Talent management is an ongoing challenge in treasury. It is difficult to find the right talent, as tasks and drivers are fast-changing in treasury. After you have successfully recruited young treasury professionals, you need to promote and retain them, as the job market is quite competitive. So how can interest in the treasury profession be increased and what can be done to grow young professionals into industry leaders? The members of AFP’s Treasury Advisory Group (TAG) developed a few ideas at their last meeting, here´s a short summary of their discussion:
Corporate treasury and banking should collaborate on inducting new talent into the career. Many companies have implemented rotational programs to provide their staff with an overview on the corporation´s different business areas. By breaking the organization´s borders and choosing a topic-centric approach, rotational programs could be set up between banks and corporations.
Partner with educational institutions. The AFP is working closely with about 35 universities on course curriculums. If students attend certain courses and pass an exam before having two years of experience, they can become Certified Treasury Professional Associates (CTPAs). Opening regional AFP meetings up to students, and offering awards, scholarships or internships within member organizations are other ways of introducing treasury to students.
Educate human resources on what treasury does, and work closely with them to find the right people. Although within the same organization, often one department is not 100% clear on what the other department does. If your HR department does not truly understand what treasury is working on, they probably won´t bring in the right candidates. It is also important to align with HR on treasury careers to be able to offer attractive career paths and salary progression to your top performers.
Cutting-edge technology and millennials go hand-in-hand. You might recruit young talents that are smart and tech-savvy. Make use of their passion when it comes to implementing and using modern technology in treasury. Besides offering them interesting and challenging projects, the use of modern treasury platforms will reduce boring, manual work and move their focus to value-adding, analytical work. At the same time, efficiency and control will increase in treasury.
Thinking outside the box, when it comes to recruiting partnerships, working closely with HR on treasury career opportunities and using modern technology, not only to transform treasury to a competence center for business growth, but also to offer treasury talent with attractive jobs are great starting points to grow interest in the treasury profession and retain a high level of employee satisfaction in treasury. For more information also read the AFP CTC Guide to Attracting & Retaining Talent, our blog Five Ways Technology Can Support Talent Management or the AFP´s meeting summary (login required).