are often asked by clients and candidates; can you advise us about salaries in our local area?

Yes. We can do that. That’s why we are here!

We can help if you want to know;

  • How does my salary compare to Central London?
  • How does it compare to Brussels, Amsterdam, the Netherlands? Benelux?
  • How does a different part of the country across Europe compare?
  • What are salaries doing in the Middle East?
  • What are salaries doing in the USA whether that’s West Coast, Midwest, or the East Coast?

It all varies widely. But that is why we are here because we talk to Treasury professionals across the globe.

Our survey shows the growth rates across each of the salary levels, each of the levels, and the different local and global economic conditions all impact treasury compensation.

To illustrate this if I take one example of the most senior level position in our survey, Global Treasurer / Treasury Director. It is interesting as in certain regions one might look at the figures and say the salary level has dropped. For instance, in the 2024 survey the average salary of a Global Treasurer / Treasury Director in the UK was around £320,000 but then in the survey it dropped to £300,000.

But it didn’t drop. What happened was that as our pool of participants at the senior level expanded, in this case the survey sample grew from 18 to 25, it gave us more distinct average of what a Global Treasurer in the UK earns.

When you compare it to our US sample, the average salary with 35 participants in 2023 was circa $390,000 and it stayed the same even as the sample size increased to 61participants, the average salary was $392,000. Showing that we have the right median.

That is one of the key things that we possess this knowledge as we grow and expand, and we continue to survey the market. We have these different levels and at the other end of the scale at the most junior level there are Treasury Analysts / Dealers.

Depending on the levels, again, in the US, our survey showed that the median shifted, from $91,000 to $88,000. But the actual survey sample size nearly doubled. So, what we are showing is we have incredible insights into the state of salaries throughout all levels of treasury – if anyone needs individual advice, we are here to give that as well as that is one of the things we do.

So it’s just about my salary then?

Salary is one factor, and the numbers say one thing. However, it is not all about the numbers. That is what we have always said. Salary does not actually determine whether someone stays with your company or leaves.

We survey the market. There are several factors.

Yes salary is part of the decision-making process behind someone moving on but equally soare the non-monetary factors. Treasury professionals want roles that not just come with reasonable levels of reward, but also a supportive boss, supportive management and team, a clear progression path.

We get this by, once again, finding out that the top reason people leave is not because of salary. It is because they are not being satisfied in the work that they do.

It is often at a later stage, when they are not being rewarded enough that becomes the tipping point to someone decided to move on. Before that, our salary surveys show time after time, it is about having a good boss, having work that they enjoy. Salary, depending on the groupings is fourth or fifth, in terms of why people are looking for a new role.

“I BELIEVE REMOTE WORKING IN TREASURY WILL DIE OUT!”

As well as job satisfaction per se, I have talked and been interviewed about my thoughts about the new world of hybrid. And I have said before and I will again, that the world of remote work in treasury will die out.

It is dead. 100% remote working within treasury, I do not think is going to last in the future. I think it will die out because treasury by its very nature is a collaborative discipline.

There are some more specialized disciplines within finance, which I think do lend themselves more readily to remote working. However, I do not think that is the case with treasury.

Treasury professionals want to collaborate and work with each other for anywhere between 2 to 4 days a week. But the 4-day week will be infrequent rather than an ‘all-the-time’ arrangement – the general average is 2 to 3 days in office.

This means that people are working as a team. They are growing as a team. They are training as a team, and they are very collaborative in the way that they work.

It is a blend of both on-site whilst adapting to couple of days a week being more task focused, and that’s where treasury is adaptable. As employers you need to embrace the idea that they have set ups that allow for a blended office work experience with teamwork and on-site not being mandatory, but rather encouraged and embraced when necessary.

Our treasury salary survey gives amazing insights into salary levels. We often disagree with some of the thing’s economists say about percentage increases between this quarter and the next.

One example is that I recently saw a survey that said in general, base salary levels are rising on a quarterly basis by 5%. I have not seen those rises.

Pay rises are more granular, and it is more complicated than just broad-brush strokes saying, oh, there has been a 5% rise in overall salaries everywhere.

There might be at certain levels. There might be a 10% rise at certain levels within certain specialist treasury positions, but treasury is a specialist discipline.

To conclude, our survey gives amazing insights into not only salaries, but also the treasury profession.

It highlights why Senior Finance professionals, whether they are Treasury Managers, managing mostly junior members of the team through to Global Treasurers or indeed CFOs need to embrace new work models, technologies, and think about how to help the finance professionals within their organizations function and stay effective within what is a still fluctuating economic backdrop.

Both individuals and organizations alike, particularly within the treasury arena, need to adapt to these emerging changing emerging trends.

Flexibility, technical technology integration, and a renewed focus on job satisfaction are going to be key in attracting and retaining treasury talent within the corporate treasury sector, not just for this year, but for years to come.

Final words

Thank you to all those who take part in our Salary Surveys. It is only with your input that we can offer the insights into the state of the Global Treasury Recruitment market.

We are aware that competitors create surveys simply to have something to talk about on LinkedIn with your support our 100% real survey, offers unique value; “we use real data from treasury professionals, to give a one-of-a-kind treasury salary survey for treasury professionals globally”.

Please share our survey within your treasury network – colleagues, team members, superiors. The few minutes they give to the survey make it the powerhouse it is to this day!

