SA banks widen their search for talent
South African banks are casting their nets ever wider in their search for people with the experience and skills they need. Despite the recession and the fact that the long tentacles of the global crisis have at last reached South Africa, many banks - even the ones that officially have a hiring freeze on - are still recruiting and looking both at home and abroad for the talent they need.
"There are still lots of opportunities and a talent shortage in a number of areas," says Veronique Parkin, partner and head of financial services at Heidrick & Struggles, an executive search and consulting firm in Johannesburg. "Many banks need people and the market is still buoyant, especially in the risk credit and finance space, here in South Africa and in the rest of the Continent."
The lack of local candidates with the specialist skills and the experience needed is leading banks to look abroad. First port of call is usually the South African diaspora, those citizens who moved abroad, to London New York or Sydney and may be tempted back.
But the search is now being widened to foreigners who may have lost their jobs in the City or on Wall Street and are willing to move to South Africa. "Banks are desperate to get people with the right skills and international experience is incredibly valuable," says Parkin. "Banks are being more cautious, but they are still prepared to pay a premium for candidates of the right calibre."
If international experience is an added bonus, experience in general is an absolute must. Young people, including new graduates, are paying the price for banks' tendency to become more selective.
As South Africa grapples with its first recession in 17 years, recruitment agencies say that companies are increasingly turning to experienced candidates and closing the door to junior job-seekers. According to Jacquie Bosch, executive for financial recruitment at DAV Professional Placement Group in Johannesburg "at the moment companies require staff that can make an almost immediate impact."
