Millennials: Advancing the Future of Finance and Treasury Technology

Born between the early 80’s and the late 90’s, the millennials, the world’s largest generation to date, are rewriting the rules for everything around them, from digital entertainment to the ways of the workplace. More and more millennials are now entering the job market. But how is this generation differing in work, particularly in treasury from the generations before?

Let’s review what value this generation brings for financial departments in some examples:

1) Millennials have the ability to absorb technology. They quickly pick-up on software programs and can also share their knowledge with team members. When a company decides to switch from spreadsheets to a treasury management system for example, they could ask the millennial to assist with testing the new technology and train users when rolling the platform out globally.

2) Fresh minds bring fresh ideas to the table. Coming right from an educational setting, millennials are used to thinking outside of the box, and can be a big help when reviewing and optimizing global financial processes for example when integrating two companies after an acquisition or when standardizing workflows during a software implementation project.

3) They are multi-taskers. Millennials have the ability to send an email, while writing a risk report and discussing daily operations with a cash manager at the opposite side of the world. So make sure their agendas are full with a variety of tasks.

4) They are able to gather information very fast, as they know the digital channels inside and out. If you want to find out what best practice treasury reports look like and how to put these reports together in your treasury system, millennials would be able to help, connecting with peers on LinkedIn or looking for video tutorials on YouTube.

5) Millennials are eager to work and interact with diverse, international teams. Larger companies often have subsidiaries in other countries, so the young talents can help building their global team.

Millennials can be a great asset to the treasury team if you embrace their strengths.  “It’s a great group. […] We do see higher attrition with shorter-tenured employees. But many have turned into permanent hires and many have evolved into high performers,” says Bill Booth, Executive Vice President of Treasury Management, National and Specialty Business at PNC Bank, of the millennials he has encountered.

Finding and developing talent is a challenge for most organizations. To learn more about attracting and retaining talent, read this white paper.