The importance of soft skills in a senior position

Anyone who has ever applied for a senior position knows the usual and often standard preferred "soft skills" or "personal skills".

Terms such as "team player" and "self-starting" seem like empty phrases. But strange as it may sound, within Robert Walters, we see that the best career paths will be followed by candidates with strong analytical skills, knowledge, and personal skills.

Discussing some "personal skills" below not only gives a good insight into the needs of employers, it also is a good starting point for professionals who want to evaluate and improve their soft skills.

Important for a thriving career within tax or treasury management

What recruiters see daily, but what sometimes is underestimated by candidates is that an employer invites candidates for interviews based on background and hires candidates on personality. Since recruitment often concerns highly skilled and experienced candidates, the difference is mainly made based on personality. This often means that the more experience is required the more personal skills are taken into account. A Tax manager without excellent communication skills for example is highly unlikely.

The importance of "soft skills" in particular applies mainly on in-house positions. Within the larger consultancy companies purely content-driven professionals who score relatively low on "teamwork" still may settle in and add value, which is often less likely in the smaller in-house Tax or Treasury Tax teams.

Below the most required "soft skills" are discussed. 

Strong communicative skills

In fact, this describes the ability to clearly, easily, "get to the point" and accessibly communicate to the rest of the team, other colleagues, external consultants, banks and tax authorities. Although it seems natural, it’s not a matter of course that a Tax or Treasury professional (although technically highly skilled) succeeds in explaining the importance of his work to the rest of the business. Regardless the high importance of hedging FX risks of a transaction or accurately booking a valuation, even the slightest hiccup between the tax manager or the treasurer and relevant colleagues could cause serious errors. Obviously, the importance of these skills proportionally increases with the managers’ responsibilities and experience.  

Dealing with different levels and cultures

Within Tax as well as within Treasury maintaining good relationships with colleagues and external contacts is essential. These teams work on all levels within the organization. This means for example that short lines will have to be maintained both with CFO’s when it comes to acquisitions of new subsidiaries as HR staff when questions arise with respect to wage or salary payments.

The ability to value all interests of colleagues at various levels properly is an important skill for both tax and treasury professionals. Also not insignificant, where many head offices are established, is the ability to deal with different cultures. Within Europe and beyond, the corporate cultures and the way business is done can vary greatly per country. To be successful in your job, recognising and identifying these differences is of great importance.

Customer focus

The term "Customer Focus" may be confusing since it could both be used in internal and external settings. When referred to, “customer focus” as a personal skill often refers to the internal relationship between the respective professional and the rest of the business. In general, "Customer focus” means that the offer of work is geared to demand. Treasury and tax specialists are requested to be flexible and work to match demand from the organization. 

Pragmatic work

Within treasury or tax often much more technically is possible than businesswise needed. Exotic tax structures via Tax Paradises are great from a tax perspective, but often practically not desirable or workable. The possibilities to use the most complex derivatives are endless, but is it always necessary?

Senior tax or treasury managers must be fully aware that businesses are leading and their teams are there to support them. Simple solutions are ultimately the best solutions.

In addition, pragmatic work means that one must be able to assess and see through the impact of technical developments and respond accurately.

Tax-related amendments or new regulations regarding financial products can have significant impact on daily operations. Not only understanding these developments but also responding quickly and practically is a skill that is essential for any good manager.

Considering a next step...

Considering the above it definitely is worth the effort to carefully read a job profile and take an extra minute to reflect to what level your soft skills match the required ones. These personal skills often reveal important information about the company’s culture, the team and potential future career opportunities.

When applying for a position you can easily make a difference by studying this carefully. It is also important to realize that as the seniority of the role increases the more important the "soft skills" will be. The more you keep developing these skills the more you’ll eventually find your career developing as you wish.