Laura Montagu is the Senior Director Human Resources EMEA at Under Armour, based in Amsterdam. She started her Human Resources career at Bank of America Merrill Lynch in London, before moving to the Netherlands. Laura has since worked for various organizations in the FMCG, High Technology and Logistics spaces.

What does your onboarding/hiring process look like at Under Armour?

At Under Armour (or UA as we call it!), we are passionate about empowering those who strive for more because we are a team striving to make athletes better as part of their journey to compete. We challenge convention, and we challenge each other to learn and grow. We play to win. We celebrate the wins, learn from our mistakes and always fight on together. For the new teammates who are going to join our sqUAd, we look for the curious and innovative, those who want to have an impact and believe that sport can be the ultimate unifier. To find the right talent we use a competency-based interview technique and identify eight core competencies for each position (to make sure we stay consistent in our selection process) and review applicants against those to find the best talent.

We have really defined processes with interview panels, which include three rounds for most roles and a maximum of four for more senior positions. Plus, and this is something I’m really passionate about, we always make sure to have diverse interview panels, as well as a variety of stakeholders from other departments to provide a more holistic view of the candidate, while also providing them with a broader insight into our organisation.

We see interviews very much a two-way process. Our priority is to identify a mutual match: what is the candidate looking for, does this match with what we have to offer and do they live and breathe the UA values.

Regarding the onboarding process, this begins for our teammates already before their first day. They are in close contact with our HR function and their manager to receive all the support they need. This includes a 50% discount code to buy UA products to best equip them for their first day and feel like a real UA teammate before joining.

Once they join our sqUAd, Teammates receive a 90-day onboarding program from their manager, which they work through over their first few months. That program includes meeting their team and key stakeholders, face-to-face and virtual training, and building their development plans. We feel that’s important from day one, because everyone can develop and grow and have that clearly mapped out. A buddy is also allocated by managers for each new teammate to kickstart their time at UA.

Within their first month (and usually on their first day), our new Teammates also attend our pre-season training, which gives them the chance to immerse themselves into UA by learning about the brand’s values and our history, as well as an opportunity to get to know other teammates – they also get to visit a retail store to meet more of the team and get to know our consumers better. During this time, Teammates who are joining us from other locations across the region get the chance to come join us at the Amsterdam hub and get to know our teams here.

Finally, as part of our quest for continuous improvement – a core component of our culture – new teammates receive surveys where they will have a chance to share their feedback on their hiring experience so we can celebrate the wins and keep striving for more to improve for future teammates.

The sports terminology we use is a big part of who we are and why we exist. It’s for people who have that same mindset and how we look at things from an organisational perspective. That red thread runs through all we do.  

How can leaders create diverse teams?

One of our key philosophies at Under Armour is ‘the power of sport can unite, inspire, and change the world’. We stand for equality, which remains central to everything we do.

Although this provides a really strong foundation, we know that just creating diverse teams is not enough. It’s about building diverse teams and helping them thrive by creating a strong sense of belonging, while – at the same time – allowing our teammate to feel appreciated for their own uniqueness.

To do this, we have made bold commitments to our Diversity, Equity & Inclusion (DE&I) approach in EMEA, and leaders have a pivotal role to play in executing those plans. A fundamental starting point is that our leaders act as role models - they recognise and embrace the benefits DE&I brings and show courage and conviction to stand behind our strategy and culture.

We therefore roll out regular training for our leaders to build cultural competency and create inclusive environments, including some specifically created content for the EMEA landscape (because how we operate in the region is quite different), but also for our retail team, recognising they may have different needs.

New leaders, both external or new to internal teams, undergo what we call Leader Assimilation sessions to fully integrate them into the culture and relationships of their new team, helping to further drive inclusion and a sense of understanding of one another.

We also believe in the power of nurturing diversity of thought: building an inclusive and collaborative community across the entire business where we seek out different teammate voices and encourage input and ideas from all levels.

Both our teammates and our leaders strongly believe that we have a responsibility to not only build a diverse, inclusive, and equitable workplace for our teammates, but also show support for the communities where we live and work. It doesn’t just stop with us; it’s about how we create that environment where we operate too.

We acknowledge that DE&I is bigger than us. Therefore, we provide all our teammates with 40 hours of paid time off to give back to causes they are passionate about. The team have clocked up more than 6000 hours in 2023 which is awesome. We also gather as a region at least once a year during Armour Day to prioritise volunteer work and our philanthropy efforts as a team.

Sure, there is so much research and data to show the impact that DE&I teams can have on business, people’s sense of belonging, and communities, but for us it’s also just the right thing to do. Our authentic belief in that makes it easier to deliver, as it’s something we truly believe in, rather than just doing it from a business perspective.

How is Under Armour reducing bias in the hiring process?

The first step is to acknowledge that bias exists, and it is therefore critical to create awareness and tools for effectively managing it during the hiring process. 

For hiring managers, there is mandatory training before every hiring process to build the skills and capabilities to recognise and mitigate potential biases. The competency-based interview model helps us further reduce bias, while our framework on how to provide feedback is focused on constructive commentary versus assumptions.

Then we recruit from a range of sources, including internal referrals, job boards, recruitment fairs, recruitment agencies, etc., which ensures we are hiring from a variety of locations and backgrounds – helping to diversify our talent pools.

We also insist on diverse interview panels to help ensure a broad range of perspectives and ensure feedback is available. It helps mitigate bias if you are hearing ideas, thoughts, and challenges from different sources The fact our interviewers determine a score for each candidate against set competencies using a numerical system also helps us keep our feedback more fact-based, balanced, and fair.

By following a structured process, being clear on what we are looking for, and having an evaluation process based on facts rather than assumptions, we can hire the best talent for the role and the team they are joining. That also helps us sense check what we think against what the scores and the feedback were.

By having competency-based and value-based interviewing and focusing on diversity, we have a very international and culturally diverse group of teammates. With diverse interview panels, candidates get a deeper and more transparent insight into our culture and feel a greater sense of belonging.

What are the three to five key drivers to success in Under Armour that you watch the most?

At Under Armour, our purpose is to empower those who strive for more. These are not just words – they are a core part of our organisational culture and a mindset we are fundamentally committed to. This mission is at the heart of our People and Culture strategy, fuelling how we inspire our teams, build transformational leadership, and invest in the growth and development of our teammates. 

Our philosophy is to do our best to make tomorrow better than today, for both our athletes and for our teammates - a key driver to our success.

We’re not the type of organisation where we believe that everything is set in stone. Like athletes, we thrive on being challenged. We don’t stand still. We challenge the status quo. But we are humble, too – acknowledging that we don’t always get it right and there is always an opportunity to learn. It’s also important to enjoy the adventure, have some fun, and be grateful for the team you have around you - that’s the real game changer.

Teammates also have the freedom and opportunity to make their mark, improve things, change things, and suggest enhancements – bringing their own ideas to life and making a tangible impact. That’s something we value deeply and that’s what sets our teammates apart.

As a brand, people and culture drive our business, so we are constantly looking ahead to how best we can support our teammates grow, be better, and how we can better create an engaging place to work for them.

What strategies do you use for developing innovative, diverse teams?

Currently, our EMEA team consists of more than 80 nationalities from all over the world, located across nine countries, with more than 50% of our corporate population being female. Over 45% of that female talent is at Senior Manager level and above, which is more than 14% higher than the industry benchmark.

In EMEA, our current Managing Director is Kara Trent and she has recently been promoted to relocate and be the President of our Americas business which is super exciting. Our Global CEO, Stephanie Linnartz, is female, too, so Under Armour’s clear commitment to diversity goes right to the top. 

I think these achievements stem from Under Armour setting ambitious KPIs around diverse representation, which we monitor on a quarterly basis and stand firmly behind as a leadership team. So, it’s about role modelling and believing that diversity is what creates the power in our teams.

It’s also about incorporating a DE&I lens into everything we do to really drive impact, including policies and processes like flex working, hiring, promotions, and pay equity – so it really influences everything we do.

We believe in being purposeful about how we create and leverage moments to build unity. For example, in EMEA, we developed an annual teammate engagement and cultural calendar where we celebrate the rich diversity across the region. This provides opportunities for better awareness, understanding and respect of differences, and drives deeper connection amongst our teammates.

