In a nearly “post-lockdown” world I am constantly being told that WFH / remote working means there is no reason why Corporate Treasury departments need to recruit an individual who is geographically close to the office / headquarters.
So, is this really the case? Well, it is a bit…
I have seen this happening in a limited way for some interim roles i.e., where there has either been sickness, so an immediate need or cover required whilst permanent staff have been working their notice periods.
I have also seen this with some specific projects i.e., TMS implementations / upgrades but do I believe this is a 100% move to a new home based / virtual way of working for Treasury teams?
No, I do not.
Let me cite a real example, I have recently recruited a Group Treasurer position for one of our clients where they as a client have considered candidates from a wider geography than they might usually i.e., over 100 miles from London.
However, the agreement is that the Treasurer will spend 40-60% of the week in London – one to two nights per week in temporary accommodation as they will need to provide physical coaching to what is an evolved treasury team, but they range in experience from Treasury Intern up to Head of Treasury Operations.
All of whom have a range of coaching and personal development needs that the Treasurer will take an active role in coaching them and helping them develop and there’s only so much that can be done virtually.
As a finance discipline Treasury is by its very nature, collaborative.
Treasury teams thrive through physical meetings. Getting together is critical.
Meetings of treasury teams often lead to ideas generated through the communication of a range of differing views and the exchange of opinions.
As described the newly recruited Treasurer has already voiced what he sees as the need to train junior members of the team and how he needs to mentor on a more individual basis the more senior team members.
He needs to provide them with his support, he needs to be their shoulder to lean on when they need it whether they verbalize the need or not.
This new Treasury environment is a blend.
The pandemic has taught us that a daily commute is often a waste of a quarter of our working weeks simply by physically having to travel from home to office and back again.
But it has also allowed many to discover that aside from the negative aspects of a commute, we love working with other people and the social aspects that our work provides.
Working within Treasury teams should not be underestimated or forgotten before it is simply swept aside without consideration of the positive elements that working within a communal setting also provides for us as humans.