Despite more jobs being available, wage growth has flatlined according to the latest data from recruitment firm, Michael Page.
Corporate treasury professionals seeking a new role in the UK will be pleased to hear that opportunities are abundant at all levels.
This encouraging news comes despite Brexit uncertainty negatively impacting the UK jobs market, especially in the financial sector.
“The treasury jobs market has picked up since last year,” says Jess Timelin, Associate Director, Corporate Services and Finance at Michael Page. “We can always rely on there being plenty of junior roles available —anything from graduate and entry level positions up to Senior Treasury Analysts. However, we are beginning to see many more vacancies at senior levels, including several Group Treasurer roles, come to the market.
Timelin adds that many of the more senior roles are new positions created by companies to cope with the increasing demands of the treasury function.
Despite the vibrant treasury jobs market in the UK, wage growth remains stagnant on the whole, typically rising in line with inflation.
That being said, compensation for senior treasury professionals in the UK remains competitive. Group Treasurers at FTSE 100 companies can expect to earn 175,000GBP on average, according to Micheal Page’s latest Treasury Salary Survey.
Deputy Group Treasurers and Assistant Treasurers at FTSE 100 firms can expect to earn 120,000GBP and 95,000GBP on average respectively.
The numbers drop slightly when the scope is widened out to FTSE 250 companies. There is also a slight decline in pay for roles based outside of London.
Selected wages at FTSE 100 companies based in London
|Senior Treasury Manager
Given that companies are reluctant to increase wages at present, many are looking to offer alternative incentives to capture the best talent.
This is especially important when attracting junior staff, notes Timelin. “For the younger generation of treasurer, basic salary is by no means the only, or even the main, consideration when selecting a role anymore,” she says.
“Benefits packages that can boast flexible working, options to work from home, attractive pension schemes and further education opportunities are very highly regarded and key motivators when making a move.”
Evolving skill set
Timelin highlights that another interesting development of late is the changing job specification for many treasury roles. Most notably companies are increasingly looking for their senior treasury professionals to have stakeholder and project management skills.
“As treasury departments are becoming increasingly integrated with finance and commercial teams, treasury professionals need to be able to foster cross-departmental relationships and be a good cultural fit,” says Timelin. “Therefore, whilst technical skills remain crucial, soft skills such as team management and the ability to present to senior management are equally important.”
Job seekers market
Timelin expects the UK treasury jobs market to remain active in the coming 12 months, with many new roles being created by companies at all seniority levels.
“What is interesting, however, is that we are seeing a slight drop off in the number of treasury professionals seeking new roles,” she says. “It is becoming a job seekers’ market and this may present opportunities for treasurers looking to progress their career.”