We’re really passionate about active engagement with our Under Armour Teammate Resource and Give Back Groups, who play a significant role in driving our DE&I culture and goals in the region, promoting underrepresented groups, driving sustainability, giving back to our communities as well as supporting the mental health and wellbeing of our teammates.

In terms of the workplace, it’s fundamental that you make your environment as safe and inclusive as possible for all teammates. To help achieve this, we build DE&I competence and awareness through regular training and development programs, recently launching a training series to facilitate anti-racism and engagement on racial justice issues across the entire organisation.

We know at Under Armour that DE&I is a continuous and relentless journey, so we are extremely committed to learning and being purposeful about creating more diversity of thought in our teams and within the communities we are a part of. This includes some really exciting, progressive initiatives we brought to life last year to create better visibility and representation of all forms of diversity, both internal to Under Armour, as well as in external partnerships with our vendors and suppliers. We believe this will help drive our DE&I journey within Under Armour and have an impact on the sector as a whole. 

I think it’s that sense of belonging, welcoming ideas and inputs, helping people feel safe and connected, celebrating uniqueness, and creating KPIs that really help the team be innovative together.

What excites you about working for Under Armour?

First of all, I am hugely inspired and energised by the genuine commitment to our teammates and team culture. Being in HR for more than 20 years, I have been part of many different organisations. All of them would say that people are their best asset.

With the leadership committed to people and culture just as much as I am, we waste no time moving forward and making things happen for the teams and business. We acknowledge what we can do better and work towards improving things every day.

Secondly, I am excited by the wealth of opportunity we have as a brand. Although we are well respected and globally recognised, many people forget that Under Armour is only 27 years old and was started in Kevin Plank’s (our Founder) grandmother’s basement.

This means that we have a solid organisational foundation in place, but there remain a lot of opportunities for growth and improvement. All this makes Under Armour an exciting place to be - finding opportunities and solving problems is inherent in my nature and I thrive on it.

Also, from a business perspective, EMEA has tremendous momentum in the region right now, having doubled our business and growing our team year on year. It’s exciting to see the brand winning more market share, as well as expanding in countries with our retail footprint.

Lastly, if I haven’t said it enough, I just love the Under Armour culture. Being a sports brand, we believe in the power to inspire through sports and to have a positive impact on the lives of others, including our athletes, consumers, and teammates.

Change and agility are key to our success, resulting in a culture that is fast paced, dynamic and never boring. I am constantly inspired by the talent we have – our teammates show such grit, resilience, and desire for progress.

We also have a very open, non-hierarchical approach and very little bureaucracy; you can come up with an idea, watch it come to life and see its impact. It’s a great blend of professional and fun – we definitely work hard, but having a laugh as a team is definitely what makes it special for me!

Thank you to Laura for speaking to Katie Insley, Associate Director in our Human Resources recruitment team in the Netherlands.

Views and opinions contained within our Executive Interviews are those of the interviewee and not views shared by EMEA Recruitment. 

Tiia Ranta is the CFO at Lantmännen Cerealia in Stockholm, where she’s been for over three years. She previously spent seven years with VAASAN in Helsinki. Tiia started her Finance career as an Accounting Assistant, before becoming a Financial Controller, Finance Director, and CFO.

What does the future of sustainability look like in your sector?

We are in the food business and Lantmännen as a company has sustainability close to heart as we are owned by Swedish farmers. We have a lot of actions on going in that and we try to take action throughout the whole value chain.

In Cerealia, we want to make sure that our business models are very sustainable, and that we have sustainable production and sustainable logistics. For example, we want to be fossil-free in our production.

Lantmännen has a program called Climate and Nature. We make sure that we can have sustainably produced grain on the farms and throughout the value chain.

For us in Cerealia, we can use it for creating strategic partnerships. When we have customers who are high on the sustainability agenda, for example Paulig, we can provide them with sustainable flour for their production. That’s really the benefit we have seen.

Now we have launched the program in Finland. Hopefully, the consumers will see the benefit from that because it is a bit more expensive obviously to have fossil-free farming.

What would you say is the future of Finance?

I think we are the right hand for the business, being true business partners to the CEOs, so that we actively can impact the business decisions.

We are actively involved in building the strategies and making the strategies happen. Of course, artificial intelligence is also helping in this a lot as you can use the systems to do things that you couldn't do manually, because it's too time-consuming or there’s too much data.

But you should never forget that Finance always has this other side of having control of the business, having the compliance, and ensuring that everything is in order. You need to balance those aspects in Finance.

How do you see the Swedish economy evolving in the next five years?

It’s not a very good time at the moment, which will probably continue for some time, but anything can happen in five years.

Sweden has some of the basics still there. I think Sweden will bounce back when we get inflation in order and interest rates are going to start to balance and stabilise.

At the moment, it is very difficult for people, and you can see it in consumption; they are very careful about how they are consuming – and maybe that's good at this stage.

It's similar to COVID-19, if you think two years back to how different the world was compared to today. It went back to normal, and I think that's what will happen in the economy in the long term. Or maybe you get out a bit stronger.

The businesses that really have a strong balance sheet can come out of this very much stronger because if they are wise, they can use this time to really make sure that they have all the basics in place, working with the core, when things start to open up again, they can just fly. However, the smaller businesses might struggle a bit more.

What is the most memorable moment in your career and why?

There are many memorable moments, but I would say my latest career move because I got the chance to relocate from Helsinki to Stockholm and that was something that we as a family had discussed. Our daughter was going to an English-speaking school, so we were preparing for that already.

When you get the chance to relocate, it is really great. Stockholm and Helsinki aren’t that far away, so it is easy to fly back and forth to see family and friends.

It's the recognition when you get that opportunity inside the company that you already work for. That is most memorable for obvious reasons.

What has been the most rewarding moment in your career?

In general terms, it's usually when you get a task where you feel, “I have no clue how to do this,” and then you push yourself and deliver on the task. Those are very rewarding times.

When you finalise really big projects that you're working on and see the end result. It's really rewarding to accomplish something new.

The past 12 months have been quite turbulent in the market. What have you learned as a leader during this time?

The market has been extremely turbulent, and you have to learn to live in a new world. As a leader, you need to have a completely different kind of focus.

For example, we at Cerealia were in the middle of a growth phase and then everything happened. You turn your focus from growth back to cost control, savings, and those kinds of things, which are maybe not so motivating, nice, or fun, but it's something you have to do. That’s your personal focus.

As a leader, you need the rest of the organisation and your team to follow you, and you need to make them understand the importance and take responsibility, as well. That has been my learning as a leader - how to really involve the whole organisation in that task and make them understand the seriousness of the situation.

What do you do to retain high-potential employees?

Lantmännen has a programme and a structure in place to look for and retain talents.

First of all, we do talent mapping or update on a yearly basis, and we always go through that mapping in different layers in the group management team. Also, HR has quarterly meetings to talk about it, because we also want to compare across the businesses in Lantmännen.

With the high potentials, we have leadership programmes, but we can also provide mentoring and other solutions. On top of daily communication, we always try to have individual discussions two times a year; that's where we do the development discussion. We are very active in their career planning.

What advice would you give to those who want to stand out in the job market?

The CV needs to have the relevant competence. It is about being active, being proactive, being interested in what is happening, and being open to different things.

If you are very narrow, then that might be challenging, or if you don't have any flexibility.

Did you plan out your career path and what was that development like?

No, that's the funny thing - I don't think I have ever planned for it. I can say that I have always been in certain positions where I have felt that this might be a cool next step, but I have never really done any formal planning around it.

I have always said that I have high ambitions. I can still remember, 15 years back, I was thinking that this position would be great and would be challenging for me. Now, you look back and you're like, “Yeah, it was challenging, but it was fun.”

Do you have any advice for those who may want to become a CFO or CEO?

To me, what has always been number one is to always do good work. Sometimes you get very interesting tasks and sometimes you get really rubbish tasks but doing all of that with high quality is always a prerequisite because that's how you can start to show that you actually want to take responsibility and that you have the competence to do your work.

On the other hand, being curious, stepping in, and being proactive shows that you are carrying your current position well, and then you can always get your next chance.

You may get a task where you don’t really know if you are competent enough to do it, but just be brave and try. That will show that you are up for the next challenge.

In your words, how would you define the role of a CFO?

When I think of modern CFOs, of course we have to have a financial background, but what we want to be is a strategic partner for the business, bringing in the numbers to support business decisions.

