- Christina Easton
- Managing Director, elemenTEL
An Interview with Christina Easton, Managing Director, elemenTEL
In this edition, we have diverted a little from our usual ‘My Life in Treasury’ series to feature Christina Easton, owner and managing director of consultancy practice elemenTEL with offices in Seattle, WA and Pune, India. In this interview with Helen Sanders, Editor, Christina outlines some of the elements of her career so far, and shares some of her experiences based on working in treasury in three continents.
How did you come into treasury and what attracted you to the profession?
After college, I spent nine years with a bank that was ultimately acquired by Bank of America in the mid-1990s. Initially, I started in banking, working as an online sales rep then branch manager and investment/insurance specialist in the retail bank, but once I had completed my MBA, I wanted to take on a more demanding role. Subsequently, I moved internally into technology sales, selling treasury management solutions to small and medium-sized enterprises in the metropolitan area of Seattle. I also spent three years with Bank of America working in the UK, where I was involved in cash management sales, covering US multinationals with subsidiaries in Europe, which gave me valuable insights into international corporate treasury, pain points, and solutions. These experiences whetted my appetite, but I wanted to gain more direct, hands-on experience of corporate treasury, and implement the solutions that I had previously been selling.
How has your career progressed since then?
My opportunity to progress my corporate treasury ambitions came in the form of an offer from a client, Cisco Systems, where I became a programme (project) manager, based in Silicon Valley. This was the ideal appointment for me at that time as the role was senior enough to make decisions and take responsibility, whilst also providing the hands-on experience I was looking for. I would definitely recommend this to bankers that are seeking to transition to the corporate world, as it becomes more difficult to switch between bank and corporate later in one’s career. During my time in the role, we won the Alexander Hamilton Award for the project for which I was responsible, which was an important personal validation of the move I had made. Shortly thereafter, I was promoted to Global Cash Manager. After the birth of my first child, and taking some time off, I realised it was important for me to go back to work as I really value my career and wanted to continue to contribute financially to the family. I joined Microsoft in the summer of 2005 as Global Payments Manager in Treasury, where I worked with the various business groups to help monetise their online product offerings.
Three years later, having added twins to my family, I realised I needed to build more flexibility into my career if I wanted to have the work/life balance my family and I desired. This is often a challenge many women and their families face at some point.
I took a year off and enjoyed the role as a full-time mother; however, after a trip to India with my husband, and meeting with business leaders during this trip, I knew it was time to return to work. How could I get the work/life balance I desired, yet have a challenging career? I had built up a wide variety of experience through my career, and had maintained my professional network, which I decided to leverage at this point.
In 2009 I started my consultancy practice and soon found myself leading finance and treasury business transformations at Fortune 500 companies in the US. In 2014, we moved to Pune, India as a result of my husband’s career – where I continued my practice with US clients as well as networking with Indian multinationals, speaking at conferences and sharing my knowledge with start-ups and treasury professionals.
During the one and a half years we have spent in India so far, I have worked with a variety of US multinational clients who have treasury functions in India across a wide diversity of projects. Increasingly, corporations recognise the value of bringing in a specialist resource for particular projects, which is a far more efficient way of delivering success without being torn between handling day to day operational or management issues whilst implementing a project.
To what extent are large corporations harnessing the skills and experiences of women in the workplace through flexible working practices?
The difficulties that women in particular face in balancing their career with their family life is not discussed a great deal in the treasury media or other professions, but is an important issue. As I look at the US corporate world in the last 20 years, there is still a lack of flexibility and support for part time and/or work from home options across many companies at mid manager or director level roles, even though the technology is available to facilitate this flexibility. People are working differently than they had ever before. The way we communicate, live, and therefore work have evolved. In many industries and jobs, the 9-5 office environment is a thing of the past.
Many employers are providing options to accommodate flexible working arrangements with shared jobs, flexible hours and part-time roles. These employers have understood that they can get more commitment and productivity from people who are able to balance their careers and home life more easily, as long as the results are delivered.
For those living in the UK, flexible work options are no longer a perk, but a working right for employees across the board. In the US, however, that is not the case. Alternative work arrangements such as flexible work schedules are a matter of agreement between employer and employee.
Walt Disney and Google are companies known to promote flexible work schedules for their employees. I hope we will see more of this over the next several years around the globe for all employees, regardless of gender.[[[PAGE]]]
How have demands and needs in terms of treasury changed over the course of your career, and what particular skills does it now require?
