Two newsletters ago I wrote a blog with tips for companies hiring in the candidate-driven market we are currently in. A result we see happening because of this candidate-driven market, is that candidates, more often than before,  receive multiple offers at the same time. We also see that some candidates have a hard time in weighing their options, sometimes focusing too much on the salary aspect. And although negotiating fair financial compensation is of course important, there are other factors that should definitely not be overlooked when choosing your next challenge. It’s easy to let yourself get lured in by the better salary offer, but is the job that comes with that offer really the best choice for you (and your career)?

When you ask people to think about the most satisfying job they have ever had and why, very few say it was the money (see this recent poll of Lou Adler, a well-known labour market guru). To make the best long-term career decision, it’s important to have a clear view of the full offer: the work itself, the company, the team, the opportunities to grow, the flexibility they offer (work/life balance). Candidates need to make sure they ask the right questions during the interview process and be critical if what is being offered is in line with their long-term ambitions. Whichever job you choose, it should move you further down the road towards reaching those long-term ambitions.

We advise candidates to think about their Strategic Career Plan before starting the search for their next challenge. Why? Having a Strategic Career Plan is the foundation for achieving your long-term ambitions. This in turn, will make it easier for you to make the right decision if you are ever in a situation where you receive multiple offers. For more information on Strategic Career Planning read our articles on this topic:

https://www.treasurersearch.com/blogs/3/0mejr9-how-to-use-the-swot-analysis-for-strategic-career-planning   
https://www.treasurersearch.com/blogs/3/mjybvv-mind-the-gap%3A-gap-analysis-in-strategic-career-planning   
https://www.treasurersearch.com/blogs/3/3kbck6-career-calibration-and-the-treasurer-test
We will always be available for you if you need help in this (and any other) stage of the recruitment process. Don’t hesitate to contact me, or one of my colleagues, if you have any questions.

This weekend Matthijs Bouman of Het Financieele Dagblad wrote about the increasing number of robots deployed in industry. He mentioned briefly the protest of the Labour Unions and left wing political parties, being afraid about loss of jobs. I share his opinion that this is, to say the least, short sighted. China buys most robots in order to tackle the huge demographic shift resulting in an increasing shortage of labour. And that is not a Chinese development, in our local labour market we are also facing problems finding staff.

Something that is not easily visible, is that Treasurer Search always manages a portfolio of interim treasurers. Experts work, through our matching services, on projects or bring temporary qualified capacity. As projects are always closed relatively quickly, we only briefly communicate or do not publicly mention the search at all. In almost all cases we know the interim treasurer before we find his or her assignment.

Now why mention these separate messages? Because I think part of the solution to a tightening labour market can be found in deploying interim treasurers. Old style interim management, working with contractor (ZZP) or pay-roll contracts will remain but will, I expect, become more expensive. As the traditional interim managers are becoming more scarce and inflation rises, prices per hour for clients will go up for that type of service.

In my perception room lies in labour markets that, until recently, was not tapped into. There are three obvious ones. First we see a continuous flow of very experienced, knowledgeable and energetic treasurers retire because company rules dictate so. Often they are ready to slow down but totally happy to work part-time and flexible. Of course retired does not mean dumb or burned out! We completed projects with semi-retired people, also in cooperation with treasuryXL through the Rent a Treasurer concept.

Second, there is an increasing number of people who make more conscious choices in life events that fifty years ago: children or not? Work, part-time work, entrepreneurship? Taking care of sick or elderly. Not too long ago, choosing something over work meant not working at all. These days are over. By now people can increasingly choose for part-time, entrepreneurship and all variations. Of course working remotely and during not-business-hours has further facilitated this. Currently a young mother with a coaching activity is working on interim basis for a bank through our services.

Third and finally I of course want to mention migration. The EU facilitates people moving for jobs who make a conscious choice. We, for example, brought a candidate from Portugal into the Dutch labour market. Furthermore we see people coming via educational programs and also as a refugee, bringing expertise and a lot of ambition. Our experiences in this are very positive. In these cases permanent employment makes more sense but sometimes interim can also be the right solution.