We are the ones who have a holistic view of the business and what is happening. I try to have my ears everywhere. I say that if there's something happening in this company that I don't know about, then we are in trouble because I need to know. I need to understand how it impacts my three-year perspective. I need to be the spider in the web that has connections everywhere.

I describe myself as a storyteller because I know the numbers, but we need to be able to explain how the business is doing.

What would you say are the effects of business intelligence and data on the function?

That is the core when we want to provide proper insights because we want businesses to be able to make fact-based decisions. We need to provide them with the data, the analysis, and the tools to be able to do that.

Finance will push this, because they are self-serving tools. People should be able to log in and see the data; if they want the sales report, they can go into the system and look at the sales, and do a bit of drilling and different analysis.

That changes the role of a Business Controller, because then you are not only reporting or printing reports for the business, but you can actually be the true business partner that you want to be, because then you should have more time for that, instead of doing manual things that are not really adding value.

Is there a specific person in business that has been really inspiring for you and why?

I'm not sure if I can name just one person. But when I have changed my position, for me, it's very important to know who the senior management is because you can always learn a lot from the people you work with and your manager.

I always want to make sure that it's a person where I really feel that, OK, they have this experience that I can learn from and that is very inspirational for me. I have been lucky enough to have a lot of those people during my career.

Thank you to Tiia for speaking to Hanna Gibson, Senior Consultant in our Nordics division.

Views and opinions contained within our Executive Interviews are those of the interviewee and not views shared by EMEA Recruitment. 

Colin Delahay is the Chief Financial Officer at Banijay Benelux in Amsterdam, where he’s been for over three years. He spent the first 20 years of his career with PwC, before joining VEON, LafargeHolcim, and Endemol Shine Group.

What excites you about working for Banijay Benelux?

Banijay Benelux is part of Banijay Group, an independent global media house, mainly focused on the development, production, and distribution of TV-related content. In Benelux, we have 12 production companies and develop content for all linear channels and streamer platforms. We make interesting and exciting content with a highly motivated and diverse team.

On the strategic and operational side, we have a great deal of freedom to implement change, experiment with new ideas, and broaden our scope.

Also, the media industry is changing fast; there's a declining trend in linear viewing rates, viewing behaviour is changing, and also the content needs and the talent market is changing. On top of that, we have the impact of artificial intelligence and fast-changing technologies. This makes my role within Banijay Benelux and the broader media industry exciting, diverse, and interesting.

Given the fast-moving environment both from a customer and a technology side, it is an industry that never has a dull moment.

What changes have you seen to the employment market in the Netherlands over the years? What, in your opinion, have been the drivers for these changes?

Generically, in the Dutch market, you see a big change compared to the early stages of my career. The drivers of the talents/employees have clearly shifted. Elements such as the purpose of the company, sustainability, work-life balance, and flexibility are now far more relevant decision criteria than they used to be – a generational shift we do not only see in viewing behaviour, but also in employer choice.

We spend a lot of effort in creating a good working environment to facilitate the needs of our employees and try to keep up with the current drivers. For example, we do a broad annual survey amongst all our employees, both permanent and temporary, via Great Place to Work (GPTW) to see where we do well and what we can improve. I’m proud that we – as the first media company - have the official certification as an excellent workplace.

Next to this is the media industry, an industry where a lot of freelancers work; we are very project-based, specifically on tv-productions. So, at Banijay, it is important to create ambassadors for our organisation to keep our access to the best talent.

All production companies are targeting production-related talent. Creating a pool of highly qualified, good people was of the greatest importance. So, focusing on retraining and training people became more relevant than before.

Also since COVID, there has been a shift towards working from home, and COVID proved it works. Some had to do a mindset shift and manage on output rather than availability. You skip the commute, and it gives you freedom. In my view, output is increasing.

Also now, when the market is back to - let’s say - normal, the relevance of retaining the best talent remains, as we are a project organisation with, to a certain extent, a seasonal pattern and a changing demand pattern during the year. One of the advantages of Banijay Benelux is our diverse array of production companies, each specializing in various genres. This allows talent the flexibility to transition between different companies within our organization without leaving the company.

What is a memorable moment from your career and why?

There have been several memorable moments during my career. However, the common denominator is change, and working with people from different cultures and in different cultures. I started at PwC as a Consultant and worked there for 20 years. Throughout my time at PwC, other than becoming a partner, I had international experiences and worked abroad in different cultures, which is a memorable element.

Then I switched to corporate work. During my time with VEON and LafargeHolcim, we initiated and implemented large transformational projects, with a focus on efficiency (work smarter, not harder), effectiveness (increasing the relevance of Finance), and attractiveness of the Finance function (proud to be part of Finance).

Revamping those Finance organisations on a global and local scale, getting people on board, changing mindsets, and seeing the transformational impact in the positive sense of the word are moments that made me proud.

Specifically, on the transformational journeys, I had quite a steep learning curve. I learned the impact of good communication and stakeholder management, which gave me great insights and learnings on a personal level. Good communication and stakeholder management are the key drivers of creating change and embracing change.

If you could change one thing in your career, what would it be?

I take life and career as it comes; regret is a meaningless emotion from that perspective. It’s the learning you take from events or situations that, with hindsight, you would have done differently.

Of course, there are several situations that, with hindsight, I would have done differently today, so if I need to name one thing, it would be to act faster on what my feelings tell me. Don’t stall difficult situations too long; if the chemistry is not there, make a decision, and act on it.

Overall, I’m happy with the career path I have taken.

What is the most surprising thing that has happened during your career?

It is not so much one event, but more about what I have noticed during my career: How people work together in corporate environments.

I’ve been an auditor for the first 20 years of my career, which was very project-driven, after which I went to large, corporate organisations. The role and impact you have in the corporate environment are very different; you are directly confronted with the impact and the consequences of decisions you make – you are more in the driver’s seat. That took a while to get used to.

What surprised me in some of the organisations I have worked in is the siloed way of working, where different functions work next to each other instead of with each other. Also, within a function, you sometimes see this siloed working.

In every company I worked for, I tried to implement structures in which all relevant functions take combined ownership of important decisions. For example, a refinancing or a legal restructuring does not only require an Accounting and Reporting impact analysis, but also an analysis from a Tax, Treasury, Legal and Operational perspective.

Getting these functions together, discussing the risks and consequences, challenging each other, and deciding on the best way forward together brings you not only to the likely best possible solution, but also towards a solution that is supported by a broader scope.

Furthermore, I’m a strong believer in giving people end-to-end process ownership and giving them insight into the relevance of their role within the bigger picture, so people feel included and talk to each other. That is still the Consultant in me.  

Who are the main stakeholders that you deal with internally?

Within Banijay Benelux, we have a small managing board in which we make most decisions together or at least in mutual consultation. I am involved in most areas of the business.

From a direct stakeholder perspective, key stakeholders are obviously our employees, the management teams of our production companies, operations (we have several production studios), my colleagues on the management board, and our shareholders at Banijay Group.

What are the key challenges your business faces regarding sustainability?

Within the media industry, sustainability and Environmental, Social and Governance had - compared to production industries - a rather late start. Social and governance have been top priorities over the last years, specifically after certain MeToo affairs in the Dutch media industry, which was one of the turning points when it comes to subjects such as safety and integrity.

On the environmental sustainability side, the industry is still in a rather early stage. We have a growing, clear focus on sustainability, which is broader than measuring the carbon footprint of our productions, not because we have to (being part of a global group), as a reporting obligation, but because we intrinsically feel that we have to make it an integral part of our DNA.

That is because I see it as a strategic necessity towards our partners, clients and, above all, our people. Our people look for purpose; you see slowly but surely a change from profit-driven to a more purpose-driven mindset. You also see that in the content we make and the requirements of our employees and other stakeholders.

On ESG the challenge for us, like most companies, is to find a balance between fulfilling the limited European and local regulations currently available, which are subject to change and not yet set in stone, incorporating these and our requirements throughout the whole chain from suppliers to customers, as well as keep this a priority within our broad employee base – ensuring it is incorporated into everything they do.

That is a journey that will take time, but it is a must for us and future generations to survive in this world. Also, from an economic perspective, I think it can be a strategic benefit to be on the front end of this era.

What are the three challenges ahead for you as a CFO?

As mentioned, the media industry is changing fast, specifically in the last few years, and will continue changing in the years to come. Viewing behaviour is changing and new business models are required to sustain our profitability. Further, we see an accelerated impact from new technologies and AI, which brings us both threats and opportunities.

