Many searches we start, begin with a call from a HR manager, internal recruiter or CFO saying: “we have a treasurer, I do not completely understand what she does but she is leaving. Can you help?”. Of course music to our ears, happy to help. In recruitment for permanent positions HR is almost always involved. Sometimes they also contribute in the placement of interim treasurers. HR not knowing in detail about treasury is understandable. In meetings and events we notice that CFOs and entrepreneurs are also not very knowledgeable about corporate treasury. Getting treasury higher on their priority list deserves a separate blog. Is HR and CFOs not knowing about treasury a problem when recruiting a specialist and if so, how can this be solved?
My opinion is this is a problem when hiring managers do not understand and appreciate the importance of corporate treasury. I write this blog during the corona crisis. I do not believe there are business leaders who are, in these times, not aware that liquidity and funding management are vital business functions. This is where a treasurer should shine. When hiring managers do understand the vitality of the role of the treasurer but do not know the job content, we do have a hurdle that can be crossed.
What are the obvious steps?
- Screening treasury track records as shown in a cv is of course a first obvious. What did he accomplish as a treasury experts, focus on results! A candidate might be too positive about his past, this can be screened by checking references. Screening CVs without knowledge about treasury might be daunting. Simply key word comparison might be a good start but is not enough. Asking people with relevant knowledge in your network might add value. Treasurers, bankers, treasury teachers and consultants do have a stronger knowledge base;
- Worldwide there are only a few universities that pay attention to corporate treasury. Measuring knowledge through academic qualifications is smart (Register Treasurer, CTP, ACT are the most obvious). However, currently less than 20% of the corporate treasury population holds such a degree;
- Treasurer Search is one of the partners of the www.TreasurerTest.com initiative. An on-line assessment that objectively measures treasury knowledge and personality of a candidate. We integrated it in our services. The test is also available via the site;
- Including knowledgeable experts in the recruitment process will help. The combination of treasury and recruitment is a niche market. We of course are available.
My conclusion is that if you ignore the fact that corporate treasury is a niche also in the labour market, you create unnecessary risk. I hope you will be able to find the proper next treasury team member, secure business continuity and feel confident with your recruitment decision with the above list.
I am happy to brainstorm and support.
Owner at Treasurer Search