This is a YouTube video titled "Treasury Recruitment Challenges in 2024: Insights from Mike Richards & Joe Grabowski" containing a conversation recorded in December 2024. The discussion features Mike Richards and Joe Grabowski talking about the challenges in the treasury recruitment market in 2024, including shifts from an employee's market to an employer's market, budget constraints, and the impact on hiring processes and recruiting teams.
Over there we've got a face of radio. But anyway, let's move on past that bit, Joe. Let's dive into it. So, 2024, what's it been like? We'll come to 2025 and what you've seen. So, yeah, what's it been like?
Yeah, 2024, it's interesting, right? I think it's been busy, but it's also been rough for both people looking to hire and people looking for jobs. Really what I think is you're seeing a shift from an employee's market, which we've probably seen a little bit post Covid all the way until probably mid last year, more toward an employer's market. And really what that ripple effect has or the downstream impact of this is budgets have been tight across the organization. So now you have treasurers who are fighting for roles, headcount on their team, whether it's new headcount, trying to replace people who've left the organization or been promoted internally. On that same note, you also have, well, treasury people are analytical to begin with, but now you have almost a fear that you might not get a second shot at this if you make the wrong hire. So you have some treasurers who are being a little bit more critical or going over potential candidates with a more of a fine tooth comb than maybe you've seen in the past. From there, you also. The other way that it plays into this is the recruiting market in 2023 and in 2024 was brutal.
So what do you mean by that? Do you mean from a. If you're a candidate looking for a role, or do you mean if a client trying to seek talent, just you.
Basically what you've had is layoffs started in the recruiting space in 2023 and continued into this year. Right. So you look at it from a staffing industry perspective. Just in the US it's down 10% overall in 2023, and it's still trending that way in 2024. We have a week left. I don't think there's much ground to be made up there. But what that means is now all of a sudden you have these tight budgets, you have smaller recruiting teams for the people who are supporting these treasurers who are looking to hire. That means they're also split across other areas of finance. Maybe they're split across it, corporate functions, whatever it may be. So now you have a team that's stretched thin. You have a specialty skill set, and customer service is just. It's hurting on both sides because of it. Treasurers aren't getting people or quality people as quickly as they'd like. People who are involved in the process, decisions are taking longer. These timelines are being drawn out. It's never going to move as quickly as a job seeker would like it to move. But they might also have other opportunities. So treasurers are losing out on good talent because of lack of efficiency within the organization, which is also caused by a team that has just been pretty much bombarded over the last couple of years or shred through and again.
And I think it's a great point because Katie and I spoke earlier about the fact that we had recruit to replace.