We then have the paradigm shifts within our society that are happening, which lead to the necessity to keep and build value in different ways. One example is integrating sustainability in all we do, as well as the shift from a profit-driven business environment to a more purpose-driven environment. All with the right balance in mind. This all interacts with the challenges ahead.

One is retention, keeping hold of and attracting talent in our team. The changing environment requires also a change mindset from our teams so retaining, training, and maintaining the team is key.

Another challenge is daring to develop and implement new business models - stepping out of the old-fashioned way and walking new paths. Some of them will fail and some will be successful, so we have to dare to do that. Also, incorporating AI into our processes and way of working, and looking for new and different cooperation models. Changing markets incorporate risks, but also opportunities.

The other big challenge from a CFO perspective is the shift we make from the financial to the non-financial space - not only in reporting, but in everything we do. That is still rather new for us - value-based reporting and sustainability reporting; it is not only numbers. Value creation is broader.

These are all good challenges to have though, and as with any change, we’ll learn, we’ll adapt, and we’ll become stronger for doing so.

Thank you to Colin for speaking to Emma Marshall, Senior Consultant, in our Finance & Accountancy recruitment team in the Netherlands.

Views and opinions contained within our Executive Interviews are those of the interviewee and not views shared by EMEA Recruitment. 

Axel Benjaminson is the Group Controller at Scania Group in Sweden. He started his career at Scania as a Global Champion Trainee, before becoming a Financial Controller. He now manages his own team of Junior Controllers.

What was the last thing that made you smile?

I smile a lot every day and when I am working. On my way here via the metro, there was a young child in a stroller pulling funny faces and that made me genuinely smile - children always help.

Why did you decide to take your career in the direction of Finance?

In high school, I was always interested in Business and Finance, but I didn’t know what I wanted to study or work with. I was sure that I wanted to go to university and get a career, but I didn’t know what I wanted to do.

I was 100% sure I didn’t want to work in Finance, as my dad works in Finance, and I wanted to break out and do something else. I thought about Psychology and working in Law or something similar.

After I graduated high school, I started working and I moved to Norway - like a lot of Swedes do - to earn some money for a year. As a lot of young people do, once I started to earn some cash, I started to think about investing and I did that with my friends and read some books about it. Then I realised that maybe this Finance thing wasn’t so bad.

Also, I shared a flat with a friend in Oslo who started to study after our year in Norway and I had a few conversations with him, and he loved it.

A year later, I still didn’t know what I wanted to do, so I applied to different schools and to Law school. I had a Finance school as my first choice and Law school as my second. I got into my first choice at Gothenburg and that was that. When I got in, I knew it was what I wanted to do.

Luckily, when you study Business, you do some courses in Law, as well, and I found that it wasn’t for me; I am better with numbers, and I was really happy with putting Finance education as my number one choice instead of Law.

In high school, there was a teacher who said it doesn’t matter what you study - whatever you study, you will become an expert in it, you’ll become interested in it, and you’ll enjoy it. I think that is true for a lot of people.

What does your father think about all this now?

We talk a lot about work and Finance. It is a good way to stay in touch, as well; if I studied Psychology, I probably wouldn’t have much to talk about with him.

What does it feel like in your role as Group Controller at Scania?

It feels good. I have been in my role for three years. My whole professional career so far has been at Scania, and I really like it – I wouldn’t stay in a company or in this position for three years if I didn’t enjoy it.

But, for me, Group Controller is a vague description of what you do, and it can mean what you want it to mean. What I work with mainly is M&A (merger & acquisition) activities at Scania, investment decisions, divestment, and more strategic Finance-related questions, like how the capital structure should look in certain entities and how much we will pay out as dividends.

It’s very interesting and you get to see a lot of different business cases. In order to do the acquisition and the evaluation of the company you are going to acquire, you need to really understand the business and understand the financials and accounting at a very detailed level.

For example, Scania made a number of investments into the battery company Northvolt in Sweden. We also have small workshops we acquire – so it’s very broad and different.

The main thing I find so interesting is you get to dig down on the details and get a totally different understanding of the business. You learn to think like an owner – that I really enjoy.

What was the reason for the quick move into this position where you’re seen as a strong business partner?

I started at Scania as part of the graduate programme, so as a trainee. For the first 18 months, I didn’t have a fixed position. I worked in four different positions, both at HQ, subsidiaries within Scania, the sister company in Munich, I also worked in the Netherlands in our Sales organisation for three months, so I got to see a large part of the organisation.

I got an insight into the issues those locally were focused on. When working in HQ, you always have the view from the HQ perspective and make decisions based on a broad sense. But, once you get out to the local entities, they have a much more practical view of things, such as how we handle taxes or the local authorities.

We have subsidiaries in Asia and Africa, and it’s much more difficult to handle administration and the authorities, etc. So, I got a broader view that doesn’t just reflect the view given at HQ.

The reason I made the step into this current position is mostly down to luck. I was maybe too inexperienced to take on the role at first, but - during COVID - there was a vacancy and there were limits on recruiting externally. I had a talk with my previous manager about moving positions and this chance came up. It probably wouldn’t have gone that way if it wasn’t for COVID, so, career-wise, I have something to thank COVID for.

What is your advice for people starting a career in Finance and emulating what you have achieved?

I manage a small team of Junior Controllers and have this discussion with them regularly. My advice in some sense is a bit controversial, but I think a lot of people today want to work in consulting, strategy, investment banking, etc.

My recommendation that I give to the people I manage here is, early on in your career, you shouldn’t neglect Accounting. That is because, if you were to go to Japan, live in Japan and want to understand Japan, you need to learn Japanese – it’s the same if you want to really understand business; you need to learn the language, and that is Accounting.

Accounting can be quite dry - I understand that and agree in some sense – but, to lay the foundation for your future career, it’s really good to build up that fundamental Accounting understanding, because it’s difficult to build that knowledge up at a later stage.

You can always go from working in Finance to strategy, but it’s really difficult to build that knowledge at a later stage. I took that route, but I think with all the discussions I am having now, it’s super crucial to understand Accounting.

You need to understand if an acquisition is a good or bad one, you need to understand the figures and not just look at the financial statements, and, if you see profit, you need to understand what is generating those profits. There are a lot of different quirks in Accounting, which is why you need to build that knowledge early on.

Secondly, as my second tip, a lot of people focus on building a network, adding people on LinkedIn, etc. The main priority, once you start working, should be to do really good work, because the networking will come, and people will want to work with you and recommend you.

If you focus on the network, you may miss out on the work that you have the potential to do, and I think some people do it the wrong way round; you should put 95% into doing really good work and building up your knowledge, and 5% to the network.

I can make a comparison to learning the piano. You can go down two routes. You can either practise songs, and you’ll be good at playing those songs and be able to impress people early on, or you learn the theory and basics, and build on that. One way is more efficient in the short term, but - in the long term - the one who practised the theory will be the better player.

When you start a career, it’s the same way. You can know a lot of things, but - if you understand it - you can build on it for the future. You shouldn’t be happy about just knowing the answer; focus on understanding it.  

What’s it like working for Scania?

It’s really good with one of the strongest cultures in Sweden. When I started, I had four weeks of introductions and lectures. They drill the culture into you, showing you the values and how strong the culture is. When you have meetings in international settings, they share the same values and that makes the organisation function much better.

People also stay for a long time. When I talk with people at meetings, a lot of people introduce themselves with, “I have only been at Scania for ten years and I’m still new.” When people leave externally, we usually say, “We know people are going to leave, but we also know you’re going to come back,” and people do.

It helps with the company being so large. We have 55,000 people all over the world. You can be in a lot of different positions, do a lot of different things, and see a lot of different things. I think that would be much more difficult in a smaller company, where you can’t take the next step.

What was the best decision you have made during your career?

I would have to say joining Scania, because it was a good choice. Otherwise, I wouldn’t know what my best decision would be. My current position was by chance. I applied to a lot of different companies and was offered a chance at Scania.

I knew I wanted to be part of a large, international Swedish company, but it was by chance. It was never a question of accept or not – just being lucky and getting the job done.

What advice would you give to the 18-year-old Axel?

My 18-year-old self was probably more confident and knew more answers than I do today. I would go back and ask him for some recommendations and life-changing advice, rather than give him some.

Any tips for starting university and what to study?

