Treasurers are forever struggling to hire and retain talent. “It’s a lot harder to attract talent into support roles than, for example, an investment bank’s training program,” noted the director of FX and investments at one large tech MNC.
Indeed, the topic of how and who to hire into treasury has been a repeated theme at NeuGroup peer group events. At a meeting in October, treasurers of large multinationals looked at the transformation of the finance organization via shared-service centers. If the finance organization is moving through technology (ERPs) and offshoring toward a very efficient transaction-processing model, “treasury is more likely to become a ‘center of excellence’ for strategy, vs. execution,” noted one pharma treasurer. As such, “we will have an even harder time fitting into general rotational development programs because we won’t have time for staff to train on the job. They will need to add value from their first day on the desk,” he said.
SPECIALISTS OR GENERALISTS?
A key dilemma for treasurers, hence is whether they need to entice generalists into their group or else subject-matter experts, e.g., FX traders or buyside investment managers, who can instantly get the job done. In a recent study by Heidrick & Struggles, the executive search firm, it noted that when companies seek out treasury professionals they go for the following key skills:
n Broad-based experience in various facets of treasury, including capital structures, benefit asset management, cash management, risk management, and credit
- Team orientation and business partnering skills
- Communication, interpersonal and presentation skills
- Savvy about advances in technology
- Strong leadership skills
According to H&S, clients have been increasingly asking for candidates with technical treasury backgrounds who can hit the ground running, but at the same time prefer candidates with experiences beyond treasury and a business partner perspective. This reflects treasury’s growing involvement in supply-chain, working capital and other operational issues.