In many of my meetings with (interim) treasurers the topic of “landing the assignment” pops up. The average treasurer is quite technically, treasury content oriented. They assume the best expert will get the assignment. Reality is a bit different. In the market for interim assignments, as in the labour market, wrapping is also important. Perhaps you can consider the following three aspects:

1. Know what you can bring to the table. 
   This is your strategic market positioning. People do not believe in “an expert in all aspects”. Analyze what you are good at. If you land a position or assignment that is not in your comfort zone, you set yourself up for failure;
2. Match your offerings to the request.
   Read the job description, the website of the company, Wikipedia, LinkedIn and other information sources. Try to ask your questions and listen before you present. Broadcast what is most relevant for your meeting partner and rise above your “standard pitch”;
3. Accept that it is a numbers game. 
   You cannot control competition but you can increase your options. Call, mail, and meet potential decision makers and influentials. This is typically something the average treasurer is not good at.
   The average expert will only execute the first aspect properly and expect success. This is what one of my professors called “the old Philips marketing strategy”. Most potential clients and employers are not willing to ignore aspect 2. The interim managers I know who are always in an assignment are not necessarily better at aspect 1 but do rule in 2 and 3.

If you want to apply the above, start by talking with former bosses and colleagues about aspect 1. Train your presentation and interview skills to improve on aspect 2. Block time in your calendar for aspect 3 and outsource to us.

Good luck in your search and we are available for support,
Pieter
pdk@treasurersearch.com / 0031611119783

The agreement between our clients and us is considered an interesting topic. Both clients, HR & hiring managers, as well as candidates ask or show indirect interest. Completely just so because the contract has impact on the process. Below you can find the fundamentals of agency contracts and some of my thoughts about the topic.

In finding the candidate for a permanent position the following clauses are, in my opinion, the most important:

• Payment of an upfront fee (retainer). This fee can cover advertisement or other out of pocket expenses. It can cover the first investments in hours invested;
  Guarantee clause. If the candidate leaves within a certain period of time, six months for example, and the client is not to blame, the recruiter finds a replacement. Some clients demand reimbursement of the fee, personally I think that is unacceptable;
• Fee level. In most projects the fee is a percentage of the salary of the placed candidate. So-called “fixed fees” can be an appealing alternative. My policy is: if I show I cannot do the job, I don’t want the money of the client;
• Cancellation fee. If the recruiter invests and does not get the chance to show he can be successful in an agreed span of time, he sends an invoice for hours spent.
• Exclusive or non-exclusive agreement (contingency vs retainer based). Is the recruiter the only one working on the assignment or does the client and/or other recruiters work on the assignment?

In my opinion, exclusive assignments should come with a guarantee clause, cancellation fee and a retainer. Within a certain time frame, three weeks for example, the recruiter is able to scan the market and make a comprehensive presentation of the best the market has to offer.
A non-exclusive agreement is, most of the time, no-cure no-pay. The risk is completely at the side of the recruiter, a guarantee, retainer and cancellation fee is not applicable. Examples where this type of assignment works best if speed is of essence or if the client or other recruiters have failed finding the proper candidate. Downside of this type of project is that the recruiter does not have an overview of the process as a whole.

In the part of the labour market where junior and medior candidates are active, non-exclusive assignments are more common. The senior part of the market has exclusive assignments. In the Champions League of executive recruitment the following fee structure is often used: the fee is one third of the salary of the placed candidate. At the start of the process the first one third of the expected fee is invoiced, when the candidate presentation is done the second and the final after the candidate is hired. Both in absolutes as well as relatives these market players get most.

This is a first glimpse in how our contracts work. If you are interested I can dig in later. I want to close with two remarks. If a recruiter invoices both as an outplacement coach as well as recruiter, I doubt his ethical standard. Is he positive because the candidate is the best match or because he can charge twice for the same effort?

What intrigues or sometimes even frustrates me, is that recruitment is often considered a commodity. In a world where many CEOs state that human capital is their most important asset, there are too few about the quality of the recruiter. What about his track record, education, service portfolio and view on the profession? I look forward to your thoughts on the topic.

Pieter de Kiewit
pdk@treasurersearch.com

Treasury recruitment organisations and treasury consultants are both involved in interim treasury assignments. They often approach the same candidates but work with a different cost structure. Expertise of the service provider and interim manager are always important. If capacity is most important in your assignment, a recruiter might be best. If the project result dominates, a consultant.

