This is a YouTube video titled "Recruit the Same People and You Get the Same Results - Plan for Succession NOW!" created in November 2020. It features Mike Richards from a treasury recruitment company delivering a monologue advising clients on the importance of succession planning and training treasury analysts to avoid repeated turnover and poor results in treasury management roles.
Hi, guys, it's Mike Richards from the treasury recruitment company here. Within this video, I'm going to try and highlight Fred, our client, who I've written about in the blog, who's gone a bit insane. The reason I called him, Fred, is because we don't have a client called Fred. If you are a client who's called Fred and you want to call us, give us a call anyway, Fred, who will call it, he's a typical client. I get a lot of the time, I get the phone call. He says, mike, our treasury manager, is leaving after just 12 months in the role. I say, Fred, 12 months is a bit short. Can I ask why you think they're leaving, Mike? I don't care. I just need another person. They came in, they did the job for me for a year. Hasn't quite worked out, just another body. I'm like, really? And this is where my advice comes from, really. It's about trying to stop our clients doing the same patterns again and again and expecting different results. I know treasurers and CFOs are under intense pressure to get results and deliver things. So when your treasury manager, if you like, leaves, you can just recruit quick, get on. And I know there's a number of my rivals who would just think it's great, another paycheck, another 12 months, lovely. I don't want to do that. The rough rule of thumb I have for typical development, if you like, of treasury professionals, first year you're learning a role, second year you're into that next cycle, so you're repeating it through the third year, you're improving things again, maybe start to look at promotion and growing from there. So there is a natural cycle, you know, perhaps three years, time for a change. But what I want to try and encourage my clients, who's hopefully watching this, is before their treasury manager even resigns. I ask my clients, what have you been doing to train your treasury analyst for the past 12 months? What if your manager was to leave if you promoted your treasury analyst? I know I get a smaller fee, but you keep that knowledge within the company and get progression. Have you also asked your outgoing person why they're actually leaving? What could you have done to prevent it? If this keeps happening, I'm very happy to keep taking your money, but I don't feel good about it. Maybe what you should be doing is thinking about bringing someone in on the training curve. What's the succession planning? I know everyone talks about it, but if you commit to that now, you're going to stop this pattern. You can't keep doing the same thing over and over and over again and expect different results. It's not going to happen. So commit to succession planning. Think about training your team now before it becomes too late. That's probably the best advice I can give you. Have a look internally, Have a sit down. If you want more advice, give us a call. That's enough for this week. Many thanks for your time.