When I went to university, I had a discussion with a family friend, who graduated five to ten years prior; he had a really good job after he finished university and he did Finance, as well, so I asked him for tips.

He said there are two different ways to go about it. One is to study on the school side of things and get good grades, as that’s a way to land a really good job. Or focus on doing things outside of school, at the students’ union, or doing things that build up your CV.

I took the second option and tried to be really active. I was part of the student union board, and I did one of the biggest student fairs in Sweden, which was a one-year project – I basically worked full time, which took time from studying. I also started a company with a friend and ran that for two years outside of school, as well. I probably learned more from those two experiences than from the course.

Once you start going to interviews, you can show what you have done and built, instead of just a list of grades. I was able to show that I built this and was driven to start my own company, etc. So, I think that is good advice for people starting university.

Thank you to Axel for speaking to Paul Toms, Founder and head of our Nordics recruitment division. 

Views and opinions contained within our Executive Interviews are those of the interviewee and not views shared by EMEA Recruitment. 

Holger Ruckstuhl is the Head Group Corporate Finance at Sulzer in Zurich, where he’s worked in various roles for 15 years. He started his career as a Tax Manager at Arthur Andersen & Co., before moving to EY and Siemens.

What excites you about working for Sulzer?

On one side, Sulzer is a company with a long history, a lot of legacy, and I have known of the company since my youth. It is an industrial company with tangible products that are highly engineering driven.

On the other side, it's a company that has always reinvented itself.

Our focus has been on traditional industrial products - quite strongly in the oil and gas business - whereas now we are trying to turn the business into a more renewable business that is CO₂ capturing and so on. What we are trying to use is the technology we have developed for more traditional applications, so that they can be applied in the new applications, which is slightly more economically friendly – for the environment, as well.

As an example, the recycling of clothes is one of the biggest and most challenging topics you can imagine. Sulzer is working with other companies from the fashion industry to make efficient recycling of clothes happen.

We are building a plant here in Switzerland to scale up what is currently working in other laboratories, so that we can show it to our stakeholders and to the customers; the recycling of clothes makes sense.

This is an area that I think could enable a lot of change to the environment, because the fashion industry has the most negative footprint on Earth.

The other thing is CO₂ capturing. We have developed a technology where we can take out the CO₂ when it is produced in a coal-fired or gas-fired powerplant. Bringing this to the market and convincing the customer that they should use it is the challenge we have.

The next challenge is we have to develop the technology. If you have captured the CO₂, it has to be stored. We have developed the technology to store the CO₂ in limestone. Here, we are currently working with another Swiss multi-national to scale it up and bring it to the market.

Limestone can be reused for other applications. Otherwise, currently, when you capture the CO₂, one of the ideas is to put it into the ground - especially where we have taken out the oil - and to fill the holes in the ground with CO₂.

This is one option that might become a dangerous one. But, if you put it into limestone, it will not disappear anymore; it will then become trapped and become part of the limestone.

Sulzer is an engineering company with a lot of technology and very tangible products, and that's what I like to work with.

Then, it's the cultural aspect. We are a Swiss-headquartered company, but we have a very international culture, with a little bit of Swiss-ness in it; we are active in about 60 countries.

What are the aspects that will protect the future of the company?

It's the way we think in Switzerland. I'm Swiss, so therefore it's not so easy to talk about our own culture.  

It's really thinking in longer-term cycles to value people and their different aspects. Switzerland is one country, but we are divided into 26 cantons and we speak four different languages - if you now take English in addition, then we have five different languages that most people in Switzerland speak. These are also different cultures in Switzerland. I would say this is what you're bringing into other international companies headquartered in Switzerland.

What changes have you seen to the employment market?

Especially when we're interviewing younger people, more or less coming from university or having only two or three years of working experience, the demands they have towards an employer have increased, in terms of value, flexibility, compensation, having teams composed by different genders, cultures, people coming from different countries…

Also, especially in current times, it's clearly an employee market for the time being. We are looking for talent and the talent is limited. Even if I think that Switzerland is an attractive country for foreigners, we have to fight for talent – and, clearly, they know it.

On the other side, I have no problem with younger people saying, “I want to have this, this and this…” I think it's good when younger people are clear on what they want.

However, if they are demanding, from time to time, they should also accept that the employer is demanding on flexibility - how they have to work, that you cannot only work from the home office, but you have to be present in office, as well. Also, there might be occasions where you have to work longer hours in the evening and so on. From time to time, I see a certain disconnect of what people are demanding and what they are willing to give to the employer. I think this needs to be bridged and they have to be fair.

Since we have more home office working - and I think this is a very good development - I personally like to be in the office, I have to say. Everybody has a computer, everybody has an iPhone or something; you can work from wherever you want to work, but you are reachable, as well.

However, there is a bad development in what is expected from an employer, because of the flexibility. The demand is 24/7 - independent of if you’re on holiday or not, you can be reached.  

The employer thinks, we give the employees more flexibility to do what they want, but they have to accept our flexibility that you are always reachable and available in case someone needs you. I think managing this is a big challenge for the future.

Can you think of any ideas that could help that?

As a manager, you have to accept that your employee is on holiday and that you really distinguish what is super urgent - maybe you desperately need feedback from your team member, but can it wait another couple of days?

It is easy to send an email or a WhatsApp message. As a manager, you have to limit the easy means of communication that can bother your team members when they're on holiday, or if they have taken off a couple of days or even over a weekend.

Also, you should not send out emails over the weekend saying, “By the way, I only need this information on Monday morning,” because most employees then feel pressured that they have to feed back to you on Sunday evening. As a manager, you have to accept the privacy of your team members and colleagues.

Have you always been like that or have you developed because you know what works and what doesn’t?

I try to be like this, but - in the last 12-18 months - there have been so many occasions where I have had to call my colleagues during holidays. I even once asked one of my team members to move holidays and they have been willing to do so, but this must be extraordinary. I feel myself - and even if I look into my company - that this has become standard, and I think this is not the right development.

On the other side, the higher you are in the hierarchy, the less this is respected - maybe this is becoming part of your job, but even the CEO or CFO cannot work 24/7, 365 days a year. I see this becoming a new culture that is going in this direction.

I have good breaks. Nevertheless, I always have my computer with me and I regularly read my emails.

Do you have particular things that drain your energy and then, on the other side, particular things that allow you to focus?

Firstly, I have a family. For me, my family is a source of energy, even if it's not always easy. My two daughters are 16 and 14; they are at a good age and most of the time we get along well.

On the other side, I focus the bad energy that I have from time to time on doing sports, like cycling, mountain biking, things like this. They are more long-distance activities, so I’m away from the family, but this helps me stay fit and clean up my mental situation. It gives me more back in the end and makes me feel much better when I’ve done it. This is how I try to cope with the stress and pressure you get as a senior manager in a multi-national organisation.

What makes life difficult is managing quite a big team. Therefore, you have to be structured, and most of my days are structured by meetings. What really sucks away my energy is when the CFO arrives unannounced, completely flipping my daily schedules without any warning.

When that happens, you feel stressed that you have to do something for your CFO, and all the topics you planned for the day, you have to now do in the evening – or even in the night - or you have to move it to the next day, but the next day is also partially booked.  

How you organise your days and your interaction with your team members needs to be structured. What I do not like is the bottleneck and this happens when someone takes away your time unexpectedly, and you end up becoming the bottleneck for many other people. I don't like it; you can also see your team members become stressed, because they cannot execute all their activities, because they have a tight schedule, as well.

It's how you organise the massive load of work you have in a particular manner. Clearly, from a manager point of view, I cannot be a micro-manager, otherwise I would need more than 24 hours a day.

What is your management style and how do you feel that works for your team?

I have a collaborative working style. I'm trying to be the primus inter pares; I respect my team members in such a manner and I encourage my team members that they take responsibility for their own areas.

My team members have defined areas. For me, they are the specialist or the manager in the area, and they have to manage these areas independently. They have clear targets, they have clear goals, they have clear objectives, and - as long as they are able to manage the objectives according to my expectations - I give them a lot of freedom. I don't care how they achieve their objectives, as long as they reach the objectives. This is also how I want to be managed.

Also, I try to help my people and coach them if I think they could do it better, or they could organise themselves better, but I’m not a person that says, “You have to do it this and you have to do it like this.” For me, it's more that you achieve your objectives in the given timeframe, but how you achieve the objectives is up to you and it’s individual.

