4 changes in 30 years still shaping recruitment in SA financial services

The South African financial services industry has transformed dramatically over the past three decades. The shift from isolation to global participation brought new competitors, partners, standards, and expectations. It also rewired what employers look for in leaders and teams. Four long-term changes continue to shape how firms recruit and develop talent today.

1) From isolation to global integration

Opening the economy unlocked new markets, cross-border deal flows, and exposure to global governance, risk, and compliance standards. South African firms now operate in a web of international clients, regulators, and investors—demanding leaders who are as comfortable in Johannesburg as they are in London or Singapore.

Recruitment impact:

• Global fluency matters: experience across markets, currencies, and regulatory regimes is a premium differentiator.
• Returnee talent is prized: professionals who combine international insight with deep local context bring a competitive edge.
• Mobility is strategic: short-term assignments, cross-border teams, and virtual collaboration accelerate development and retention.
• Risk-savvy leadership: familiarity with international risk frameworks and ethical governance is non-negotiable.

2) From command-and-control to inclusive leadership

Leadership culture has shifted from hierarchical and homogeneous to increasingly collaborative and diverse. While the transition is still uneven, the most effective leaders are those who listen, build trust, and invite challenge. Technical excellence is necessary—but character, self-awareness, and the ability to unlock others’ potential are decisive.

What high-impact leadership looks like now:

• Character over credentials: self-awareness, humility, and accountability alongside technical mastery.
• Inclusive decision-making: creating space for dissenting views and broader participation.
• Purpose-led stewardship: understanding the societal impact of capital allocation, savings, and risk decisions.
• Learning agility: comfort with ambiguity, curiosity, and a growth mindset.

Career advice for aspiring CEOs and CFOs:

• Build broad experience across product, risk, operations, and client-facing roles.
• Seek stretch projects and cross-functional assignments.
• Invest in inner work: regular reflection, feedback, mentors, and awareness of blind spots.
• Lift others: sponsorship and talent development are leadership multipliers.

3) From compliance to culture: DEI as a strategic lever

Employment equity legislation set the stage for increased participation by historically underrepresented groups, and it continues to influence recruitment today. The most significant shift is from “filling a role” to building an equitable, high-performance culture where diverse leaders can thrive.

What differentiates firms that make real progress:

• Strategic intent: DEI embedded in the business plan, not treated as a tick-box exercise.
• Measured outcomes: clarity on goals, transparent reporting, and leadership accountability.
• Deliberate pipelines: targeted development, succession planning, and sponsorship for emerging leaders.
• Retention through inclusion: equitable pay, fair promotion practices, and cultures that enable belonging.

Recruitment teams now partner closely with business leaders to map the market, broaden candidate slates, assess for inclusive leadership behaviors, and avoid cosmetic fixes that fail to build durable capability.

4) Women’s advancement: from visibility to equity

Women’s representation in senior roles has improved, but parity remains distant. Pay gaps, uneven access to stretch opportunities, and subtle exclusions continue to slow progress. The next frontier is equity—ensuring fair outcomes, not just participation.

Priorities that move the needle:

• Equitable pay and promotion processes with regular audits.
• Bias-aware hiring and performance management, backed by manager training.
• Flexible, performance-focused work models that support all caregivers.
• Structured mentorship and sponsorship to accelerate readiness for P&L, CFO, and CEO tracks.

Advice for women entering financial services:

• Invest in relationships: mentors, sponsors, and peer networks that stretch and support you.
• Seek visible, outcome-driven roles that build credibility and influence.
• Advocate for yourself—and for others coming up behind you.

What this means for hiring in the decade ahead

These four shifts are enduring, not cyclical. Firms that compete best for talent will:

• Hire for global fluency and cross-market experience, not just local technical depth.
• Prioritize character and inclusive leadership behaviors alongside credentials.
• Treat DEI as an engine of performance—anchored in strategy, metrics, and accountability.
• Close gender gaps with concrete policies and transparent outcomes.
• Develop and retain talent through mobility, sponsorship, and meaningful stretch work.

The industry’s transformation has expanded opportunity and raised the bar. For employers and candidates alike, the differentiators are clear: global perspective, inclusive leadership, intentional equity, and a commitment to grow others. Those who invest in these fundamentals will build resilient teams—and shape a financial services sector that reflects and serves South Africa’s future.