Any suggestions on its content or areas to be explored are welcome. With your help, every day we improve the survey, thanks for your support.
Many thanks from me, Mike Richards, CEO of The Treasury Recruitment Company, I appreciate it!

Please Take Part In Our Ongoing Treasury Salary Survey!

This comprehensive survey is the foremost benchmarking tool for Treasury sector salaries. It gathers data from Treasury professionals worldwide, ranging from Treasury Analysts to Group Treasurers. By participating, you’ll gain exclusive access to the full results at no cost.

We are gearing up for the 1st set of results for 2024, we invite you to join them. Upon confirming your status as a Treasury Professional, you’ll receive a complimentary copy of the latest set of results and you are then included from then on!

All we ask is that you update your salary information whenever you get a well deserved pay rise 😉

Take the Salary Survey   Find out more

The State of the USA Treasury Recruitment Market in the USA

I have been thrilled with the growth of our participant numbers in the US. A 50% improvement between 2023 and 2024. Once again, this gives us a greater insight I to the different salary levels, and it helps us offer more concrete advice to our clients.

When we say to them, we know the average salary of a Treasury Analyst / Dealer is from 35 in our sample. Whereas when we have 57 in our sample, it means the advice we give is more powerful because we have a greater sample size. And that continues across all levels.

At our Global Treasurer / Treasury Director level, our sample size has risen from 35 to 61. And once again, with a total compensation package of $390,000. And its barely shifted, but the fact is, we know that is the typical average salary for a Corporate Treasurer in the US.

There has been strong growth across the whole spectrum of treasury roles from entry level Analysts through Managerial levels up to Senior Directors showing robust demand for treasury. But in the US market, the competition for us in terms of recruitment is still the lack of knowledge of the specialist service we provide.

The Default Setting for HR Teams Is LinkedIn

The default setting for many HR and talent teams in the US for recruiting treasury staff is LinkedIn.

We have often seen clients sift on LinkedIn for 3 to 6 months, unsuccessfully, come to us having had a 100 to 200 responses often. And yet we have been able to fill the position by knowing the best 12 people in the market, putting them forward.

And then next thing we know, we make a placement.

The US’s diverse economic landscape is mirrored in the compensation growth across a range of different treasury positions. But geography is not the only factor. It is a key factor. But at the end of the day, the number of roles, once again, we have seen some roles average out, if you like, in our survey. Not showing a huge increase in salary, for instance, at the Deputy Treasurer level, because several Deputy Treasurers have remained on similar salaries.

However, what I have been seeing is that a few Deputy Treasurers have been promoted, and they have taken on the next level of role going from Deputy Treasurer to Group or Global Treasurer. You have also seen other Assistant Treasurers moving from the Assistant Treasurer roles.

They are paying at the sort of $190,000 range up to around $200,000 to 220,000 range. But I have seen quite static salary levels right across from the upper managerial levels, i.e. Assistant Treasurer and right the way through to Global Treasurer.

So, salary levels have not increased hugely. What I have seen, as I have said in the overall summary, is that roles

themselves have changed drastically from a 100% in the office to number of Treasurer positions, 100% remote.

Do I think this will last? No.

I think Treasurer roles will become 2 to 3 days a week in the office to help guide, manage and most importantly mentor their teams.

Do I think that is the right balance? I do.

I think if someone is demanding that people are back in the office 5 days a week, it is a disadvantage to any employer to have that as it is a negative statement to say to potential applicants, you must be in the office 5 days a week.

You might have a long list of say 100 people before if you insist on 100% in-office this list drops to 10 to 15 if you are lucky! It is not a practical way to think about it.

One needs to review and think, how am I going to recruit this role? Again, that is where we can give realistic advice.

Base salaries for all levels of roles within the US have increased across the board. However, packages themselves have consistently remained consistent, i.e. value-added packages have not really increased. What I have seen is several clients have been saying, I am not going to make a move this year simply because this will be the first time, I am collecting a decent bonus or a bonus in many cases post COVID.

They got zero bonus during COVID or an exceptionally low bonus. They were being told they are lucky to have a role. Then the year after COVID it started to get back to normal. The year on from that, which is this year, they are now starting to go, okay.

Now I would like to get some more bonus, please, or I would like a decent increase in my package. Well, no. You are not going to get it. Okay.

We are getting an absolute influx of resumes from senior treasury professionals desperate for their next move. So once again, if you are looking for people, looking for senior candidates, just give us a call. We would love to help.

We are aware that competitors create surveys simply to have something to talk about on LinkedIn unlike competitors’ surveys, our 100% real data approach ensures unique and reliable results.

Our Treasury Salary Surveys are 100% Real!

With your support our authentic survey, offers unique value – “we use real data from treasury professionals, to give a one-of-a-kind treasury salary survey for treasury professionals globally.”

Please share our survey within your treasury network – colleagues, team members, superiors. The few minutes they give to the survey make it the powerhouse it is to this day!

Any suggestions on its content or areas to be explored are welcome. With your help, every day we improve the survey, thanks for your support.

Thank you to all those who take part in our Salary Surveys. It is only with your input that we can offer the insights into the state of the Global Treasury Recruitment market.

Please Take Part In Our Ongoing Treasury Salary Survey!

This comprehensive survey is the foremost benchmarking tool for Treasury sector salaries. It gathers data from Treasury professionals worldwide, ranging from Treasury Analysts to Group Treasurers. By participating, you’ll gain exclusive access to the full results at no cost.