Additionally, I'm a team player. I like to have a team. But, in the end, if a decision needs to be taken, I will take the decision and I will take responsibility for the decision I've taken.

I like the collaborative work style, giving freedom to my people to develop themselves, because - in the end - I would like to see that people are developing in their current function, so that once they become a better leader, or if they are specialists, they can grow in a particular area.

We have a good level of openness and trust with my current team, so I think they come to me whenever they need support or help.

I also criticise my team members. But I think you can criticise someone, it's just how you criticise someone. For me, it's important. Clearly, I'm not completely new in my current role and my team knows me. I also have a new team member now and I was extremely open with him, as well.

He came from a bank, and he said he was not used to working like this; the bank was much more hierarchical. I said, “This is the working style I have, and it’s always going to be different compared to a bank, but we are working as a team,” and I said that he has clear objectives, targets, and he knows about the way he has to do work.

I review our progress on targets, but as long as I have the feeling the other person is doing their job right, I think there is no intervention needed from my side.

For me, the personal objectives or goals I have for the year are some of the objectives of my employees, and, therefore, we are completely aligned from that perspective.

How many people do you have in your team?

I have 12 direct reports. I'm leading a couple of teams. I have a full Treasury team - we have seven here in Switzerland, but then we also have direct reports in the UK and in the US, and we have a bunch of people in India, not directly led by shared service.

I am also leading the headquarter’s Accounting team - there’s about 20 people. They are not all reporting to me; I have the Chief Accountants reporting to me. On this floor, we have the Treasury and Accounting team, then I'm also managing Financial Services on a global scale. This is a team of about ten people in house, and some people are outsourced to an outsource provider in India.  Indirect Procurement is now currently also under my leadership share.

For the time being, I would be happy if my team was not growing, I have to say. But my full focus currently is really on the Treasury team, because we had to reshape the team.

How did you find the market for Treasury when you were going through that process?

We have hired in quite a special way; we hired a colleague of another colleague who had already been with us. Therefore, we have taken the shorter route, but we knew who we had hired. This was not really a real recruitment process - we just saw the profile, we knew the person was available and therefore we have recruited him. He was a perfect match. We also had a meeting in the team and then we recruited one real new member.

Also, it was quite a special role we looked for. We had about 80 CVs coming in - most of them were not according to our expectations, and then we had a couple of interviews. In the end, we had two or three suitable candidates. This was not the standard recruiting process.

What risks have you taken throughout your career and how did they help you get to the level that you’re at now?

It’s not a risk, but for me it was always important to be your own personality. Do not change too much. From my point of view, you have to stay as you are. A risk could be that you're not adopting a certain style.

On the other side, from a risk perspective, I try to be honest with my superiors, and I have been successful in providing critical feedback to my superiors and they have accepted this. Over time, that has improved my standing, because they know that I'm a critical, independent person. But this is not always easy, that's clear.

I think you have to sense when it's the right time to come up with criticism against your superior. Nevertheless, if you're brave enough, this is something I would always recommend doing. It’s more how you do it, and this is important.

One the other hand, last year, I took an important decision for myself. Within my Finance background, I'm a tax lawyer, and I was leading the Tax department for more than 14 years of this group. The last time I took an important decision was when I handed over the responsibility for my Tax team and instead took over group Corporate Finance - mainly Treasury. I'm not a Treasury specialist, but this was an easy decision for me. I had to more or less leave my home turf and focus on a different position with different skillsets within Finance.

I had worked for more than 20 years in Tax and had 14 years’ experience within the same organisation. In 2021, we went into a spin-off activity with one of our divisions.

I had to ask myself if this was a job that could challenge me for the next ten to 15 years. I had the opinion that this job would also become slightly boring, with not too many challenges.

Then, I had only two options: to look for a similar job within another organisation, or to do something completely different within Sulzer. I was in a lucky position that the CFO left, the Group Treasurer became the CFO, and I took over the position from the current CFO.

Do you think your love of mountain biking – quite a risky sport - helps you within the workplace to overcome things that you might not otherwise do?

That could be the case. I do quite intensive mountain biking here in Switzerland. It is sometimes dangerous, and you always have to take a decision and assessment - challenging yourself to a certain level, but not over challenging yourself so that you might fall.

It is a very physical sport, it's quite technical. You have to overcome the fear you have.

Especially when you are going downhill, you have to take decisions very fast and it's better to take the right decision. Maybe this also helps to take decisions in business, but it was also clear to take over this particular position with so many different teams. To do the same with a completely new organisation would have been much more challenging.

With Sulzer, I more or less knew all the people. I knew the culture, the senior management, and the people knew me, as well. Therefore, even if it's a completely new Finance function, new department, with new skillsets - especially technical skillsets - I think it was doable and it was a very good challenge.

It was a hefty one in the beginning; I worked long hours, but it was the challenge I was looking for.

From time to time, you have to challenge yourself, deciding whether to take over something new or similar within the same organisation, or look for a challenge in another organisation.

Clearly, if you're passionate about a company, I think it's easier to go through these slightly more difficult times than with a new company.

Do you read or listen to podcasts in your spare time?

I do not listen to podcasts too often, but there is one particular Swiss podcast from the Swiss radio, between six and eight in the evening. Very often, I listen to this podcast when I’m driving home. It’s in German. It's extremely good, I have to say.

I read books, but more when I'm on holiday and relaxing. I do not read self-development books, such as how to become a better manager. When I read, it is just to relax, to enjoy, so normally it's when I'm on holiday.

During summer holidays, I'm normally in France, in the Britannia, and therefore I like to read crimes from the Britannia, because then you can really feel where it is; it could be just next door and it’s like you’re in the story. You can see yourself in the story, as well.

Obviously, a lot of companies are looking at sustainability at the moment. Tell me about what that looks like in your sector or industry.

For Sulzer, it's crucial that we are developing away from the current oil and gas business to more sustainable business activities. To grow the business in a more sustainable way is a growing market force and we are one of the first movers or technology leaders, so we see a quite a lot of market potential there. Whereas the oil and gas business is actually a dying business over time - not today, not tomorrow, but in the mid/longer term.

On the other side, to be seen as an oil and gas company ten years ago was an asset. Today, it is not, also from an investor’s perspective. That is because more and more investors, banks, pension schemes have a clear ESG (Environmental, Social and Governance) and sustainability agenda, as well. At some point in time, they will not be allowed to invest in a company like us if we do not change our business model or the focus area where we want to grow.

Therefore, it's a combination of what we see in CO₂ carbon capturing and recycling, and we are very strong in the water business - especially in the waste water treatment business, which is a mega-trend.  

Currently, we have a lot of waste water treatment in Switzerland and America, but you'll see it in India, as well. You’ll see it in China and, at some point, also in Africa or other Asian countries. Therefore, it goes hand in hand.

You have to focus on more of a sustainable business and leave behind the traditional old oil and gas business - even if you’re not only an oil and gas business, but it has formed a big part of us. Many investors still see us as an oil and gas company, even if we’ve been trying for a couple of years to explain that it is part of our legacy, but is not our future. We are moving into other areas; we want to further grow into more sustainable environments.

On the other side, the banks are also asking, “What is your sustainability strategy?” We have already seen, for a bigger job we have executed in the oil and gas business, a particular bank was not willing to provide the bank guarantee, because they have a clear internal guideline that they are not supporting that kind of business anymore. Therefore, this might limit your business over time. It requires a refocus and a consideration for sustainability.

We clearly have it as part of our long-term strategy: to become a fully sustainable company.

What have you put in place to ease that conversation and the image of the company?

On one side, you have a current portfolio of businesses and resources. Then, the strategy is in which business to invest most of your cash into. Would it be by internal growth, organic growth or by acquisitions? It is clear that you will mainly focus on a sustainable area, which is the water business for us.

It's also the business of our kinetic division, where we see more green technologies - recycling the production of fuels, CO₂ neutral fuels… really modern technology and moving away from the traditional industry we have.

We have started the journey that the focus will be on sustainable business.

For the time being, we are not willing to sell the gas businesses; we still believe it's an important industry to offer. Obviously, it would be nice if everybody only had electric cars and maybe would not heat their houses with gas or oil, but - in Switzerland - the majority of homes are still heated with oil or gas.

