Recruiting and developing top talent has never been more important. Globalization and changing demographics have created a talent gap across industries and geographies—a gap which grows exponentially with the complexity of the job. But nowhere is the challenge more pressing than in treasury groups, according to the treasurers interviewed for the new CTC Guide, Leadership in Treasury: Attracting and Retaining Talent
, underwritten by Reval.
Within treasury, this challenge is magnified for two reasons. First, treasuries are typically so lean that finding top talent is even more critical as there is no organizational slack. Second, the role of treasury has grown more strategic, thus altering the skill set, competencies and career paths of treasury professionals. Technical skills may have mattered most in the past, but today’s treasury groups increasingly seek candidates skilled in collaboration, leadership and persuasion.
“Managers of treasury professionals often hire competent staff only to have them mired in manual tasks for a good part of their working day, said Jason Torgler, Vice President, Reval. “Companies that place an emphasis on leveraging technology have happier employees and less turnover, and those employees add more value to the firm.”
Treasury executives today spend more time on the recruitment and selection of talent than ever before. Unfortunately, most managers are not trained to identify top performers, further increasing the recruitment challenge.
Additionally, successful recruitment is not where the challenge ends. In order to retain top performers—and thereby compete in the global market—companies must engage in professional development, such as leadership training. Treasury executives are increasingly concerned with identifying their top performers, and working to engage, develop and retain them.
As the role of treasurer continues to evolve and develop in its complexity, finding and retaining the right people with the right competencies becomes an even bigger challenge. Dozens of conversations with finance experts and practitioners make evident that the finance industry is feeling the pressure of the talent gap, leading treasurers to become more creative in their methods to source and retain talent.Download Leadership in Treasury: Attracting and Retaining Talent here.