Quarterly Treasury Newsletter, January 2022
The implementation of Plan B has put Treasury back in the spotlight, with many companies, particularly in sectors such as hospitality, entertainment, retail and travel, having to yet again address potential cash flow issues due to the reduced levels of trading that are now expected over the coming months. The issues faced by all companies during the pandemic resulted in a significant increase in levels of treasury recruitment during the second half of 2021, and despite the recent emergence of the Omicron variant, there is cautious optimism about the treasury recruitment market improving further as we move into 2022.
At Harvey John, we have seen recruitment taking place at all levels within treasury teams, although the majority of activity that has taken place has been at junior and mid-levels, with particular demand for cash management and banking experience, along with strong cash flow forecasting skills and systems knowledge ….. as increased treasury automation continues to be a focus for many treasury departments. Competition to recruit candidates with strong expertise in these areas has been high, and this will almost certainly continue to be the case. There are also likely to be increased opportunities for individuals with other treasury skillsets, as companies continue to restructure their finance and treasury functions for the post-pandemic environment.
It had been expected that time in the office would increase significantly from January 2022, but the emergence of the Omicron variant has halted this return to the office in its tracks, with many companies ending 2021 with their employees again working fully remotely. It is far too early to tell how long this will continue, but some recruitment processes are likely to be pushed back until this changes; and companies will almost certainly adopt a more cautious approach to their longer-term working plans than previously anticipated, with hybrid working set to continue for the foreseeable future.
Outlook for 2022
- Demand for specialist treasury expertise continues to increase
- Many companies, particularly within the hardest-hit industry sectors, are still operating with reduced sized treasury teams
- Remote working, as we move into 2022, is likely to result in some recruitment processes being pushed back
- Levels of treasury recruitment are expected to increase further as the pandemic finally stabilises
- Hybrid working is set to continue for the foreseeable future
Guy Middleton is a Treasury Associate Director at Harvey John.
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