This will probably be the case for the next ten to 20 years, until we are producing enough electricity for everybody to only have electric cars and to heat with electricity. But, for the time being, this is wishful thinking. Additionally, we see it as our duty to help bridge the time until we are able to live without fossil, oil and gas - that’s how we are currently doing it.

How will digital transformation change the role of Corporate Finance?

A huge topic is that we are collecting more and more data from our source systems. We are using more technology, which is becoming more difficult, but the technology or the tools are more connected, so you have to become an IT specialist.

On the other side, because we are managing our own tools, I have IT people that have an education in IT, as well as Finance, so we can manage our own tools and develop our own ideas about where we want to develop.

When it comes to our Treasury management system, it’s about what we want to connect. For example, we are onboarding a new bank in a particular country with new bank accounts. This is a traditional Treasury topic, but this account now needs to be automatically linked to our ERP system.

In this case, there are three different pieces - two SAP and one is Microsoft Dynamics. Now, you have to bridge the know-how from the bank. They have the IT guys say, “We have this kind of technology - the information which flows from the bank to the ERP system must be in this kind of format.”

Now, you have to talk to IT, they have to program on your side, and you can see it’s not only you who can say, I have a bank account, I have an ERP system, and therefore you have to help and guide.

That means you need to have a better understanding of technology, as well - even of SAP, in this particular case. This is one sense.

On the other side, since we are pooling more and more data in an automated way, in the past, this required a big part of the team to bring together the information. Now, you have more time to analyse, or you have a massive amount of information and data, but now you have to be in a position to pull the right information and make the information visible to others for decision making.

Normally, you have too much information in the meantime, so you have to say what is the right one you’re looking for.

Also, in the past, you had the silos - you have the Finance people, the Treasury people, the IT people, the SAP people, etc., and everybody was working in silos. In the meantime, we have to overcome the silos so that the Finance people and the Treasury people can speak with the relevant IT people on the outside.

The IT people need to understand our processes, how we are thinking, whereas we need to understand how the technology works on the other side. Therefore, yes, technology has already changed and will change the profile of the candidate even further; what they need to learn, what they need to bring to be a valuable member of a highly-dedicated Finance environment or team.

Are you quite flexible when you’re hiring someone for the team if they lack a little bit in the IT side? Are you willing to train them on that?

Sure. In the end, it’s quite specific technology you are using in your company; even if you hire a Treasury person from another industrial company, they are not using the Treasury management system we are using and the same consultation tool. Therefore, they only need to have the capability to adapt themselves in a certain period of time to the new environment.

I even have a team member who is 64 and they are very good with technology; they have really learnt and developed. It’s the same for the younger ones who are digital natives compared to the older colleagues, but - in the end - it’s a team effort; everybody supports each other.

For sure, our official IT guy within the team is one of the younger colleagues we have. But to keep up to speed on technology is not easy.

Even in discussions with the CFO and CEO - in the past, we discussed figures; now, we’re talking about processes. To get an understanding of processes, you need a lot of technology know-how and digitalisation. You also need to be aware of the type of technologies coming in the future. Technology and digitalisation are moving so fast - it doesn’t sleep. I think it’s the right development; it will help to free up time of the team members, but it is not making our life less complex.

The expectation of certain senior management, when all the information is there, is that finding the right information to connect the dots is just an easy walk in the park. In the past - and this is also common somehow with cloud solutions - you always had the need to have everything within your own IT department. Therefore, they had to keep up with your technology, as well.

Whereas, in the meantime, if you buy a software you’re using and the software is maintained in a cloud, there is hardly any connection to your IT department. The maintenance, the updates and the software are handled by the outsourcing partner. You make yourself more independent and it might cost less than having your own IT department.

You are also not dependent on the resources and constraints you might have within IT. This also gives more flexibility, and the integration of new software and new technologies is easier with this. It is a wide range of various aspects, but clearly it is coming in more and more.

Thank you to Holger for speaking to Lauren Eagar, Senior Consultant in our Finance & Accoutancy recruitment team in Switzerland.

Views and opinions contained within our Executive Interviews are those of the interviewee and not views shared by EMEA Recruitment. 

Laura Rytkölä is the Global Director P&M at Cloetta in Stockholm, Sweden. She has been with the business for over ten years, having previously spent a decade at Henkel Norden. Laura started her career in Accounting.

What would you say is the most rewarding part of your role at Cloetta?

I really like what I do, so it’s a hard choice, but I would probably say being able to drive change both in business and in people. It’s really exciting.

Also, things are always changing and there are new challenges to tackle, so the variation between the challenges we are working on and ongoing projects is probably the most rewarding part.

Which internal stakeholders do you deal with most?

The most frequent ones would be those in my team and my colleagues in the local markets that we have a very close collaboration with within the Pick & Mix category.

On top of that, there’s the executive management team, as well as my Supply Chain colleagues – so entirely covering the flow of the business model.

I know you lead four different teams. What does communication and the structure look like in those teams?

Everything in the business model links together; the teams are working on different aspects and focus areas of the same business model. The key is to make sure that everything is connected and makes sense.

We try to structure the targets for the team in a way so that everyone has the same general headline. So, when we are talking about driving different priorities, everyone will recognise what is going on.

There are projects where some parts of the team are working together more closely and we need to make sure the rest of the team is aware of what is happening – it’s keeping tabs on the whole communication flow, knowing who needs to know, who needs to be involved, and then ensuring everything is progressing nicely.

You have a background in Finance. How are you finding it being more involved in business development, strategy and so on?

I would see a Finance background as a clear plus, because it can give you a very nice overview of what is happening from a financial transaction point of view.

It also gives you a strong foundation of understanding profitability and how things are, what we do, and how it is impacting profitability.

I see it as an added benefit and something that has been a definite help for me.

Do you ever want to go back to the Finance side of things or are you quite happy with your current role?

I am very happy with my current role, but it is something I have thought about - maybe in the right circumstances. However, for the moment, I am definitely having the time of my life, so I’m not looking to switch back.

You’ve been at Cloetta for ten years now and you were at Henkel Norden for ten years, too. If you reflect back over your career so far, if there was one thing you could change, what would that be?

That is a hard question, because I don’t think I would change anything. I’ve been trying to make conscious choices in terms of what roles I apply to, and which roles I take on, so everything has built up to where I am today. I wouldn’t go back and change anything career wise.

The only advice I have is to worry less about the small things and not sweat about it too much, as it will work out in the end. But I wouldn’t change anything.

If you were to think about the three to five key drivers to success that you might look for in employees or team members in general, what would you say those are?

Especially when recruiting people into the team – and we’ve recruited quite a few over the past few years while we’ve been building the core structure – I am looking for collaborators and people who are generally interested in working with others.

I am also looking for people who are curious. I want them to be curious about how things work, how things are interconnected, and how it will affect not only the short term, but also the long term. That type of genuine curiosity to get things and just purely being eager to look for solutions.

I would say those are the key elements: collaborators, being curious, and always looking for solutions.

In terms of high-potential employees and high achievers in general, how do you aim to retain those employees?

It depends on what works for that specific person. Generally, great leadership has worked for me. I have had the benefit of working with fantastic leaders who have seen potential in me; otherwise, I probably wouldn’t still be at Cloetta.

But, in general, I think recognising strengths in people, guiding them in the right way, and then providing opportunities to grow.

In my own team, we try to get everyone involved as much as possible in different elements of the business, so that they will get a very broad understanding of what it is we are doing. We’re not fine with people just understanding their own part; they will need to understand the broader scope, and especially our high potentials - then we will keep feeding them with challenges to grow further.

How do you identify those high-potential employees?

At Cloetta, we have a process and a nice, structured way of working with the staff, both assessments and development plans.

For example, in day-to-day business, we look at what is working, and for example we see someone who has a fantastic ability to find the essentials in a huge amount of data and present it in a fantastic way, or someone who is very good at manoeuvring in a complex team environment and being able to deal with conflicts in a constructive way. It’s looking for those types of people and what is coming through on a daily basis.

From there, it’s trying to paint a bigger picture and have a discussion around the faith we have in them, how they see their future, and their plans. Hopefully, we’ll find a sweet spot where we can meet on a common interest.

I can imagine there's a good degree of risk-taking that needs to be had. Is that quite prevalent and do you feel you take a lot of risks, as well?

Yes and no. Sometimes, in business, you’ll need to take risks. Looking back into the past three years, there’s been a huge amount of uncertainty.