We are gearing up for the 1st set of results for 2024, we invite you to join them. Upon confirming your status as a Treasury Professional, you’ll receive a complimentary copy of the latest set of results and you are then included from then on!

All we ask is that you update your salary information whenever you get a well deserved pay rise 😉

Take the Salary Survey   Find out more

An Interviewers Guide to Effective Interviewing

After carving your career in Treasury you’ve successfully reached your first career goal of becoming a Treasury Manager. You have everything in hand, correct? BUT then, a vacancy comes up on your team and you now have to start the hiring process. Well that’s all fine, but what about the interviews?

You’ve never led an interview before. You’ve only ever been on the receiving end, never the one asking the questions. Where do you even start? What questions do you ask? What structure do you follow? Even if you are a seasoned professional and carried out numerous interviews in the past, are you confident your interviewing technique is up to scratch?

Well you are not alone. In most cases, when professionals reach management level or are in a position where they take responsibility for managing and hiring their teams, there is no training on how to deliver an effective interview.

This business-critical skill falls into the management training wasteland whilst other seemingly more important topics get the limelight, but what can be more important for a company than ensuring maximum return on investment from their employees? Clearly one of the key ways to do this is to fill the business with high level performers and identifying high level performers, all starts with the INTERVIEW.

In this blog you’ll be given vital tools to help you understand how to deliver an effective interview. This will include understanding different questioning techniques and the 7 Stages of a Structured Interview.

The Funnel Technique

The art of delivering a successful interview all lies in the power of the questions; so, developing your questioning skills is absolutely critical to becoming a successful interviewer. One of the best questioning techniques is the Funnel Technique.

It works as you would imagine; the shape of a funnel with a wide mouth at the top, gradually narrowing at the bottom. You start by gathering broad amounts of information and then filtering down to more specific details.

The first step is to ask lots of open questions to get the applicant talking. These are questions that can’t be answered with a single word and require some thought. They generally allow the applicant to express their opinions or feelings and allow you to gain valuable insights into their behaviours and personality.

When asking Open Questions, try using the T.E.D Technique – “Tell me about…” / “Explain to me…” / “Describe for me…” For example; “Tell me how you produced that report…” or “Explain your involvement in the system implementation project…” or “Describe how you handled that problem and what the outcome was.”

The danger with open question’s is that it is very easy for the applicant to go off topic and focus on areas that are perhaps less relevant. This is then down to the skill of the Interviewer to bring them back on track and a great way to do this is through asking Probing Questions – which brings us to the next part of our Funnel.

Probing Questions are still open in style as they require more than a one-word answer, however they require the applicant to delve a bit deeper into their answer. Using the 5 W’s and the H can be great here so…Who, What, Why, Where, When and How.
For example; “Who else was involved in the project?” or “What exactly was your role in the project?” or “What did you learn from the project?”

The final part of the Funnel encourages the applicant to reach a final point or to clarify a certain situation. Here, Closed Questions work brilliantly, so questions require a short and focused answer. This may be a ‘YES’ or a ‘NO’. For example; “Were you satisfied with the results of the project?” You can only answer yes or no here. It could be asking the applicant to choose from a list of possible options. For example; “Do you work in front, middle or back office?” Or it could be to Identify a certain piece of information. For example; “What system do you use?” or “where are you based?”

Closed Questions are also useful simply to summarise the applicant’s responses. For example, “So you lead this project with a team of 5 others. You feel you have learnt a huge amount from the experience and are satisfied with the results. Is that right?”

Structured Interview vs Unstructured

Many interviewers are happiest getting a sense of a candidate through an ‘Unstructured’ interview. Allowing them to explore details of that individual that they think are interesting, picking these questions at random, steering the interview down whichever path feels right at the time. Unfortunately, there is compelling evidence to suggest that Unstructured Interviews are among the worst predictors of actual on-the-job performance. So, although the importance of bringing in high performers to a business is understood, many companies are inadvertently putting this goal at risk simply by being too relaxed about the Interview structure when assessing candidates.

What is a Structured Interview?

There are extremes here; a truly structured interview ensures a standardised process is adopted amongst all candidates in order to eliminate any subjectivity. Each candidate would be asked the same set of questions, with the same wording, in the exact same order and would be assessed based on a standardised scoring system.

For many, this interview style will be a little too rigid and there will be a need for the interviewer to be flexible in their style and questioning depending on the person they’re interviewing and the way the interview evolves. However there are stages and elements to a Structured Interview which are key and should be adopted every time.

7 Stages of a Structured Interview

Stage 1. Introduction

This is key both from a perspective of setting the standards of the interview and what you want to get out of it, but also for putting the candidate at ease. It’s a known fact that a job interview is often considered to be one of the most stressful things in life. This can be of course bad for the candidate, but just as problematic for the Interviewer. By creating a comfortable and welcoming atmosphere you will be able to see the candidate’s best qualities helping you to spot some real talent.

Think about how you greet them and where they will be sitting whilst waiting for the interview to commence. Ensure the interview environment is suitable, how does the room look and feel? Offer them a refreshment, think about your body language, how you introduce yourselves, what distractions are around you that may interrupt the interview.

Stage 2. Career History and Experience

This is where the bulk of the interview should be focused. This is your opportunity to establish as much information as you can about the suitability of the candidate for your role. If you are following a truly Structured Interview, with your pre-defined list of questions, this is where you would start.

The Funnel Technique will be critical here. Nice open questions to start with, followed by your probing questions and then your closed questions to gather more specific information.

