Our Head of Treasury for the UK, Eliot Bates recently spoke to Treasurer Magazine around the benefits of using a specialist recruiter. Here are his take home points.
The role of Group Treasurer has become increasingly strategic and is now often seen as a C-Suite level hire and/or a route to CFO. As a result there is increased focus on how these roles are recruited and the process involved. Typically, a long-standing relationship between the CFO and a search specialist will mean that the first call usually goes to a general senior finance recruiter.
There are many reasons that the large search firms are a good choice of partner for senior finance hires: they are well networked with an outstanding reputation, they have a robust process which ensures excellent coverage of the market and they are experienced when it comes to screening and interviewing potential candidates. However, we have been working on more and more of these roles as businesses begin to see the benefits of working with a specialist treasury search consultant.
The treasury profession is comparatively small and extremely specialist. Working within only this market means that specialists can build a very focused network, which in turn leads to holding deep and longstanding relationships with potential candidates. This allows them to have a better understanding of where to focus the search and makes the initial approach more meaningful than a cold call.
While specialist recruiters use exactly the same robust mapping process as the large search firms, they are also able to tap into their extensive networks as above. More importantly, they can deliver the same search approach employed by a researcher in the large firms, which means that an experienced, senior search consultant is carrying out the mapping and making the first contact with potential candidates. Their specialist knowledge of the treasury space means that the screening and interview process is robust and that they are able to test technical capability as well as personality and fit.
Because these specialists focus only on the treasury market, they will generally have fewer searches at any given time than the more wide-reaching, generalist search firms.
Therefore, their clients realise that they are likely to get more attention and that the role is likely to be a higher priority for them.
Specialists can build a reputation for delivery at the very top of the treasury market and for outstanding customer service. This track record means that businesses trust them with some of the most important hires in the treasury profession.