The ”never waste a good crisis” statement has been, regretfully, used to often over the last years. But I think it applies here very well: ambitions about an inclusive society and labour market are getting realized. Not from an ethical starting point but more from a practical. Is that such a bad thing?

Pieter

As treasury recruiters we should know enough about corporate treasury to do intakes and screen candidates. Also, we should know about the latest about what’s happening in the field of recruitment and so we read the publications of Geert-Jan Waasdorp of The Intelligence Group. I would like to share his latest, very interesting article and build the treasury connection.

I left a link if you want to read the full article but this is roughly what he says. There is a huge growth in people working since before covid. In parallel there is a huge decline in active applicants. This pressure in the labour market is not evenly distributed over alle employers. The ones that can find new employees can do so because of a strong employer brand and increased investments in own or external recruitment. Also they are willing to decide quick and offer a better package.

So what does this mean if we project these findings on the corporate treasury labour market? My personal observation is that treasury staff is, on average, less driven by the company brand and more by the job content than candidates from other job types. We learned this working for clients like Tesla and Nike. Employer branding specifically towards treasurers would also be hard, I cannot envision a corporate recruiter promoting his manufacturing company at Eurofinance.

The obvious low hanging fruit is that the hiring manager, already at the start of the process, has to organise and choose a mindset in the following: being able to decide quickly, from less candidates than before, offering more than the old standard. Even highly skilled recruiters sometimes underestimate these aspects over time.

The judgement if the internal recruitment team is equipped to tackle the search or that an external one should do the job – we, Treasurer Search – I will not elaborate on here. What I do want to mention is another obvious source that can be opened. For some of us that is considered a paradigm shift: bringing treasury talent in from abroad, from within the EU or even sponsor a work permit. I am aware that some of us consider this topic highly political. What I can tell, both from our own organisation, as well as from successful placements with our clients, that this can be a very successful solution. In the Dutch labour market already the majority of candidates placed by us is non-Dutch. This is not a plea to open the borders and not be critical. Regretfully we have examples where this solution did not lead to success as coming to The Netherlands can be hard for the new employee. But also locally found candidates can fail in their new job.

My conclusion is that indeed, the world is different, as is the labour market. And given current demographic developments I do not expect a shift back. Luckily there are solutions but we will have to accept the consequences and cannot lean back. Those that do will shrink and go extinct.

Good luck in your search,

Pieter

Recently we had a number of situations where the candidate and employer were not able to come to an agreement. This is frustrating for all involved and, I hope, the intention of none of them. Before the recent crisis going through a recruitment process, in order to benchmark your current situation and force you current employer to raise your salary, did happen. I hope these times will not return but I suspect they might already have. This is what we do to prevent this.

Have the offer of the client clear

During an intake meeting with a client, I will ask what the salary bandwidth for that specific position is and if there are scenarios in which he will consider a candidate with higher demands. Furthermore I try to get as much insight into fringe benefits. Some employers are a bit reluctant to disclose too much because then this is an incentive for a candidate to raise his expectations. I always remind them that a candidate has to deal with competition: other candidates might be willing to start for less.

Have the expectations of the candidate clear

During a (telephone) interview I will ask the candidate what his current package is and what are his expectations. I will not ask for the small details but will give an indication what to expect if they pursue a specific opportunity. The remark that a current package is not related to the salary in a new job is understandable. But let’s be practical. Why should I take your time with an assignment with a non-matching salary?

What we furthermore do to manage the salary part of the match-making process

Besides having the offer and expectations clear we will do the following:

• Unless stated differently, the salary mentioned in an advertisement is the annual base salary. In The Netherlands this is a 12.96*monthly salary;
• We will mention the maximum if this is defined;
• In the final stages of the recruitment process we will ask for every detail to prevent mismatches, both current as well as expectations. This includes base salary, bonus, expenses, telephone, car, pension, vacation, education, flex work, etcetera;
• In case of an interim assignment, we will mention the rate the interim manager receives for every hour worked. Expenses are not included in this amount.
• An application process is, for both employer as well as employee, exchanging information in order to decide if there is a good match. The scenario remains that everything matches only not the remuneration. We will have to accept this,

Pieter de Kiewit

Doing job interviews is part of our core business. I personally talk with about 70 candidates each month and constantly remind myself that for many of you this is not routine business. So I would like to share with you what the elements are I focus on in a meeting.