A great opener question is; “Describe to me your career history to date starting from when you first moved into Treasury…” or from whichever starting point you feel is most appropriate.

This is a very clear question and allows the candidate to begin describing their career journey with you. You can then steer them down different paths depending on the relevant or not so relevant information they are providing you. Key things you should be looking out for here include – What are their key strengths/weaknesses? What have been their main achievements? What aspects of their roles have they enjoyed/disliked? What have been their reasons for leaving previous roles? Are there any gaps or anomalies on their CV? How well do they communicate / present themselves?

Stage 3. Aspirations and Goals

This is a stage in the interview which many interviewers skip over. It is assumed based on the very fact that the applicant is there at the interview, that the role is what they’re looking for. But by making that assumption, many bad hiring decisions can be made. By focusing on this and asking the right questions, you will be able to identify the applicant’s ‘true’ aspirations and goals, and whether these will be achievable within your business or in fact realistic ambitions altogether.
Yes of course the candidate will likely steer their answers to reflect the role on offer, but as a skilled interviewer, asking the right Probing Questions will enable you to see if there are any shortfalls here or how genuinely suitable the candidate is for the role. Any areas of concerns for you with this, need to be addressed at this stage as it will become harder further down the line.

Some great questions here might include; “What does your ideal next role look like?” or “What are your career goals over the next 5 years?”

Stage 4. Search Status

The next stage which flows logically from discussing career aspirations and goals, is information gathering around the applicant’s search so far. Again, this is often a section which is missed by interviewers, but its’ importance should not be underestimated.

Imagine a scenario where you have completed your interview stages, identified the individual you wish to make an offer to, only to discover they have just been offered another role which they’ve decided to accept. Or where an offer is made, the individual resigns and are then counter-offered by their existing business and decide to stay. Very frustrating!

Here are some great example questions;

“How long have you been looking?” – This tells the interviewer how active the applicant is in their job search. If they have been looking for a while, why have they not secured a role yet? Does this raise any concerns?

“What positions have you applied for?” – This is a great question to help reaffirm the type of role the applicant is looking for. Do the roles they are applying for and companies applying to, reflect what you have on offer?

“Have you attended any interviews?” – If they have been looking for a while but not had any interviews, does this ring alarm bells? Or if they have attended lots of interviews but no job offers, what does this tell you?

“What stage are you at with your interviews?” – If they have been interviewing elsewhere, it is vital to understand what stage they have reached with other businesses. Are they at final interview stage and therefore if you are interested in this candidate, do you need to move quickly in order not to lose them?

“If we were to offer you the role, what do you think your current employer would say?”– This can reveal quite a lot of information about the risk of a counter offer situation. Are they really committed to leaving their current company or are they simply looking for a reason to push their current company for a pay rise?

Stage 5. Personal Details

This section focuses on the specific details around current salaries, benefits packages and notice periods. As well as additional information which may impact hiring decisions or process. This information is vital and can have a detrimental impact on the process if the correct details are not ascertained.
Be sure to discuss these details early on as if you’re not on the same page, things are not going to go much further.

Stage 6. Job Brief & Sell

In many cases, interviewers opt to start the interview by giving the applicant an overview of the role they’re recruiting and what they’re looking for in the quest to put the applicant at ease and relax them into the interview.

The debate here though is, how can you sell the specific aspects of the role that are relevant to that applicant, before you know what they are looking for? Not only that, but by describing the features, advantages and benefits of the role at the end of the interview, the candidate will be left feeling excited and engaged by the opportunity.

The goal should be that every applicant you meet, leaves you wanting the job. This does not mean that you adapt the nature of the role to suit the individual if they really don’t have the right skill set. But they should have had such a positive experience with you, that they desire to be a part of your team or business. You must think like a salesperson here; this goes beyond just about the job they’re interviewing for. It is about perception and reputation.

Stage 7. Next Steps

The final stage of the process is what you do when the applicant leaves the building. It is very easy, to focus your follow-up efforts only on those candidates that you’re interested in, forgetting about those that are not successful. Again, this is about perception and reputation. You never know when your paths may cross again. You don’t know who that person knows. Treat them how you would expect to be treated yourself. Always provide feedback from the interview and follow up when you say you will.

So there you have it – a step-by-step guide to delivering an effective interview. Please let us know your comments or any other useful tips that you may have.

Managing Remote Employees: Tips for Virtual Management

Here are 16 tips and best practices for managing remote employees:

1. Maintain an open calendar

Remote employees may feel isolated from the team environment. It’s important to maintain an open calendar so the remote workers can arrange a time to discuss projects with you, as well as any concerns or questions they may have. Your availability will show employees, remote or otherwise, that you care about anything they’d like to discuss and want to be there for them.

2. Set clear expectations

Remote employees are operating within a different office environment, yet expectations for work output shouldn’t be any different. Set the clear expectation that although they are working elsewhere, they are still responsible for the same level of work. With a remote employee, you may want to set the expectation of daily status updates, so you have the same level of insight into their work as you do if they were in the office.

3. Provide the tools

Consider providing your remote employees with the same equipment as they would have if they were in the office rather than making them use their own. You need to ensure your remote employees have all the resources they may need to be as productive as possible.

4. Have regular meetings

It’s important that your remote employees feel like a part of the team and not forgotten even though they are not present in the office. An effective way to do that is by hosting regular meetings to discuss projects and assign tasks, but also to just chat as a team.

