Why Treasury Roles in Switzerland Remain Vacant Despite Hundreds of Applications

An In-Depth Look Beyond Technical Skills

In my professional experience as a headhunter and advisory specialist with Treasury Recruitment Hub, I regularly encounter a recurring paradox: treasury and finance positions in Switzerland attract high volumes of applications, yet many remain unfilled for extended periods. This is not strictly about technical competence. In fact, most candidates possess the required skill sets, analytical capabilities, and treasury qualifications. So what explains this persistent mismatch between interest and hiring outcomes?

The answer lies in a combination of labour-market dynamics, hiring behaviour, candidate expectations, and structural barriers that are often overlooked in recruitment discussions.

1. The Swiss Job Market Is Cooling and Demand Is More Selective

Recent labour-market indices show that overall job vacancies across industries in Switzerland have declined or stagnated in recent quarters. According to the Adecco Group Swiss Job Market Index, total advertised vacancies dropped by around 5–10% year-over-year and a moderate decline continued into late 2025, signalling caution in hiring decisions.

This macro picture creates higher scrutiny in candidate selection for strategic roles such as treasury: employers are not merely filling a seat; they are optimising headcount within tight budgets and uncertain economic forecasts.

2. Risk-Averse Hiring and Cultural Fit Are Priorities

Swiss employers are known for methodical and structured hiring processes, often involving multiple interview rounds, competency assessments, language evaluations and thorough reference checks before extending offers.

For treasury roles, which often require cross-functional collaboration with CFOs, audit committees, and risk functions, cultural fit, communication style, and long-term organisational alignment matter as much as finance experience. Candidates may technically qualify, but hiring managers will discount profiles that do not convincingly demonstrate alignment with company values or strategic priorities.

This behavioural dimension is frequently underestimated by applicants who focus primarily on technical CV content.

3. Language, Local Experience and Cultural Expectations

Switzerland’s linguistic diversity and professional culture add an extra layer of hiring complexity. Many organisations value proficiency not just in English, but also in the local language(s) relevant to the region (German, French, Italian) especially for roles involving internal stakeholder communication or regulatory reporting.

More importantly, there is a preference in some hiring circles for “Swiss experience”, meaning familiarity with local business practices, regulatory nuance (e.g., FINMA expectations), and corporate governance norms. This expectation is not easily overcome by raw technical capability alone, and can act as a filtering criterion even when hundreds of competent candidates apply.

4. Macro-Economic Uncertainty and Banking Sector Transformation

Treasury functions in Switzerland are embedded within a financial ecosystem that has undergone significant upheaval — from low interest rate environments to consolidation in banking, including the Credit Suisse integration into UBS and associated rationalisation of roles.

In such an environment, organisations are cautious about permanent hires in strategic finance functions. As a result, many treasury roles transition into project-based, temporary, or interim arrangements until there is greater clarity on budget and organisational direction. This trend narrows the pool of permanent vacancies and increases competition among applicants.

5. AI-Driven CV Screening and the Invisible Elimination of Talent

Another critical and often underestimated factor lies in how applications are screened today.

In Switzerland, as in most mature markets, the vast majority of CVs now pass through Applicant Tracking Systems (ATS) and AI-based screening tools before reaching Talent Acquisition or hiring managers. These systems are designed to filter, rank, and eliminate profiles based on predefined criteria such as keywords, career continuity, job titles, seniority alignment, language signals, and perceived role proximity.

As a result, a significant portion of candidates is automatically excluded at an early stage, regardless of their actual competence or potential. In many cases, the Talent Acquisition team will never see the CV at all.

This creates a false perception of abundance “over 100 applicants” while, in reality:

• only a small subset passes the AI filter,

• profiles with non-linear careers, international trajectories, or unconventional titles are disproportionately screened out,

• highly experienced treasury professionals may be rejected for being “overqualified” or misaligned with rigid keyword logic.

  
  

This automated elimination reinforces a selection-by-exclusion model, where the system optimises for speed and risk reduction rather than depth of expertise. It also explains why hiring managers often claim they “cannot find the right profile,” despite an apparently strong applicant pool.

For candidates, this means that technical excellence alone is no longer sufficient. How experience is structured, titled, and articulated (in machine-readable terms) has become decisive. For employers, it raises an important question: are we filtering for true treasury talent, or for algorithmic conformity?

6. Labour Market Tightness at a Structural Level

Although some industries face labour shortages, Swiss labour statistics show that overall vacancies are broadly contracting or stabilising rather than expanding aggressively. With fewer positions circulating year-over-year, employers can be more selective, and candidates compete with each other more intensely.

This dynamic is well documented in the broader Swiss job market research: sectors that are not experiencing tight shortages often see lower turnover and longer time-to-fill for advertised roles.

7. Non-Technical Soft Skills and Strategic Mindset

Treasury roles, especially at senior levels, require not only technical treasury management skills but also strategic thinking, stakeholder management, change leadership, and high emotional intelligence. These attributes are difficult to convey through CVs and sometimes misaligned with traditional recruitment filters that emphasise quantifiable technical output.

Employers increasingly prioritise candidates who demonstrate these competencies through examples and narrative evidence, not just technical test results. This changes the evaluation benchmark and reduces the effective applicant pool, even when headline application numbers are high.

Conclusion: A Broader Lens on Treasury Recruitment

Technical treasury expertise remains fundamental but it is no longer a sufficient differentiator in Switzerland’s current hiring landscape. Employers are placing equal weight on:

• cultural fit,

• language and local experience,

• strategic behavioural competencies,

• clear articulation of value aligned with organisational goals, and

• adaptability to evolving economic and regulatory contexts.

  
  

Treasury professionals seeking to succeed in this context must adapt how they position themselves — not just what they know, but how they connect that knowledge to the employer’s strategic imperative in a way that resonates with Swiss hiring norms.

As a specialised recruiter and advisor, I see this trend reflected in every search we conduct: the best placements are those where candidates and organisations align on both technical and non-technical dimensions.

If you would like to explore how organisations can better align their search strategies for treasury talent or how professionals can stand out more effectively in this market, I am happy to connect and share insights.

Alexandra Lasserre,

Director of Treasury Recruitment Hub

www.treasuryrecruitmenthub.com

Note: All data and market context cited in this article are based on publicly available Swiss labour market indices and reports.

References:

SWI swissinfo.ch

SIF

Recruiters LineUp

Adecco group

The Treasury Recruitment Hub & Executive Search