Recruit the Best of the Best for Your Corporate Treasury Team
7 ways to improve your function’s appeal to the next generation of treasury professionals.
Managing corporate treasury is hard work. An organization’s financial success depends on smart treasury professionals who have both the expertise to develop solutions for today’s complex financial challenges and the communication skills necessary to be ambassadors of the business.
It’s no wonder, then, that finding the right talent for treasury jobs is hard, too.
Organizations face two hurdles in recruiting corporate treasury professionals: First, they need to stand apart from the crowd of companies across every industry competing for the attention of the small pool of skilled candidates. Second, these organizations need to identify the candidates who not only check off all the technical job requirements, but also bring unique perspectives and strategic thinking to the table.
Here are seven tips for solving the corporate finance recruitment dilemma—to both distinguish your organization and help you find distinguished candidates.
1. Prioritize strategic thinking.
A generation ago, corporate treasurers performed basic transactional and administrative duties. But the modern corporate treasurer does a lot more strategic thinking about an organization’s standing in the global business landscape. Thanks in large part to technology advancements, corporate treasurers can spend less time processing financial information and more time solving problems and making decisions about the business.
This means that treasury recruitment shouldn’t focus only on finding candidates with the right technical qualifications. Recruiters should look for candidates who possess a global perspective and are forward-looking.
Employee referrals are a great way for the strategic thinkers a company currently has on staff to recommend strategic thinkers they’ve previously worked with and respect.
Then, during the interview, managers should aim to evaluate a candidate’s strategic thinking skills. Simply asking candidates to say they’re strategic thinkers isn’t sufficient. Instead, hiring managers should ask them to demonstrate their skills. Ask them to review a strategic plan and offer suggestions, or give them a real problem that the treasury team might work to solve. And if a candidate describes a time they’ve utilized strategic thinking in the past, have them explain measurable outcomes.
Likewise, as a rule of thumb, be wary of candidates who show too much focus on tactical goals like cost savings. Strategic thinkers will also emphasize any revenue-generation activities they were involved in.
2. Look for stellar communication skills during the interview.
Strategic thinking isn’t the only “soft skill” that treasury professionals need today. Communication has become another must-have in this line of work.
According to a report from financial markets data provider Refinitiv, the financial crisis of 2008 necessitated that corporate treasury teams shift from their back-office silo to become a key voice in company boardrooms. Treasurers need to be able to explain complex financial issues in plain English so that decision-makers are well-informed on strategic business issues.
Treasury leaders also need excellent communication skills to be successful in managing their treasury staff.
A carefully tailored interview process is the best way to identify people-savvy finance professionals. Hiring managers speaking with a candidate need to question characteristics beyond strategy and treasury-specific experience. They should ask about candidates’ management style, how they’ve worked with internal and external decision-makers, and how they’ve articulated complicated finance situations in the past.
3. Sit candidates down with their future colleagues.
Corporate treasury professionals are busy; it’s challenging to find time in their schedules for things that don’t relate directly to managing the organization’s financial risks. But collaboration with both internal and external stakeholders is an essential part of the job.
Cultural fit is an extension of a candidate’s communication skills, and the only way to find out if a person is a good match is by sitting them down with the full treasury team. If it’s possible during the recruitment timeline, give candidates a chance to get to know staff members. Whatever candidates have to say during interviews about their history of strong communication should be demonstrated in the conversations with their future colleagues.
Such meetings have benefits for the prospective hires, as well. Before accepting an offer, top candidates want to feel confident that they’ll be working with like-minded professionals.
4. Highlight the company’s tech offerings and flexible work policies.
Cutting-edge technology and flexible work policies are two incentives that are enticing to top candidates. They especially appeal to millennials, who now hold the generational majority in the workforce. And they’re no longer just in entry-level positions; in 2020, millennials are workers aged 24 to 39.
So, what might it look like to entice these prospective workers with tech? Hiring managers should tell candidates how the company’s systems can elevate their strategic thinking. For example, technologies like artificial intelligence (AI), machine learning, and robotic process automation (RPA) can make treasury professionals’ work more efficient, transparent, and meaningful by eliminating frustrating manual tasks. As a treasury function integrates new technologies that facilitate more analysis and innovation, managers should make sure those changes are captured in job descriptions and interview conversations.
Another top incentive for many candidates is flexibility in work schedules. But even though more and more job seekers want flexible work policies, there’s a gap between supply and demand. A Harvard Business Review survey found that while 96 percent of U.S. professionals want flexibility, only 47 percent have access to the flexibility they need.
Companies that offer flexible work schedules should call out that policy in job descriptions, interviews, and overall recruitment messaging. This will appeal to candidates at every level. Millennials may not even consider a job unless it offers opportunities to work remotely. Meanwhile, senior-level candidates looking to better balance work and family may be looking to leave traditional work hours behind, as well.
Companies that don’t offer a flexible work environment should consider that future generations of job seekers are likely to prioritize this incentive.
5. Embed purpose beyond the company’s core lines of business.
Purpose can be a major differentiator among organizations, particularly those that are hoping to attract mission-driven millennial talent. Top candidates are often impact-oriented: They want to have a positive impact on the organization they work for, and they want their organization to have a positive impact on the world.
A company’s products or services might make the world a better place—but they’re not the only way hiring managers can demonstrate purpose to job candidates. Corporate social responsibility (CSR) is becoming a priority for many employees and companies, and an increasing number of executives are choosing to support social and environmental causes outside of the work their organization does directly. If a company produces a CSR report, or any kind of summary of the ways the organization gives back to the community, those materials should be included in recruitment communications.
For companies that don’t have formalized CSR initiatives, one way to both integrate social impact into recruiting and add a personal touch is meaningful gift-giving. Sending candidates a gift sourced from a company that is making a positive impact—such as a food basket that provides employment to survivors of abuse, a backpack created from recycled materials, or a tumbler whose manufacturers provide jobs to individuals with disabilities—can emphasize the organization’s focus on purpose. By emphasizing ways in which the company is giving back, a hiring manager might attract mission-driven candidates who do not initially find the corporate identity particularly appealing.
6. Provide mentorship and opportunities for career growth.
Two major differentiators for job seekers across every industry are opportunities for advancement and for mentorship. According to a Harvard Business Review poll, millennials want career path coaching, mentorship, and access to professional development opportunities. Fortunately, support from longer-tenured staff members is a resource that most organizations can provide. If the company doesn’t already have such a system in place, consider assigning junior-level hires to a more experienced mentor, whether through a structured mentoring program or an informal monthly coffee chat.
Top candidates want to know how they will be able to grow at an organization, and mentorship is a key part of that. Describing these opportunities is appropriate in recruitment messaging.
Leadership and advancement opportunities are another key component of recruitment advertising. If there’s anything millennials love more than flexible work schedules and mentorship, it’s a clear career path: In a recent survey, 69 percent of millennial professionals cited a clear path for progression in the company as the single most important factor in keeping them engaged.
7. Make sure recruitment complements retention.
The war for talent doesn’t just mean that treasury organizations are fighting to attract top talent. They’re also fighting to retain those individuals.
The good news is that the recruitment process bolsters a company’s culture: Finding exceptional talent unlocks new levels of innovation and collaboration, in the treasury department and beyond. Thus, the enticements that hiring managers communicate to potential hires should be the same tools that treasury leaders already give current employees to help them succeed.
The future of business strategy hinges on having the right thinkers and communicators to execute new solutions. It’s crucial that recruitment and retention strategies work hand in hand to find and equip the next class of corporate finance leaders.