You should also have regular one-to-one meetings which shows that even at a distance, you are hands-on with them and invested in their progress.

5. Keep them involved

As a valuable member of the team, it’s also crucial to keep all remote employees involved in processes, projects and important conversations. Make sure they are as privy to company information and new procedures as an in-office employee, and if they should attend a meeting that you’re holding in the office, invite them to attend virtually.

If you involve remote employees in the daily operations of the business, they are more likely to feel like a valued member of the team and contribute just the same.

6. Show trust

Working in a remote position requires a certain level of discipline and time management ability to achieve goals, meet expectations and work on pace with co-workers. If you’re hiring a remote employee, make sure they feel that you trust them from day one of their employment.

By showing trust in your team, they will be more likely to experience high job satisfaction.

7. Encourage collaboration

Just as remote employees may feel distant from you as their manager, they can feel separate from their teammates. Encourage collaboration among all members of the group, remote and otherwise, to increase camaraderie and develop a sense of teamwork.

8. Encourage a work-life balance

It’s common for remote employees to struggle with maintaining a work-life balance because when you work from home, it may not be as easy to walk away from your office setup to settle into your personal routine. Encourage your remote employees to treat their day as if they were in the office.

9. Recognition

“During periods of disruption, employees’ desire for recognition of their contribution increases by about 30%,” says Kropp.

Effective recognition motivates the recipient and serves as a strong signal to other employees of behaviours they should emulate. It doesn’t need to be monetary; consider public acknowledgment, tokens of appreciation, development opportunities and low-cost perks. Take this opportunity to provide development opportunities to employees who normally do not have capacity.

10. Provide coaching

Provide regular coaching to remote employees so they can feel included and so they know if they are on the right track with their work. Coaching also allows you to clarify or adjust your expectations and discuss any changes with your employees. Coaching can be positive or include ways for the employee to improve their work.

11. Individualize employees

It’s important to treat employees as a collective whole, but also to individualize them as everyone has unique goals, hobbies, aspirations and work styles. Remote employees are no different. Chat with them to understand how they approach their work and what their workday looks like so you can know how you can help and the style of coaching your employees may appreciate most.

12. Communicate often

Because remote employees work separately from their co-workers, they are more likely to feel separated from everyone. A way to prevent this is to communicate often with your remote employees.

Communicate regularly and combine video meetings with talks over the phone.

13. Build rapport

Build rapport with your remote employees by taking the time to get to know them on a personal level. Ask them about their hobbies, interests and how their workday is going. Rapport will naturally develop the more you meet with your remote employees, build trust and work closely on projects they are taking lead on.

14. Form team goals

Team goals can help all employees work together toward a shared objective and establish a strong sense of teamwork. Having team goals naturally promotes collaboration among co-workers, including remote employees who may not be used to working closely with the group outside of specific projects.

15. Ask them about their career goals

It’s important to speak with your remote employees about their career goals so you can involve them in projects or with groups that will help them get closer to their main objective. Having an open conversation about their goals lets them know that you support their path in the organization, and it will help you establish developmental goals for them that make sense.

16. Meet in-person

If possible, schedule in-person meetings with your remote employees. Face-to-face interaction can be a powerful way of communicating because there is less opportunity for miscommunication, more ability to ask questions and your gestures and expressions can reinforce your message. It also allows employees to get to know you a little more and vice versa, which further builds rapport and can help establish employee loyalty.

You can also arrange team gatherings where every employee gathers together for a work trip or a day-long office meeting that covers the state of the business and incorporates team-building activities to reinforce collaboration and the company culture.

Understand common work from home challenges:

Typically, there are four main challenges leaders encounter when managing a remote workforce.

1. Lack of face time with co-workers and supervisors

Face-to-face interaction is vital to company culture and workplace encounters. The absence of in-person communication can be strongly felt by virtual teams.

2. Video fatigue

On the flip side of the previous bullet, using Zoom all the time to aid connection can have worse consequences. Empower employees to decide as a team and when meeting internally if they want to be on camera or not. Requiring all cameras all the time – unless client facing – can erode morale and is just another way to senselessly control and micromanage what employees are doing.

3. Communication breakdowns and bottlenecks

When working remotely, we can’t peek over the cubicle or slip down the hall to see if a colleague or supervisor is around to answer a quick question. Plus, for all their convenience, slack messages and emails can go unnoticed.

4. Surrounding distractions

Whether it’s another coffee shop customer accidentally spilling sugar on a remote worker or a cheerful toddler giving a mighty shout from the living room during a zoom call, distractions seem to come with the remote work territory.

Assuming such incidents don’t become routine, patience is helpful – especially when remote work is a temporary solution to a short-term event, situation or crisis.

Remote Employees – Checklist

Tips for working remotely

How is AI transforming financial and treasury management?

Artificial Intelligence (AI) is already having a significant impact on not only the treasury sector, but the financial world.

Everyone from banks and building societies to insurance companies and pension providers are using AI to improve efficiency and in turn, boost productivity.

In fact, a recent study by Citigroup showed that the financial services industry is the second biggest spender on AI services, behind only technology.

And that investment is showing no signs of slowing down.

Put simply, AI is transforming the world of treasury management by identifying flaws in processes and resolving them – not only saving time, but money too.

But more importantly, it has also sped up processes.

Specially designed AI algorithms can analyse huge volumes of data at speed, often detecting unusual patterns and helping treasurers make more informed decisions.

