In a competitive treasury recruitment market, what do you need to know in order to make the right hiring decisions? We spoke to recruitment consultants and treasurers to find out their top questions.
Colin Evans, who runs consultancy Elite Treasury Services, says questions should depend on seniority of the role being offered, if it is a very technical role with a strong focus on FX or other derivatives, investment banking, other specialist treasury themes, or a more mainstream treasury and cash management role. “Is experience of the particular industry sector, e.g. financial services, a key requirement of the role, or is it suitable for people from a wide range of treasury backgrounds?” he asks.
Mike Richards, founder of the Treasury Recruitment Company, recommends asking: what unique impact will you make, what changes would you prioritise? “These questions help you distinguish genuinely interested candidates from those who are often seeking an escape from a less favourable situation in their current company. A well-researched response often indicates a candidate who's not just in it for a job change but is genuinely invested in your company's future as well as their own,” says Richards.
He adds he often has applicants indiscriminately applying through LinkedIn to roles, driven by the desire to leave a negative situation rather than join a particular treasury team. “This question often helps sift through those applicants,” he says. “It’s a straightforward way of seeing who’s genuinely interested in being a part of your company and who just wants to escape their current role. The quality of their response shows if they've done any homework on you and your company and if they’re truly seeking a role with you, not just any other treasury position.”
Jessica Timelin, operating director, corporate services & finance, Michael Page Treasury, suggests questioning how a treasury professional has made a change in their current treasury department to improve the delivery of the team, or help serve the business better.
Evans adds: “Ask for an example where you have led the implementation of a major treasury project or key banking facilities, what were the challenges and was the project achieved successfully, within time and budget.”
Given that treasury roles are often involve high stakes decision-making and responsibility where transactions can involve millions of pounds of value, Paul Wilde, treasurer of Shawbrook Bank, says questions on resilience are important. “I therefore often ask candidates to tell me about a difficult time in their lives and how they coped with it,” he says.
“I ask candidates to tell me about a time when they have made a mistake and what they did about it. Generally, I am looking for the candidate to be frank about the fact that they have made a mistake at some point; to explain how quickly they alerted others to it after they identified the mistake and what they did to rectify or learn from the mistake,” he adds.
Timelin also suggests asking interviewees what they think are the biggest risks currently facing treasury departments? “This should unlock a candidate’s understanding of being able to business partner whilst also protecting the business from risks or problems.”
A willingness to collaborate should also be considered, says Evans. “It’s often good to ask how much experience candidates have working collaboratively with colleagues in other areas of the business, and how important is it that a treasury professional should have a strong understanding of overlapping areas of the business such as finance, accounts payable, accounts receivable, legal, to help build the best treasury solutions for the business.”
Tim de Knegt, manager strategic finance and treasurer at the Port of Rotterdam, says: “I usually ask how they would help others in their organisation with their treasury mindset and competencies and how others can help them be a better treasury professional.”
Also read: Treasury job market trends for 2024 revealed
Lawrie Holmes is a freelance business and finance journalist
