Treasury Associations at risk?
Any organization after COVID and the move towards a new form of work (partly home-based or virtual) is at risk. I'm afraid that treasurers' associations are not exempt from this risk. The risk is that of a loss of members, aging members and a desertion of conferences. The stakes are high, because if we're not careful, some associations could disappear. The existence of a European association which is active in (EU) “advocacy” is a unifying and consolidating element, but alas it will not be enough. What can we do to survive these changes, because associations still have their raison d'être?
Ageing treasury association’s membership
The major risk for any treasurer's association is the ageing of its members, who will not be sufficiently replaced by younger ones. The challenge posed by the virtualization of networks, remote working - which is wrongly thought to prevent the need to share with peers and keep up to date - the advent of new technologies, a certain lack of interest in the treasurer's role, and the radically different ways in which new generations operate, mean that professional associations are in danger. If we don't take an interest, we could be in for a rude awakening.
Role of associations after COVID
We don't often talk about professional treasurers' associations and their essential role in the function and life of a treasurer. Personally, I couldn't have imagined my career and life as a treasurer without them. But things seem to be changing for a variety of reasons. We have a post COVID era that has changed everything. And then there's a new generation arriving, for whom the notion of a network is “virtual” and boils down to LINKEDIN and more. This one worries me. Our challenge, if we are to continue to exist, will be to counteract the inevitable decline in our membership over the years. It's slight, insidious but real. We're going to see the baby-boomer generation gradually leave their jobs. We need to replace them and maintain our membership base.
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Lack of interest in the role of treasurer and new generations different expectations
That's where the problem lies. The “new” young people seem to have little interest in the associative world (in general, but fortunately there are exceptions). This latent disinterest, surreptitiously, risks undermining our associations. Yet our role is real, effective and concrete. Without our associations, we would see a vacuum being created. Young people seem to consider networks in their virtual form, not interested in conferences and preferring a video or COPILOT when the time comes. They seem to be deserting associations, even though they are their support, their asset, their help and sometimes their lifeline. They do so much that my life as a treasurer would have been complicated. I've met so many treasurers, and so many people and stakeholders, without whom it would have been difficult for me to carry out my role to the full. Some arrogant people still think they can do without one, until one day. And then, surprisingly, they remember you and call you for help, a service, a network, contacts or whatever. Associations and networks are built and maintained. They help you to deliver better and help you in your career, sooner or later. I confess I don't understand the arrogant people who think that joining an association is superfluous. An airplane pilot goes through retraining and simulator training, and the treasurer doesn't train. Wouldn't he get informed? He/she wouldn't socialize with his/her peers on the pretext that he/she doesn't need to. The best European treasurers talk to their peers and exchange ideas. So why just a common treasurer? I ask you...
Essential role of treasury associations
So, you can criticize treasurers' associations and complain about them, but they play an essential role, for example in advocacy, and as such deserve to be frequented. Not being an active member is a colossal career management mistake. I've yet to meet a competent treasurer who wasn't an active member. But it's up to us to show these young people that our associations play a vital and essential role, and that not attending them would be an irreparable and culpable mistake. I'd like our associations to be able to survive new and future generations. But I have my doubts, because we're not going down that road, and we're at risk. Unfortunately, I'm not sure that all of them have perceived the danger. It's out there, taunting us.? Let's be wary and revive the collective spirit, the esprit de corps and the concept of peer groups with which we exchange. No one can face and know everything alone. There's always someone somewhere stronger, smarter and more knowledgeable than you. So, talk to them.
Fran?ois Masquelier, Chair of ATEL – Luxembourg – August 2024
Disclaimer: This article was prepared by Fran?ois Masquelier in his personal capacity. The opinion expressed in this article are the author’s own and do not necessarily reflect the view of the European Association of Corporate Treasurers (i.e., EACT).
Finding corporate treasurers for permanent and interim positions. Treasury community catalyst and entrepreneur.
2 个月Very relevant and interesting observation. I think what you describe is not only felt by treasury associations, society is changing. My personal opinion is that any solution or new opportunity created without asking input from the younger generation is destined to fail. What excites and worries the ones we want to include? I am pretty sure that survival of associtions is not (yet) on their priority list....
Advisor and Executive Transition Manager in Corporate Finance, seasoned C-level Interim Manager | Board Member | Treasury and M&A Professional | GUBERNA Certified Director
2 个月A more than relevant observation Francois, associations definitely have their reason for being. A regular presence at meetings, in addition to the value of the knowledge gained, also offers a notable sharing of experiences with our peers!
Retired corporate treasurer and finance director
3 个月Important points, Fran?ois - and in the thread. In my experience, the key role of Treasury Associations, apart from education (including in soft skills) is in dealing wirh regulators/law-makers These latter are always hearing from financial services firms. Also they need reliable, authoritative inputs and channels to practitioners from the non-financials and they often need reminding of that. For the UK's ACT from the 1980s I can summarise they key input, in many guises, was to say "Don't forget the customer". The authorities' other interlocutor - the financial services' lobbyists - strangely neglected that!
Head of Treasury
3 个月Un angle intéressant que de prendre le risque d'extinction. En creux je vois un angle plus positif -- le défi collaboratif entre générations, mariant la volonté de transmission et la difficulté de penser/préparer la succession. Car non les jeunes trésoriers sont bien là. Et l'intéret pour la trésorerie ne fait que grandir.
Views are my own. ACT Council member, MA, Hon. FCT; treasury and corporate finance specialist. Experienced conference chair and presenter
3 个月Some interesting questions Francois. One might argue that there are few coherent global professional treasury standards (backed by qualifications) and certainly none protected by law. As a result professional bodies have limited impact - despite the good work over the years by the ACT, EACT and others. The issues of changes in work and work environments affect many professional bodies - do we believe they are at risk as well? I disagree that events/conferences are in decline - in the trade finance space where I am active that certainly isn't the case. In my view associations should be far more focused on the outcomes and benefits for members as professionals rather than intellectual exercises in being influential on financial markets and institutions.