It’s no secret jobs such as managing risk and implementing controls can be labour intensive.

They require staff to spend a great deal of time manually performing predictable and/or routine processes.

Using AI can reduce the margin for error and the time taken to complete these tasks.

That’s why many treasury management employees have shifted these to machines and freed up their time to concentrate on higher-value analytical work instead.

In addition, AI technology such as advanced process automation (APA) can be used to help reduce exposure to threats and increase the amount of protection for assets.

Machine learning in treasury

Coding and machine learning is certainly a useful skill to have to be a treasurer, but you don’t have to be an expert.

You don’t even need to be able to code – simply understanding IT and being able to apply it will suffice.

For example, if you understand the ins and outs of a treasury management system, that’s going to be reflected in your balance sheet.

Recently we saw a junior treasury professional who studied Python bring it into the company he was working for.

He was able to use this training and knowledge to drastically simplify their cash management and cash forecasting, which is a huge benefit to any company.

How will AI impact the future of treasury management?

Quite simply, AI is the future of treasury management.

Many companies have already made the shift to AI working and those who are yet to do so are expected to follow suit soon.

AI will help treasurers to stay ahead of the competition by helping identify and monitor risk as well as managing it effectively.

Elements of AI like machine learning and data mining can also be used for predictive analysis, which treasurers can then use to inform decisions and forecasting.

The ability of AI to predict future financial results based on trends and market data will also fundamentally change our industry.

It allows treasury professionals to look at current inefficiencies and try to establish both their direct and indirect costs.

From that analysis, we can then determine where AI technology can enhance or improve them.

So, there you have it. AI isn’t something to be afraid of. It is something we need to embrace.

It will never replace humans completely, but instead, save treasury professionals time and make processes more efficient and reduce the margin for error.

And that, I think we will all agree, can only be a good thing.

“Treasurers will not be replaced by robots”

Related interview: Our CEO and founder, Mike Richards has sat down with Arturo from Kantox, to discuss how treasury jobs are changing, whether automation will replace treasurers and more…

Check it out

Or watch the video here:

Key Q&As from the Corporate Treasury 101 podcast – (Episode 2)

I was interviewed by the brilliant Hussam Ali and Guillaume Jouvencel from Corporate Treasury 101 Podcast as part of their 4-episode feature series where we explore the different levels of Treasury.

Below, you can read a few featured snippets from episode 2 of the series where we discuss the front, middle and back office functions, and what it takes to be a great Treasury Manager.

Want to listen to the full episode? Head to our Treasury Podcast, The Treasury Career Corner and hit the play button!


On the subject of front, middle and back office. If my understanding is correct, front office roles are more in contact with the external world, such as the banks and executing the deals.

Middle office is about making sure the risks are taken care of, and back office is more the background work, right?

Mike Richards:

And in the middle office, you’ll have more bank relationship management. Some of that will come to front office as well.

But in fact, when you are doing treasury management systems, for instance, that might be more of a middle office type thing, because you’re looking at efficiency, processing, what you require to implement a new treasury management system etc.

Often a treasury team may not have the bandwidth to manage all tasks across front, middle, and back office, so you may need a Treasury Analyst or Treasury Dealer or Treasury Systems Consultant, and they will be a good conduit between those things and a good link between front, back and middle office.

Do you have any examples from your recent interviews on your podcast of people that have had front, middle and back-office roles?

Mike Richards:

We placed Chris McConnachie with National Grid and he has a really interesting career history, moving from the UK over to the US. He’s been with National Grid for a number of years, and he’s now the CFO for them in New York.

Chris is a great guy. He was at Northern Rock in Newcastle, close to the Scottish borders on their Treasury Graduate Programme. He was then a Consultant at PWC for a period of time.

He then moved to National Grid and was Assistant Manager, Treasury – Money Markets doing their front FX. Then he became Treasury Manager – Capital Markets/Corporate Banking, then Treasury Manager doing the TMS implementation. He was then made VP overseeing US Treasury with a wider remit before taking on other VP roles and eventually becoming CFO in May 2021.

So, you can see how treasury became a springboard for him.

He has an MSc in Economics from the University of Edinburgh and then went on to complete his ACT studies between 2008 – 2010 whilst working at National Grid.

So, Chris went through a number of different areas, more front office and middle office focussed but he did both. He did asset management at PWC as well, so he’s a notable example of someone that has worked across multiple disciplines and been highly successful.

You touched upon how to enable the company strategy, but how do you influence it as a manager?

Mike Richards:

Manage up and down.

If you are a manager, ask the people below you how you are performing as a manager.

And ask them what they want. All the best managers achieve success with and through their staff. If you try and do it all yourself, you never really get there. But if you can support what they’re doing, and how they are progressing, then you’ll achieve success.

By the very same token, if you don’t share the same mindset as your boss or you’re not getting the support you deserve, then you should probably give us a call at The Treasury Recruitment Company.

I’ve said it previously. People don’t leave jobs because of money necessarily. It’s usually more about other career factors such as having a good boss or manager, decent work life balance, a friendly team, and whether your achievements are being recognised.

Those are the key things, but actually you’ve got to share that vision with your boss too.

There are some roles, especially management roles in most corporations where you have to have done the Analyst job and the legwork first to be able to then manage people.

Is that how it works for a Treasury Manager? Do you have to have been an Analyst or an Assistant first or do you see Treasury Managers coming in through accounting, finance, and other parts of the business?

