Summer holidays are just around the corner creating a stress point for treasury staffing across many businesses. While it may be best practice to make sure that front, middle and back office staff in financial areas have a ten day break every year, how feasible is it in reality? With staff job-sharing responsibilities or small teams carrying large workloads, it can be challenging to give people the break they need.
Switch on and off
Out-sourcing holiday cover is one way to relieve this pressure — and once an outsourcing arrangement has been set up it’s easy to ‘switch’ on and off to cover unexpected illness, long- or short-term leave. Set-up is surprisingly easy according to Sally O’Keefe, Marketing Director of treasury outsourcing specialist, ETOS.
“We provide several of our clients with holiday and sick leave cover. In fact, many of our clients started off by contracting us to supply this service and were so happy with the business continuity we offered that they now outsource their treasury middle and back office function to us throughout the year.”
Get set up
An initial briefing meeting starts the ball rolling. At this meeting ETOS sits down with the incumbent staff to go through the specific tasks and processes requiring cover. ETOS then documents these requirements and sends them over for client review and approval. When the cover period is over, ETOS go through a detailed handover with the returning member of staff.
“Our team are all experts who are used to working across a wide range of treasury management systems,” said Sally. “We live and breathe treasury and our in-depth expertise often means we’re able to add further value by identifying potential process improvements to the client’s ongoing operations.
“We work 52 weeks a year,” Sally confirmed. “Once we are familiar with your business, ETOS can jump in whenever needed, at very short notice.”
In fact, outsourcing for a short-term engagement or for limited functions over a specific period can be a cost-effective way of undertaking a ‘proof of concept’. This helps to determine the potential value that outsourcing can offer.
Benefits of treasury holiday cover
Benefits such as scalability to support growth, lower transaction costs and greater cost-efficiency are most common, said Sally O’Keefe. However, risk management is another area where outsourcing can add real value with improved segregation of duties, the removal of key man risk and improvement of controls.
Find out why some of Australasia’s best-known businesses have made ETOS part of their team or just give us a call on +64 9 917 3476 if you need a little extra back-up this summer.