Will Treasury Teams Work from Home Indefinitely?
The post-COVID era has brought a lot of changes. One of the most prominent ones is hyper digitalisation, and alongside it, working from home. It’s now evident that people no longer need to physically go to their offices to achieve their scheduled tasks and goals.
Civil officials at the Treasury Department have been working from home for the majority of the week, raising the question of whether this will continue indefinitely. Well, let’s start by looking at the basics. What do treasury teams do?
Treasury management entails the oversight of a company’s assets, with the ultimate purpose of controlling the company’s liquidity and reducing operational, financial, and repetitional risk. Some activities and responsibilities handled by the team include funding, investments, concentration, disbursement and collections.
Prior to the Lockdown era, these crucial personnel were required to report to offices for the better part of the working week, if not daily. Now, post-lockdown, it’s evident that there is no need for them to report daily, which opens a world of possibilities in hiring people who are not geographically proximate to the office/headquarters.
Is this, in fact, the case? Well, it’s a little…
I’ve seen this happen in a limited way for some interim roles, such as when there has been a sudden need for cover e.g. a sick employee. Some specific projects, such as TMS implementations and updates also require extra effort that more often than not comes from remote workers.
But do I believe this is a complete shift to a new home-based / virtual working environment for Treasury teams? No, I don’t.
Let me give you an example: I recently hired a Group Treasurer for one of our clients, and they examined applicants from a wider geographic area than they would normally consider, i.e., over 100 miles from London.
The agreement however stated that the Treasurer would be required to spend 40-60% of the week in London – which translates to one to two nights a week in temporary lodging. This is because they will need to give physical coaching to an evolved treasury team.
The treasury team varies in experience, ranging from Treasury Intern to Head of Treasury Operations. All of these require coaching and personal growth, and the Treasurer will take an active position in coaching and assisting them in their development, as there is only so much that can be done online.
Treasury is a collaborative financial field by nature. In light of this, physical meetings are beneficial to the team. It’s vital to get together. Treasury team meetings frequently result in the generation of new ideas as a result of the communication of a variety of different points of view and the exchange of opinions.
As previously stated, the newly appointed Treasurer has already expressed his views on the need to train junior members of the team and how he needs to mentor more senior team members on an individual basis. He must provide them with his support, and he must be their shoulder to cry on when they need it, whether they express it or not.
Bottom Line: This New Treasury Atmosphere Is a Perfect Blend of the Old and New.
The pandemic has shown us that commuting every day wastes a quarter of our working weeks just because we have to physically move from home to office and return.
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Nevertheless, it has also allowed many of us to learn that, despite the drawbacks of commuting, we enjoy working with others and the social aspects of our jobs.
In a nutshell, working physically in Treasury teams should not be overlooked or dismissed without taking into account the benefits that come with working in a communal setting!