Mike Richards:

I do see them coming in from accounting and slotting in quite well. Where some of them struggle is if they don’t have any management expertise.

In that case, they are suddenly thrust in there to manage a team of 2, 3, 4 Accountants, plus someone in the back office and asked to mentor them as well.

And they’re like, “oh, I’ve never managed anyone before.”

So, give them some training…

It’s also really good if you understand what a Treasury Analyst actually does because you’ve done that job previously. That really does help you because you know the pressures that they can be faced with, and you’ve been there and done it.

The key thing is that the job keeps evolving. Having done it previously is a pro but having not done it could also mean that you can come in with fresh ideas.

You can ask the questions like, “Why have you guys always done it like this, it losing you money, or it’s broken? “

You can say, “By the way, if we implement this system or treasury technology, this is how much it will save you”.

9th Sep 22
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#223: Feature Series: What I have seen in Great Treasury Managers

with Mike Richards
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Treasury jobs: why recruitment agencies are the best way to find top talent

When it comes to recruiting for treasury jobs, many business owners or treasury leaders assume that the best way to find top talent is by hiring internally. This assumption is often based on the belief that an internal hiring process is more efficient and cost-effective than working with a recruitment consultancy.

However, there are several reasons why recruitment agencies should be your go-to option for finding treasury talent. Recruitment consultancies are often a much better option when it comes to finding qualified treasury candidates for reasons you may not have considered.

What is the difference between a recruitment consultancy and recruiting in-house?

A recruitment agency acts as an outsourced partner for your recruitment needs.

When recruiting in-house, the recruitment process will be undertaken by people within the organisation hiring for the role.

In-house recruitment may be managed by the person responsible for the team in which they are looking to recruit for. For example, a Treasury Manager may be responsible for the full recruitment process of hiring a Treasury Analyst. Often, but not always, a member of HR in larger businesses may also form part of the process.

Another method of in-house recruitment is to hire an internal recruiter or internal recruitment team to manage the hiring needs of the business. Internal recruiters tend to be more generalist in terms of the roles they recruit for to fulfill the needs of the overall business, meaning they are usually hiring for a variety of skill sets across multiple disciplines.

A lot of recruitment agencies choose a niche to recruit for, or at least a specific industry or sector. That said, there are still recruitment consultancies that recruit across numerous disciplines.

In the case of The Treasury Recruitment Company, we do exactly what it says on the tin! We recruit for treasury roles, and treasury roles alone, meaning we truly know what we’re talking about when it comes to hiring the best treasury professionals in the most efficient way.

But we would say that, wouldn’t we!

Using a recruitment consultancy: the pros & cons

Pros:

  • Consultancies & agencies have the knowledge and expertise to identify the best candidates for specific positions, plus the resources and networks to reach those candidates.
  • The knowledge and expertise of recruitment consultancies are especially valuable when it comes to treasury jobs due to the specific skills required within the industry.
  • Treasury positions are highly technical and require a specific set of skills and knowledge. The best candidates for these positions are often not actively looking for a new job. They may be happily employed, and not be aware of openings that would be a perfect fit for their skills and experience.
  • Recruitment consultancies have the capabilities to identify those passive candidates that may not necessarily be looking for a new role, but open to exploring an exciting when approached.
  • Recruitment consultancies have the time to dedicate to the recruitment process as this is what they do for a living, whereas a hiring manager may not have the time to dedicate to a hiring process whilst doing their usual day-to-day job.

Other benefits to using a recruitment consultancy for treasury job positions include:

Time savings: Recruitment consultancies can save you a significant amount of time in the recruitment process as they often have readily available candidates.

Cost savings: Recruitment consultants can save you money by helping you to avoid costly mistakes in the recruitment process.

Access to a wider pool of candidates: Recruitment agencies have access to a wider pool of candidates than you would be able to reach on your own.

Greater objectivity: Recruitment consultancies can provide a level of objectivity that is difficult to achieve when you are recruiting for your own organisation.

Improved candidate experience: Recruitment consultants can help to improve the candidate experience, making it more likely for you to secure your preferred candidates.

Cons:

  • Some businesses may not have the budget to use a recruitment consultancy, and therefore a consultancy is not always viable.
  • Equally, businesses that do have the budget may opt to recruit in-house to avoid paying a fee to a consultancy for hires.
  • A consultancy may not be able to provide the personal touch of an in-house recruiter as they aren’t part of the team making the hire.
  • A consultancy may not have as much in-depth knowledge or information available to them about the company they are hiring for as an internal recruiter.

Recruiting in-house: the pros & cons

Pros:

  • Some businesses may prefer to recruit in-house as they feel this will save them money. If you have a competent in-house recruiter that specialises in treasury, this can save the business having to pay a consultancy fee for any hires.
  • You may feel you have more control over the recruitment process by hiring in-house if you have good internal processes in place.
  • In-house recruitment can be more flexible than using a recruitment consultancy, which again comes back to having good internal processes in place.
  • If you hire regularly for treasury positions, you may opt to hire a specialist treasury recruiter in-house which could provide you with all the expertise and experience needed to fulfil your needs without the use of an consultancy.
  • In-house recruitment can be more personal than using a recruitment consultancy due to the recruiter being part of the company for which they are hiring.