Be informed

Being the intermediary that will represent you, I think you should know who we are and how we go about it. So that is the first, short part of the meeting.

Be prepared

Secondly, we shift our focus to you. You can expect me to come prepared and read your cv and your letter. Often I also checked out your LinkedIn profile and the information we already shared in the past. Better build upon what we have than rehash. My preference is to talk about choices you made in the past, why you are open for something new and what your ideal position looks like. These are your instructions for me and my colleagues. But do not forget: we are paid by our clients to find out if you can bring what they are looking for. Will you solve the problem our client has? Topics can be very factual but most likely will also be about you as a person. If we both prepare, both of us will create a situation where we can dig deep and discuss what is really interesting.

Opportunities

The third and final part will be about opportunities. This can be about a specific opportunity where we can provide further information and find out if there is a match. This can also be about the direction you want to take and your labour market strategy. Topics, in that case, can be around training, education, lateral movements, stay or go, etcetera.

95% is about facts. If I have observations or an opinion (most of the time), I will share them. This will give you the chance to help me understand and further inform me. You should know how you will be (re-)presented. Creating the best match is a team effort. Your career and our service proposition are long-term investments.

Pieter de Kiewit
pdk@treasurersearch.com | 06-11119783

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

Every month I meet a few: people who are considering becoming freelance contractors. During the crisis there were many who were between jobs, and now there are those who are done in their current position. As we recruit for permanent as well as for interim positions we are often involved in brainstorming. The following aspects are almost always mentioned in our brainstorming:

• Salary is not the same as revenue: the bottom line is calculated differently and the contractor has to take many new things into consideration: taxes, expenses, insurance, vacation, education, not having an assignment, etc. For the contractors in our market who are always in an assignment, the bottom line is better than when they would be employed;
• Unemployed have to talk to the body that pays their benefits (in The Netherlands UWV). Long term rights might be harmed by accepting a short term assignment;
• The paperwork is not as elaborate as one might expect. The Chambers of Commerce are quite cooperative;
• The contractor is never part of the team, always a bystander;
• The client will not invest in the development of a contractor, that is his/her own responsibility. Most likely the hired contractor will be overqualified, being able to hit the ground running;
• A special and recognizable skill, like knowing a certain software or funding type, is an asset that might land the assignment but can also lead to the contractor being a “one trick pony”;
• The contractor has the chance to work in various environments, and will almost always be in a position where one can impact: transitions and crisis management;
• Recruiters for interim managers and other intermediaries deserve their fee and are a good channel to land an assignment. Be aware that the actual client will judge the performance upon the client fee, not the fee paid to the contractor. Asking about the fee level makes sense;

Finally the most important aspect in becoming a contractor or not: being able to handle the stress that comes with not having an assignment. Is there a savings account one can rely on or an alternative source of funding?
The list is not comprehensive. What do you think should be added and what are your experiences with the above?

Pieter de Kiewit

The tight labour market is a hot topic these days, the changes in the market bring challenges for both employers and recruiters. Research done by the Intelligence Group shows that a third of corporates are expanding their recruitment budget to deal with these challenges. Remarkably enough the research also shows that corporates are planning to invest less in external recruitment agencies and spend more on labour market communication and recruitment systems. Will external recruiters become less needed in the future? In this article, I will discuss the pros and cons of using an external recruiter.

Save Time, Save Money

One of the reasons why corporates are hesitant to use an external bureau is the costs. External recruiters ask a fee.  A thing that hiring managers underestimate is the time-consuming task of searching a matching candidate. The recruitment process takes time for everyone involved. The longer a search takes, the more expensive it gets.. Interesting to read in the described research is that those external recruitment agencies are (on average) 20 days quicker than the corporates themselves in finding the right candidate.. As mentioned, a quicker search period means less cost of time and money for everyone that’s involved. This is an important reason to decide for hiring an external recruiter.

