Few companies have been left untouched by the spectre of COVID-19. While UK social restrictions are gradually lifting, normality is still some way off – and our personal and professional lives continue to be shaped by the requirements of the lockdown.
This has presented employees with a difficult picture to read in terms of developing and planning their careers. Amid the inherent complexities of their profession and the wildly varying effects that the crisis has had on their firms, treasurers will be wondering: what does the current job market look like? What must I do to get in the right shape for a move? And which pearls of wisdom can guide me in the here and now?
With those points in mind, The Treasurer spoke to three senior, specialist recruiters: Michael Page treasury manager Laura Beasley, Brewer Morris treasury team head of practice Rachael Crocker and Hays treasury senior business manager Martha Pierce.
Here is what they had to say…
LAURA BEASLEY Candidates have many questions for us right now, which is good! A lot of them revolve around what we are currently seeing in the market and what our clients are telling us. Candidates are keen to understand what treasury functions in organisations similar to their own are doing, and many of our discussions have centred on when we predict job flow will pick up again, and when new roles are likely to come to market.
Quite a few candidates have enquired as to what they can be doing during this time, qualifications and skill set-wise, in order to upskill themselves – and in fact, a lot of them are using this crisis as a window to continue studying towards, revising for and taking their Association of Corporate Treasurers exams, which has been great to hear.
Every treasury professional seems in agreement that their workload has greatly increased – therefore, candidates are far busier than they were pre-pandemic!
RACHAEL CROCKER What’s most important to candidates right now is the health of any company they’re thinking of moving to, and the kind of impact it has sustained in the current climate. The situation is quite unique, in that some sectors have been very heavily affected, while others are doing quite well, and a third group is in a steady state.
I’ve had scenarios where candidates have made a move, but have needed me to provide a bit more comfort around that, in terms of information, than I’d normally expect them to require. That’s definitely a trend.
But at the moment, a lot of organisations are seeing treasury come to the fore. In those cases, treasury is much busier and more complex than usual, and the prospect of problem-solving tasks just waiting for candidates to get their teeth into them can make certain roles a lot more attractive.
MARTHA PIERCE I’ve been having a lot of conversations with candidates about what their next steps in their career could be and how they might go about getting there. And on that point, what’s been really interesting to see is the rise in the number of candidates who are asking for new opportunities and saying they’re starting to look. Significantly, these have been really strong, qualified individuals who are currently secure in their roles.
I’ve definitely had a lot of questions about which types of flexibility will be on offer at the destination firm: what sort of remote working options am I seeing? How’s the company handling issues around personnel going back into the office? I think it’s certain to say candidates will be requesting a lot more flexibility going forward, with many having proven they can work successfully remotely, too, over the past few months.
Typically in treasury, people are very interested to know what treasury teams in other businesses are doing. But overall, I’ve been pleasantly surprised to note that candidate sentiment is still very positive.
All three of our treasury recruiters indicated that the picture around this question is very mixed.
LB It’s very personal – entirely down to how individuals are feeling and what they deem appropriate, given the climate we’re all working in.
A fair proportion of candidates don’t necessarily feel that now is the right time to make a move, purely because of the market’s volatility and the perceived lack of job security. Those candidates don’t want to make a move that they deem as risky or unnecessary, and we are entirely understanding of that.
On the flipside, another good proportion of candidates don’t appear to have been overly fazed by the situation, and are still considering new opportunities – with many of them actively interviewing. They’ve made it clear to us that they’re not going to make a move unless it’s 100% right for them, and in terms of candidate selection, that’s exactly the same messaging we are receiving from our clients.
People are deliberating longer over moves – they’re not making any snap decisions, which is to be expected given the unprecedented times we are working through. We would encourage candidates to continue thinking long and hard about decisions concerning their careers before committing to them.
RC We have candidates in heavily impacted sectors who are anxious to make a move because they’re on a reduced salary, or potentially even furloughed – although, I must say, furloughed treasury professionals are not a common sight.
And then we have candidates who are able to say, “Actually, I’m pretty comfortable. I’m feeling quite secure, I’m well looked after and I probably feel less keen to make a move in this climate than I would have been six months ago.”
So there are those two camps, and then a range of people in between. Generally, most of the candidates I speak to are still open to making a move for the right opportunity – but often, the language is: “Look – the opportunity would have to be really right in this climate for me to move on and feel safe and secure.”
MP Professionals who are immediately available and looking for contract work are being increasingly flexible about which opportunities they will look at. Perhaps they’ve been out for longer than usual because of COVID-19, and are eager to get back into the market.