One of the roles I fulfilled with Microsoft was as global payments manager, which included helping the business group monetise online sales, by engaging and partnering with credit card processors. Treasury practioners must be well versed in ecommerce. Increasingly, treasury and finance professionals need to be able to take on projects outside their ‘core’ areas of responsibility which is essential as a way of adding value to the business as its activities and commercial models evolve. With the growth of new technologies such as mobile payments and bitcoin, treasurers need to be open to new opportunities and to help drive these initiatives within their organisations.
Furthermore, as the scope of treasury responsibilities continues to evolve, so too have the range of skills that a treasury department requires. International experience, technology, analytical skills and business intelligence have become more important as companies expand globally, and the volume and value of data within the enterprise has increased; at the same time, however, negotiation and people skills are also essential.
Having worked in three continents, what would you identify as the biggest contrasts?
Ease of doing business varies by continent and within countries. Varying regulations, banking capabilities and technology infrastructure will impact how you conduct business and the speed in which you can get things done. In the geographic area where I work in India, despite the prevalence of large corporates and shared service centres, internet access is far less reliable. I’ve become more dependent on my mobile phone carrier, using Whatsapp, in addition to using SMS messages to communicate to peers and clients, than I would be in US or Europe.
Corporate treasury itself is also quite different in India than in North America, Europe, or parts of Asia such as Singapore. While US and European multinationals typically aim to streamline processes to reduce costs and increase efficiency, the cost dynamics in India are different, so there is less of a focus on efficiency and reducing costs. Centralisation techniques and structures such as payment factories, payments on behalf of, zero-balancing etc. that are well-known and commonly deployed in regions such as Asia or Europe are far less familiar and more difficult to implement in India, not least as many large corporations in India are conglomerates, so the political and comingling issues are more complex.
It is not only corporate objectives that are different, but also the solutions provided by banks. Local banks in India typically lack the same range and depth of cash and treasury management products those in other regions, and services considered ‘basic’ such as MT940 messages are not often supported. While the international expansion of many Indian corporations, and the current lack of solutions to support this growth, creates opportunities, it will take time to make an impact.
How important do you think a formal treasury education is, as opposed to (or as well as) more general finance qualifications?
If we take India as an example, candidates for entry level treasury roles are often very well educated with excellent academic qualifications, but there is little opportunity to pursue specific hands-on treasury qualifications, partly because there is not yet a very large treasury community and working internships are not that prevalent in the treasury profession. Candidates for entry level roles often lack skills in problem-solving, treasury technology and systems, decision-making and risk, all of which are essential to effective treasury management. Therefore I would say that currently, there is a void in developing more practical work experience and ‘soft’ business skills rather than additional qualifications.
Regardless of geographic location, however, I feel a solid general finance qualification as well as experience across various aspects of controllership organisation is a great foundation for anyone entering the treasury profession. A treasury professional must partner with finance and non-finance colleagues as well external ecosystem partners; they must be an advocate as well as evangelise ideas and thoughts dynamically throughout their organisations and beyond. The more one is familiar with other areas within a company, the more value that person can add.
Based on your career so far, what would your advice be to finance professionals who are perhaps in their first treasury role?
It is not just your skills and knowledge that matter, but the way that you communicate them; make sure you continue to develop strong communication and cross cultural skills. Don’t be afraid to make mistakes and be honest when you don’t know something; this is all part of learning. Take personal risks and volunteer for extra roles or tasks within treasury or even outside of treasury. Always build your network and stay in touch with your contacts, no matter what level in the organisation they are in. Learn to accept criticism diplomatically and be patient when you feel your career isn’t taking off as fast as you would like. Join a mentorship programme at your workplace and get a mentor. Utilise this opportunity to its fullest! Find a mentor outside of your organisation as well.
As you progress in your career, and move into management, build a diverse team, and recruit people who are different from you. Different experiences, backgrounds, ages, genders, skills and cultures add new perspectives which can be extremely valuable to the organisation as well as creating a dynamic and rewarding working environment. Surround yourself with people who take their own initiative and contribute value to the organisation.
Finally, no matter what your position, continuously review your skills and areas for improvement and re-invent yourself as needed. Embrace change. Change can be very powerful.
What would your ideal holiday be?
We were in Australia over Christmas this year, which was a wonderful opportunity but even then I stayed in touch: I find it impossible to switch off completely.