Difference between general and specialized recruiters

A reason external agencies finish the search quicker is that they have a large database of candidates. However, there is a difference between general and specialized external recruiters. General recruiters need to know candidates in all areas, this often leads to the less personal contact with candidates. Specialized bureaus can focus on a smaller pool of candidates and can therefore have close contact with them. On top of these warm networks niche recruiters also have more specialized market knowledge and a visible track record.

What challenges do external recruiters have?

A challenge that external recruiters have is that they don’t know the company culture as well as the internal recruiter or HR manager. The latter has a better view of what personality will fit best into the company and more specifically the department the candidate will be working in. For most job openings, the personality profile of the candidate is an important topic to discuss.

The Pros and Cons

There is no one answer to the choice between keeping the recruitment process internally or hiring an external agency. There are pros and cons for both and I have not been comprehensive in my reasoning. I believe the decision should strongly depend on the kind of function you are recruiting for. When a marketing bureau is looking for a candidate in their own field of expertise, the choice of an external recruitment agency seems less attractive. In this case, the company should know candidates within the target group they are looking for. When a company is recruiting for a vacancy that lies outside its expertise, it might be more interesting to hire a specialized recruiter that knows the market

When in doubt, call me,

Kim

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?

The job market is getting increasingly tight. For the first time in 50 years there are more vacancies than unemployed people in the Netherlands, according to Statistics Netherlands (CBS). In line with these statistics we notice that more companies are coming to us for support in their recruitment process. In a tight labour market like this it is sometimes necessary to think about alternatives and, for example, consider looking for talent abroad. Sometimes even outside of the EU.

We have clients who are not open for recruiting candidates from abroad. Reasons mentioned for this are “risk of failure higher”, “expect higher cost” and “too much hassle”. In many cases they are right but we are in a situation choices have to be made. Do you want to wait and how long? Can you train a junior? Will you abandon some requirements? In this article we want to inform you about the possibilities and requirements for hiring candidates from abroad. Many employers already found this solution works well for them.

In the Netherlands we have the opportunity to hire a so called “highly skilled migrant”. There are certain requirements for such an application, for both you as an employer and for the candidate you want to hire. You can find the full list of requirements at the IND (Immigration and Naturalisation service) website, below I will discuss the most prominent ones in short.

Conditions for hiring a highly skilled migrant

There needs to be an employment contract between the candidate and the employer in the Netherlands AND this employer is a recognised sponsor by the IND. Recognised employers are listed in the Public Register of Recognised Sponsors. (There is an exception for highly skilled migrants with the Turkish nationality. Candidates with the Turkish nationality can submit an application themselves. Note that when a recognised sponsor submits an application, the application is completed sooner.)
There is are certain salary criteria you need to meet. (Click this link for more information on these salary criteria).
If you are considering sponsoring work permits for candidates in the future, it might be useful to make sure you are listed as a recognised sponsor before starting your recruitment process. As this process will take time (up to 90 days).

Recognition as a sponsor has a number of advantages:

The IND handles your applications quicker : a complete application is usually decided on within 2 weeks.
You need to provide fewer supporting documents with an application.
You can use the online Business Portal of the IND to submit digital applications and notify changes.
Click this link to go to the IND website for more information about the procedure, application forms and costs.

Although the process of becoming a recognised sponsor will take some time, it does give you access to a bigger candidate pool. In a tight labour market like the one we have at the moment, it can offer you great possibilities. It can help hire talent that you might not find locally and having a bigger candidate pool can speed up your recruitment process.

Note that we do not by any way imply to have all the information regarding this topic. For complete and up to date information, we refer you to the IND website. Hiring from abroad is not the solution for all of your job openings. It might be for some. For questions regarding support in treasury recruitment processes, we are always available!

Kim Vercoulen
Recruitment Consultant
M: +31 (0)6 2467 9339 | T: +31 (0)85 086 67 98  | kv@treasurersearch.com