HR

Commentary

“When I do interviews, I typically focus more on the communication, the style, how people fit in the team, more than on actual knowledge.”

What are treasurers doing to prepare their organisations for the many challenges they face?

This quote is one of many insights contained in our detailed report on managing treasury organisations. More and more, treasurers are telling us that the people side of the role is key: you can have the best technical solution, but treasury’s contribution and importance will not be understood if you can’t communicate with the business.  

At the same time, we are becoming ever more dependant on IT. Routine tasks are being automated, and the holy grail of becoming the strategic advisor to the business requires the ability to analyse huge amounts of data. Ironically, when treasurers need to make sure they have a key skill in the team, it is more likely to be an IT capability than being good at discounted cash flows – it is easier to teach the traditional treasury skills.

Change management is also key. New technologies, and shifting organisation structures such as shared service centres, are re-defining roles and organisation structures. The task a person has been successfully performing for years may no longer exist, or may move to a different function or location: career development may mean moving outside treasury. 

As usual, the full report brings many insights. The main points:  

• Change management: jobs are moving from processing transactions (increasingly automated) to more strategic, higher level analysis – especially improved cash forecasting. Buy-in is essential: these changes can be discomforting. Transparency is important: team members need to see the benefits of improving the processes and systems, and to have individual development plans to equip them for the new reality. It is best to involve them in projects which expose them to the new areas.
• Everyone is under constant pressure...