The European Union Pay Transparency Directive (PTD) is forcing companies and recruitment firms to rethink how they approach compensation, hiring, and transparency.
For many recruitment agencies, this means major changes:
- more transparency,
- more governance,
- more justification of rates,
- less “keyword recruiting,”
- less margin opacity.
For Pecunia Treasury & Finance BV, it mostly confirms the direction we already chose years ago.
Not driven by regulation, but by our belief that the treasury recruitment market should operate differently.
Transparency should not be revolutionary
In large parts of the recruitment market, margins are often hidden, and rates remain vague, leaving both clients and consultants guessing. What is the consultant actually earning? What margin is being added? Why is one profile suddenly €200 per day more expensive than another? And perhaps most importantly, is the person genuinely qualified, or simply matching keywords on LinkedIn?
Over time, the market has become layered with recruiters, subvendors, MSPs, and secondary suppliers. Sometimes, to the point where it’s no longer clear where value is actually being created.
At Pecunia, we choose to take a different approach early on. We are transparent about market rates, realistic expectations, our margins, and the reasoning behind whether a consultant is or isn’t the right fit. Our margins typically sit around 10-15%, which is well below what is often seen in the market. More importantly, we are open about it.
It is not a must, but we believe trust builds stronger, longer-term relationships than opacity. A view that, in some parts of the recruitment world, still seems surprisingly controversial.
Treasury recruitment is not keyword matching
One of the biggest misconceptions in treasury recruitment is that treasury roles can be filled through simple keyword searches.
A treasury transformation lead is not the same as a treasury operations manager.
A Kyriba consultant is not automatically an SAP Treasury specialist.
A cash manager is not necessarily someone who can redesign an in-house bank structure.
Yet many recruitment processes still work exactly like this:
search CV → match keywords → send profile → hope for the best.
At Pecunia, our treasury background changes that process completely.
We understand:
- Treasury structures,
- Cash management,
- FX risk,
- TMS implementations,
- Hedge accounting,
- Liquidity management,
- Bank connectivity,
- Treasury operations,
- Transformation projects.
That means we can properly assess both the actual client need and the actual consultant capability.
Not just whether someone once mentioned “Kyriba” on page three of their CV.
Sometimes the answer is “no.”
One of the effects of the Pay Transparency Directive will be greater pressure on fair and explainable hiring decisions.
In practice, that means being honest when: a consultant is overpriced for the role, when a profile isn’t senior enough, when someone simply doesn’t fit the assignment, or when client expectations are unrealistic.
At Pecunia, this is already part of how we operate. We regularly say “no” to consultants when the knowledge fit isn’t right, when the requested rate doesn’t align with the market, or when the assignment requires a different type of expertise. At the same time, we’re equally willing to challenge clients when expectations don’t match reality.
That level of honesty is only possible if you genuinely understand treasury. Without that foundation, recruitment quickly becomes transactional: CVs in, invoices out.
PTD rewards specialist expertise
The Pay Transparency Directive will push companies toward more structured hiring processes, better documentation, clearer compensation logic, and more objective evaluations. In that environment, specialist knowledge becomes more important (not less).
Clients increasingly need partners who can explain why one treasury consultant costs more than another, when niche expertise justifies a premium, what realistic market rates actually look like, and whether a consultant truly fits the assignment.
That’s where treasury expertise makes the difference, rather than relying on sales scripts, buzzwords, or cowboy recruiting.
A more sustainable recruitment model
The recruitment market has historically rewarded speed and volume. Treasury, however, doesn’t work that way.
Mistakes in treasury are expensive, whether it’s failed implementations, wrong hires, project delays, operational risk, poor hedge management, broken bank connectivity, or inaccurate reporting. The cost of a bad match is simply far higher than the cost of taking a bit more time to get it right.
The Pay Transparency Directive indirectly reinforces this shift. It places greater emphasis on fairness, transparency, explainability, and expertise.
And, ultimately, we believe that’s a healthy development for the market.
Final thoughts
The EU Pay Transparency Directive is not just an HR topic; it’s reshaping expectations across recruitment, consulting, and interim hiring.
For many firms, this means adapting their operating model. For Pecunia, it largely validates the one we have already built: transparent margins, fair pricing, real treasury expertise, and an honest approach to matching that prioritises long-term value over short-term wins.
Because treasury recruitment isn’t about sending CVs as quickly as possible. It’s about understanding the function well enough to know when a match will actually work, and when it won’t.
So whether you need support in treasury, SAP Treasury, TMS implementations, risk, FX, or broader finance transformation, Pecunia Treasury & Finance BV combines treasury expertise with recruitment expertise to deliver the right fit.
If you value transparency, realism, and people who genuinely understand treasury, we’d be happy to start a conversation. Contact us
