Future of finance jobs looks bright
By Craig Thompson, managing director, Michael Page South Africa
During 2009 nearly all major organisations put a freeze on non-essential recruitment and adopted a “holding pattern” through much of 2010 to assess the stability of global markets and test the mettle of the much touted economic recovery. This was compounded by large scale retrenchment exercises carried out by some of South Africa’s most recognisable employers, resulting in strong competition for available job opportunities in the finance sector.
During the past two years prospective employers have been in the driving seat as far as hiring practices are concerned; with fewer opportunities and more candidates available they have had the luxury of being extremely selective in filling vacancies. In addition, we have seen longer and more thorough interview processes with organisations able to select from a stronger pool of candidates as a result of the downturn.
In recent times candidates have also had to work harder and develop broader skill-sets to gain meaningful employment than they have had to in the past. The development of skills, ranging from improving technical knowledge to developing communication skills and a more commercial approach to finance, will serve them well in the years to come.
There has also been a demand for qualified financial professionals with specialist skill-sets in 2011. Add to this the fact that the economy is steadily improving and there should be little doubt that improved opportunities for employment in the finance world will exist.
South Africa remains a skill-short economy and there will always be demand for skilled finance professionals with international exposure, or experience in niche roles. In the latter part of 2011 and into 2012 we are confident that this will filter down the ranks to provide more employment opportunities for middle-management job seekers, generalist finance professionals and the more junior end of the market which has been the hardest hit since 2009.
Craig Thompson is the managing director of Michael Page in South Africa. Craig joined Michael Page in the UK in 2001 and he returned home in 2006 to set up Michael Page South Africa. He has played an integral role in establishing the business in new markets. He is currently focusing on executive recruitment.
