REDi Recruitment’s Business Partner and Specialist Recruiter of 13 years, Jody Tipping, has recently witnessed substantial shifts in trends within the banking sector. Tipping has astutely identified three primary driving factors behind these shifts, namely technological advancements, evolving customer demands, and the critical imperative for innovation.
With an ever-changing landscape, banks in South Africa are proactively adopting new hiring strategies to attract and retain highly skilled individuals. In light of these developments, REDi Recruitment sheds light on the prevailing trends that are currently shaping the hiring landscape within the banking sector.
1. Embracing Digital Skills:
As banks undergo a digital transformation, they need professionals with strong digital skills. These include fintech, data analytics, artificial intelligence, blockchain, and cybersecurity. Banks want to hire people who can drive digital change and improve customer experiences through technology. Tipping further adds, “ Many of our traditional role briefs tend to include the need to have a passion for automation or an interest in data analytics or programming”.
2. Focus on Customer Experience:
Banks are emphasising personalised and smooth customer experiences. They want candidates who excel in customer relationship management, user experience design, and product development. People who understand customer needs and deliver tailored solutions are highly sought after and offer a great competitive advantage.
3. Compliance and Risk Management:
Banks must comply with regulations and manage risks effectively. They need professionals who understand regulatory compliance, risk assessment, anti-money laundering mechanisms, and fraud detection. Candidates who can navigate complex regulations and ensure compliance are in high demand. We see this constantly in our clients’ briefs when hiring talent.
4. Data Analytics and Insights:
Data-driven decision-making is crucial for banks. They are hiring professionals skilled in data analysis, business intelligence, and predictive modelling. These individuals can help banks gain valuable insights into customer behaviour, market trends, and risk management.
5.Diversity and Inclusion:
Banks are prioritising diversity and inclusion in their workforce. They want to hire candidates from diverse backgrounds in terms of gender, race, and ethnicity. Banks are actively promoting diversity through inclusive policies and initiatives that support career advancement for underrepresented groups. They also need to continue building on their current employee personal development plans to ensure their talent feels supported in their career growth and skills training.
6. Remote Work and Flexibility:
The COVID-19 pandemic has accelerated the acceptance of remote work and flexible arrangements. Banks are open to remote work options and use technology for collaboration. Candidates with experience in remote work and adaptability to flexible environments have an advantage and banks need to ensure they can effectively manage and lead teams to maintain success and meet targets.
The banking hiring industry in South Africa is embracing digital transformation, customer experience, compliance, data analytics, and diversity.
These shifts in hiring strategies and steps will attract top talent, so its recommended banks adapt to these trends and create an environment that promotes innovation and flexibility.
Professionals with digital skills, customer focus, compliance knowledge, data analytics expertise, and a commitment to diversity will be in high demand as the banking sector evolves.