Then there are those who are working steadily and have decided to put their job search on hold, citing concerns over new-job stability.
And then there’s a third category of professionals who would like to continue their search, are keen to know about any opportunities that are out there and are up for new challenges that will help them progress in their career – with the caveat that it has to be the right opportunity.
LB The majority of the interviews that are taking place right now are remote – and if everyone’s working from home, candidates have probably got more scope to attend a remote interview for half an hour or so.
A lot of candidates are using this time to squeeze in a bit of practice. They’re getting out there and speaking to different treasurers or teams, and seeing that as a good use of their time if they are still actively considering new roles.
LB Everyone knows that the circumstances we’re in right now are temporary, and that the market will bounce back eventually. So, what a lot of candidates are doing now is seeking out chances to upskill themselves wherever they see fit.
We’ve been running CV clinics with our candidates and conducting video meetings to help them brush up on their virtual interviewing techniques. Virtual interviewing is here to stay for a while, and a lot of people are just not used to it, which is why we’ve deemed it necessary and helpful to assist candidates with this skills gap.
In terms of its importance within an organisation, treasury has been thrown to the forefront – which has dramatically increased the workload for teams. In many instances, that’s given a number of candidates the opportunity to work on new projects or develop new skills that maybe they’ve never had the chance to before.
RC In this type of climate – which has a similar feel to 2008 – career planning for treasurers comes to the fore, because treasury becomes such a high-profile, high-value business area. That prompts treasurers to think about how they’re adding value to the organisations they’re in, and then how they can progress.
People will be getting exposure to new experiences at the moment – and across all levels, most of the treasury professionals I’ve spoken to say they’ve done about three years’ worth of work in the past three months!
With that in mind, people aren’t going to want to slip back into business-as-usual roles after the pandemic – they’ll want to continue moving forward from this. So career planning for treasury professionals at every level is going to be front and centre right now.
MP For some professionals, their roles have changed in a really positive way over the past few months. There’s been a lot more work for them to get involved with. They’ve had the opportunity to utilise untapped skills. They’ve gained experience in different areas and pushed themselves out of their comfort zones.
Those professionals are seeing how they can adapt to the fresh demands of their current roles in the medium term, but are also bearing in mind how that could benefit them in the longer term.
Others have found that the crisis has put big projects on hold, which has meant that the treasury function – or broader, business growth plans – are perhaps not where they were projected to be. Those people therefore feel that their ability to develop is perhaps limited.
In those cases, the career planning conversations are about, “If I’m unable to advance in my current firm, where should I be looking? How do I get to the next stage? Which areas do I need to get experience in to be able to level-up into a more senior role?”
LB Stay positive and keep doing what you’re doing!
The pandemic has shone a spotlight on the importance of treasury within an organisation, no matter its size. People now realise how integral treasury is, especially at a time of crisis, and it’s been lovely to hear our clients and candidates talking so positively about that recognition.
My hope is that, in the long term, businesses will put more emphasis on the treasury function and ask, “Where can we strengthen our team? What headcount do we need to add? How and where can this team best add value?” And that will change the landscape of treasury recruitment going forward.
RC Make the most of the experience.
This is an excellent time for treasury professionals to really broaden their skill sets and experience scenarios they may only have seen in a theoretical context during their studies.
Stick your hand up for things. Get involved in broader, group work that isn’t just treasury focused, but more connected to the wider finance team. Use the platform that treasury has assumed to gain further exposure within your business and face time with its leadership: all the good stuff that comes with the current climate.
Think about what you can add to your CV at this time – there will be some areas that are quite unique, which you won’t necessarily have the opportunity to work on again for a while.
MP Be as agile and adaptable as possible in this crisis, and view the changes it has introduced as positive opportunities for growth. That may mean acquiring new skills and developing new, unique expertise.
At a time like this, some people can be quite focused on what’s gone wrong – but I think it’s more important to focus on what’s gone right, and what you’ve learned. Celebrate all your successes and wins on an everyday basis.
Make sure you’re ahead of the curve in today’s world of work. That could mean anything from looking at what training your employer is offering you to acquiring further treasury qualifications – or even getting involved in new podcasts to drive awareness of your expertise and boost your personal brand.
There’s also a soft skills piece, here. Whether it’s learning how to deal with stress, having to multitask a lot more than usual – and I appreciate some people are having to do their jobs with kids in the background – or looking after their mental health, it’s important for treasurers to develop the skills that will help them in those areas.
Matt Packer is a freelance business, finance and leadership journalist