You just need to do your best at identifying the pieces of data that you’ll need to evaluate and base your judgements on, and get people aligned and on board with it.

In the end, what might have felt risky really isn’t risky anymore, because you’ve done your homework and assessments. From the outside, it may look risky, but it’s about analysing the consequences of potential areas of risk and creating a plan to mitigate those, then we go ahead.

What do you see as the challenges that await Cloetta and how do you plan to overcome them as we step into the New Year soon?

The inflation situation and the development of consumer spending power is a situation that I believe many companies are facing, along with trying to estimate its impact. 

Also, the development of raw material input price and what level that will stabilise on. I think those are the bigger question marks that the industry at large is currently dealing with. 

What does the hiring and onboarding process look like at Cloetta?

Starting on the hiring side, the first key success factor is the job advert and conveying the joy of doing what we do, and the challenges that come with it, to attract the right candidate base.

We also try to go quite broad in the beginning to have very brief discussions with multiple candidates to get a feel about what we are dealing with, then potentially tweaking profiles or backgrounds that we are looking at depending on the role and the specific area that we’re looking for; we filter the process step by step.

We have four or five steps in the whole recruitment process, and we involve the primary person running the process, which is the recruiting manager. The recruiting manager can then get a better feel for the candidate, and potentially discuss changes over time in the interview touchpoints.

In addition to that, we also involve close team members; they could be from another team, a manager, or a close colleague who will be working with the person we are looking to recruit, as well as HR.

We try to make sure that we get different aspects and viewpoints into the evaluation and decision process, so that it is not coloured by one person, and we get multiple angles. When I run the process, it’s very helpful to get someone else’s opinion, compare thoughts, discuss the candidates, and plan for the best mutual fit at the end.

What are some key measures that are actively taken to reduce bias in the recruitment process?

I would probably say going broad in the beginning to get a broader candidate base. Also, Pick & Mix as a business model is a bit of an odd one out; a limited number of people work with P&M, so when we recruit people, almost no one has any past experience of the business model. It’s very rare we’ll find someone who has. So, people are coming in cold, which means that we need to be open minded in terms of the backgrounds we are looking for.

A person who would be a fantastic fit for packaged FMCG brands might not be the right fit in the P&M business. So, from the get-go, we need to challenge what it is we are looking for and what competencies are important. 

Also, when getting more viewpoints into the recruitment process, you can sometimes get very attached to a candidate. Then, someone else comes into the evaluation process, or we use case studies to get a more objective view of what the candidate is able to deliver, which helps reduce bias in the decision-making process. 

What are the current recruitment challenges that you face, not only finding the right person, but with the market?

I am not sure I see any huge challenges. We’ve been lucky or at least worked hard to make sure we have the best possible starting points. We have been listening to other companies or other teams recruiting, and you hear sometimes it’s difficult getting candidates.

We get plenty of candidates and generally have a good base to evaluate from. I think it’s a combination of a really nice business we are working with, and candy/snacks is an ideal category, too. I think most people are intrigued and we get a nice amount of attention.

What could a job seeker do to stand out in the current market?

Pay attention to the vacancy, because you can tell when someone has spent time thinking about it and addressing their application. I understand from an applicant’s point of view, if you’re applying to several of jobs, it can get tiring over time. But you can split out the people who are not paying attention, and those ones immediately get cut, because it’s not a good starting point.

Also, read up on the company and, when you land the interview, be prepared with questions, because that is going to show your interest. The best scenario is when I get eager candidates who come prepared with a lot of questions - most of them will probably be answered during the discussion, but make sure you have a couple of extra ones, as it shows you really thought about it and are interested. 

We had one candidate who came in with a quiz. It was part of a case presentation, and he took the opportunity to have me and my colleague compete against each other in recognising different sound bites. That was something new and fresh that I hadn’t seen before. He also got the job in the end.

What’s your secret to building a strong network?

For me - and the people who are in my closest network - there is generally a common interest and a general desire to be of service, to help out and support.

Often, it comes into a type of common interest in the beginning and then builds further.

If you could go back and give yourself some career advice, what would that be?

I think it goes into progress and not perfection. Mistakes happen and it’s not the end of the world; you don’t need to land everything perfectly every single time. Take a moment when something unexpected happens or when you feel as if something has failed. Take the time to analyse it, take the learnings and try again, because there will be a lot of times when things don’t work out correctly the first time.

How do you deal differently with failures now compared to when you were younger?

I wouldn’t say I take them lightly; I take them in a different way. I’ve had to learn to take a step back and analyse.

There are a lot of things that we are trying for the first time and there is no instruction manual, so there is going to be trial and error. There’s going to be a lot of testing and evaluating, adjusting, and testing again.

I think it’s more the mentality and the curiosity of it – why did it fail or why did it not work the way we wanted it to? Can we change it or is it a complete failure and not even worth trying again? Can we do something else? When things don’t work out, at least you learn more. You need to be curious about it and take that with you. You’ll now know what works and what doesn’t and try something else instead.

Don’t dwell too much on your mistakes, because that’s probably the worst thing you can do. Give yourself a moment to be sad or disappointed, but then shake that off and do something constructive.

What advice would you give to aspiring leaders?

I’ve learned over time and in discussions with my boss - who has been a great support in my journey - about creating the best possible circumstances for your team to succeed. That’s the type of mindset that I try to apply with my team and managers in my team, to see what they need to do the best possible job. Then, in a sense, get out of their way or see where you can support them.

It's about creating the platform for your team to succeed. It’s not so much about you knowing everything; it’s really enabling your team to do the best they can.

What about junior members? How can they impress their bosses?

To get in my good books, you need to be curious, and you should be open to understand and learn, and ask a lot of questions. Often, what I see in junior members is that they are a bit cautious in the beginning and they think their opinion isn’t important – it is always important.

If you have a question, you need to ask it, because I want you to understand it, I want you to grow, challenge, be more, and learn more.

Don’t be afraid to speak up, because your voice and your opinion are important, and you may be able to see things that others don’t. Every voice is important.

Why do you think junior members are more afraid to voice their opinion?

It may partly come from feeling inexperienced compared to the people around them. They may think, if other people haven’t asked a certain question, it is a stupid question, because - if it was good - someone would have already asked it.

Also, sometimes part of the environment doesn’t necessarily allow for it. So, in my team and in general, we are trying to create an environment where people feel safe to ask questions and actively participate in building the plans, which takes effort from everyone to make that happen.

Is that something that's encouraged daily? To speak up, ask more questions, and be more curious?

It is and we spend a lot of effort on it. We have a joke in my team that the answer to every question is, “It depends.” It depends on the market, the customer, and other circumstances, etc., so you have to spend a lot of time thinking, analysing, and evaluating things, otherwise you will miss half of the important things.

That is something we try to instil into the team and then joke about it, because it is always a bit more complicated than you thought in the beginning. But then you just need to go figure it out, because again there is no manual on how to do this; you need to figure it out as you go.

Sustainability is an important topic right now. What are the key challenges your business is facing?

I’m not sure I would phrase it as challenges. We have fantastic colleagues in Cloetta working on our sustainability journey and - looking back a few years ago - it is more broadly ingrained into the entire business.

We have different people working on different aspects of it; Procurement on raw material sourcing, etc., and everything is tapping into the overall sweeter future agenda we are driving.

From a Pick & Mix perspective, which is closest to hand from my daily life, it’s around assortment and making sure we are increasing the share of products with non-artificial flavours and colours, and making sure the ingredients we have are of a good quality, if not better.

In addition to that, we are working on vegan alternatives and ensuring there is a nice offering in the portfolio. A lot of things have happened in the last couple of years. Vegan was a bit of a polarising factor and people were afraid of it - some people are afraid it’s not going to taste as nice, but the key is to really create nice tasting products and there as so many good options right now. We are happy with driving that agenda and we can benefit from that.

Also, we work closely with our suppliers to offer different types of alternatives. With Pick & Mix, you choose exactly what you want, so there is room to make your choice and we want to be part of offering that.

Additionally, we are working on reducing hard plastics in the outer cases we transfer our products in, and we have a high ambition level on reducing everything both from our own factories and our third-party supplier portfolio. We contribute in that way, as well.  

Thank you to Laura for speaking to Hanna Gibson, Senior Consultant in our Nordics division. 

Views and opinions contained within our Executive Interviews are those of the interviewee and not views shared by EMEA Recruitment.