Treasurers鈥 skills and expertise are vital in helping organizations increase resiliency and the function is developing skillsets and competencies to rise to the need.
This is one of the findings of the 2022 AFP Strategic Role of Treasury Survey Report,听prepared by the Association for Financial Professionals with support from 麻豆视传媒在线入口.
This survey captures useful benchmarks and examines treasury professionals鈥 views on the evolution of the role and priorities of the function, and how that impacts required skillsets and competencies.
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Treasurers have faced many hurdles over the past two years from pandemic liquidity issues to pension performance challenges....It鈥檚 encouraging that treasurers have ridden this volatility as critical partners in their companies鈥 resiliency efforts and that they are better prepared to help their organizations manage the considerable risks ahead.Richard Smith Bingham, Executive Director, 麻豆视传媒在线入口
Among core functions, cash management, liquidity and improving payment processes remain top priorities for treasury teams to support their organizations in responding to an uncertain environment. Sixty-eight percent of treasury practitioners report that cash management and forecasting is a current priority for treasury within their organizations.
Treasury has also continued to expand its remit to into nontraditional treasury areas with widening support to an array of functions. At 82% of organizations, treasury supports business continuity planning, and at 67% of organizations, treasury supports enterprise risk management. Many treasury teams also support insurance purchasing (32%); employee benefits management (41%); human capital and payroll costs (41%); and retirement management (46%).
As treasurers increase their impact across the organization, they are focusing on soft skills, with qualities like critical thinking and leadership gaining importance within treasurer repertoires. Communication continues to be the most important skill for both senior treasury practitioners and treasury teams.
The survey also shows that the treasury function has been affected by the 鈥済reat resignation,鈥 with 56% of respondents having indicated that their organizations are attempting to curb staff attrition. Respondents reported different methods of dissuading staff resignation, for example, 71% noted that they now allow their employees more
flexible work arrangements.
麻豆视传媒在线入口 is pleased to continue our dialogue with the financial professional community about how to strengthen an organization鈥檚 resilience capabilities.