Cons:

  • In-house recruiters that don’t specialise in treasury won’t have the same depth of knowledge or understanding of the treasury market as a specialist treasury consultancy.
  • You could spend more money overall if mistakes are made by hiring the wrong candidate.
  • It could take you longer to make the hire than if you used a consultancy that have the right processes in place and often have readily available candidates straight away.
  • In-house recruiters may not have a talent pool available to them for specific roles, meaning you could be missing out on the best candidates available.
  • When recruiting in-house within your team, say as a Treasury Manager, you can often quickly realise you don’t have the time to dedicate to a thorough search and application process.

What do I need to think about?

1. How senior or junior is the role?

The seniority of the role is one of the key things to consider. Entry-level treasury candidates may be a lot easier to recruit for in-house than more senior positions if you’re following a good recruitment process.

Treasury is forever growing in popularity, meaning the number of candidates looking to break into the industry is on the rise.

However, the more senior the position the more complex the hiring process becomes.

This is where a recruitment consultancy provides real value in identifying top talent, usually a lot quicker and efficiently than in-house recruiters.

2. Is there a particular skill set required?

There are a number of different skill sets required to be considered a top treasury professional.

From soft skills such as communication, attention to detail and leadership to technical skills that may include cash management, FX, or risk management.

Identifying the skillset required is important and requires thorough communication between the hiring manager and the recruiter, whether that’s a consultancy or in-house.

3. What does the treasury market look like now?

A specialist treasury recruiter will be able to provide insights into the current treasury market.

This includes things such as the availability of candidates and their demand, the best approach to securing the best talent, and the market rate at each treasury level via data-collated tools such as our treasury salary survey.

These kinds of insights may not be readily available to an in-house recruiter, whereas this information will be available at the drop of a hat if you work with the right treasury recruitment consultancy.

Summary: What does this mean for recruiting for treasury jobs?

Well obviously, the only place to go for your hiring needs is The Treasury Recruitment Company. This is obvious.

But if we are to be objective, there are obvious pros and cons to hiring in-house and using a consultancy as we’ve listed.

Recruitment consultancies have access to a wider pool of candidates. This means that they are more likely to have the ideal candidate for the role you are looking to fill.

Additionally, consultancies have the resources and expertise to screen candidates so that you only interview the most qualified individuals. While it may appear more expensive to use a consultancy, the time and money you save overall makes it well worth the investment.

That said, a consultancy won’t be the right option for everyone and we’re incredibly happy to shake hands and wish you well if we have identified we’re not able to help you for whatever reason that may be.

Hiring for your treasury team or considering a new treasury opportunity?

Get in touch for a no-obligation chat on how we may be able to support you!

Is remote working in Treasury management here to stay

Rewind two- and a-bit years to March 2020 and the pandemic forced everyone in Treasury and finance to pick up their belongings, vacate the office and start working remotely from home.

There has been a steady return to the office since restrictions have lifted, with many treasury departments adopting a hybrid policy that allows staff more flexibility

However, for some the shift to remote working will be a permanent change.

When treasury technology vendor FIS conducted a survey of corporate treasury department responses to Covid-19, nearly two-thirds of those questioned believed that the majority of treasury’s responsibilities can be performed remotely.

The number of those claiming in the FIS study that they could perform almost all their duties at home surprised a lot of people, but it shouldn’t have come as a complete shock.

Ten years ago, no treasury department would have been able to work remotely with the technology in treasury available back then.

However, the pandemic happened at a time when the shift to digital was already taking place and the adoption of cloud-based technology means it is now possible to work from home effectively.

While I can understand there are some benefits to remote working, there are plenty of challenges and downsides too.

Working from home affects different people in different ways.

For example, extroverts will probably miss the social interaction that only face-to-face contact in an office environment can provide.

Some people are more productive away from the hustle and bustle of the office, while some thrive on the atmosphere and noise.

For others, particularly those with young children, trying to work from home during school holidays and half term break is stressful and demanding.

For some, that commute into the office is what gives them that time to unwind.

Whether it’s having a coffee, listening to music, reading a book, or watching something on the iPad, for a lot of people it allows them to decompress and get their headspace where it needs to be.

That’s the trouble with remote working – there isn’t that separation. Everything is merged.

I remember those first few months during lockdown it was a case of getting out of bed, having a shower, opening the laptop, doing a few hours work, making some lunch in the kitchen, back to the home office to work, go for a walk, back to work then dinner then bed. Everything became blurred.

There’s one Treasurer I know, who is a great guy, that said to me during Covid: “Our team’s done well, they’ve got through a pandemic, we’ve done this, we’ve also reimplemented the new Treasury system, we’ve done all this, we’re amazing. We’ve even gotten a couple of awards for it, it’s brilliant.”

He said: “The team has pulled together and done it.”

The problem is, he was walking around with his head in the sand.

Two of his team were registered with us because they were so stressed out during the pandemic

The two team members both had kids and were trying to juggle homeschooling along with the pressure of everything else. They were just broken and exhausted. And he hadn’t noticed.

And that leads me on to the next challenge – managing a team remotely. As that previous example shows, it isn’t easy.

It’s not always easy to pick up on how people are feeling behind a screen. People don’t always speak up and show their emotions in the same way that they perhaps might face to face.

Yes, technology means we CAN work remotely. But that doesn’t mean we should HAVE TO.

Remote working might be being hailed by some as the future of Treasury, but in my view I think it’s important to have the option to come into the office at least some of the time.

As ever, thanks for reading and I’d love to hear your views on how you prefer to work! In the office, remote or hybrid?