Between the times of life-time-employment and the current flexible employment contracts some decades have passed. The Dutch have been among the trailblazers in making the labour market more flexible. These developments are being applauded by some and regretted by others. In our niche, corporate treasury, employers and employees are mainly positive. In this article I want to focus on two channels through which you can find your interim treasurer.

In my opinion the underlying agreement for labour, contractor or consultancy is secondary to what the company is looking for. If they are looking for a long term (a year or more) solution with a predictable set of tasks, an interim solution is not appropriate. Interim will not offer the stability and will cost too much.

Obvious reason for choosing an interim solution is the temporary need for capacity and/or expertise. This can be because you are looking for the permanent solution or the regular employee has taken a time-out. Also when you are shutting down your organisation, capacity is the dominating factor. In a build-up, implementation or crisis transition skills are important. In all described situations specific expertise, measured in experience and education, is a must. How does this help you choosing between a recruitment or consultancy firm?

When to use a treasury recruiter to find an interim treasurer
As treasury recruiters we find candidates for interim positions in various ponds. First there is a group of independent contractors with a track record in interim management, with a legal entity that can hit the ground running. Next to this group there is a group of candidates that are between jobs or just before retirement. Knowledgeable and motivated. Some of them can work from their own company, others will work through payrolling solutions we can provide. This second group is not always best in hitting the ground running but does have the knowledge level. Some of them can make the transfer from temporary to permanent employment. Most of the times the second group comes at a lower rate but sometimes need more time to bring the same results.

When to use a treasury consultancy to find an interim treasurer
Most professional consultancies work with the idea that they will solve the problems of their clients. In fee structure it is even possible to define a project and agree upon the cost in advance. A recruiter will not be able to do this. An interim manager working through a consultancy can do so with shadow management: he can call colleagues if he lacks knowledge. Furthermore the infrastructure and support is more substantial. All these benefits come at a price: the average hourly rate of a consultant is often 50% higher than an independent interim manager with a similar profile would charge.

Where recruiters and consultants overlap
In competition with consultants we often notice that we (recruiters) approach the same candidates and ask a lower price. Also it happens that an independent senior interim manager is compared with a medior consultant who is on the payroll of the consultancy. In that situation the client has to decide if he prefers apples over oranges.

Final remark and what to do?
Often all parties pretend recruitment (and other) processes are 100% rational. They are not and that is not a bad thing. You should choose for the interim manager and service provider that makes you feel good and who solve your problem. Sometimes a high hourly fee and few hours is better than a low hourly fee and many hours.

It is not rocket science but do think before you act. If you want to only steer upon results and high expertise, a consultancy is best, in other scenarios a recruiter might offer a better solution. What is your experience?

Many of the candidates and hiring managers we work with are not trained in doing job interviews. They are driven by their job content: funding, risk management or optimal cash management solutions. Having nice and knowledgeable colleagues for them can be great, but the process of finding new ones is not so much. If treasurers get together, more often than not talks will be about treasury techniques. But there is so much more in life!

Internal recruiters, HR managers and CFOs are not driven by your treasury job content. They think about having enough and the right staff, about profitability or about strategy. Finding the right treasury staff is, also for them, one of their many tasks. The vocabulary they will use in their meeting with a treasurer, especially the HR specialists, will contain competences. A competency is a set of defined behaviours that provide a structured guide enabling the identification, evaluation and development of the behaviours in individual employees (Wikipedia). Examples of competences are: communication skills, leadership and commercial awareness. It can be useful to think about your competences, the ones needed for your current or ideal next position. Especially with the following in mind.

Many recruiters will structure their interviews around the competences they are looking for, the ones they defined from the corporate strategy and input from the hiring manager. Their assumption is that past behaviour predicts future behaviour. An often-used technique to measure competences in an interview is the so-called STAR technique. Interviewers will look for a Situation from your past in which you had a certain Task. What were your Actions and to what Result did this lead? One can recognize these interview types because recruiters will ask questions like: Can you describe a situation in which you could show your leadership skills/result orientation/ability to cooperate? The internet is full of information about this topic, see for example https://www.youtube.com/watch?v=0nN7Q7DrI6Q

We hope with this in mind you will have another way of looking at your job and be better prepared for your next job interview. Preferably with our clients or candidates