International companies are hiring South Africans
This is according to the most recent Pnet Jobs Market Report for Q4 2024, which stated that the local employment market experienced the same level of hiring over the last two quarters (Q4 2021 to Q4 2023), despite a quarter-on-quarter reduction in Q4 2023 due to a decrease in hiring activity in December.
International recruiting, however, increased up in 2023, with Pnet emphasizing a significant increase in the employment of IT and finance professionals:
This presents a challenge for the local labour market, as science, technology, engineering, and math (STEM), which are commonly used in the banking sector, and IT skills are in high demand in the country.
In July, multiple South African businesses, including those in the banking, automobile, and retail sectors, reported that they are desperately short of these talents due to inefficiencies in the country’s education system.
“Public institutions of higher learning (which are the most affordable option for the majority of school leavers) are not currently able to provide the level of IT skills we require,” Dr. Thuli Tabudi, National Human Resources Executive at the SPAR Group, said.
“Private IT institutions are extremely costly and not accessible to many learners/employees, hence, there is very little opportunity for previously disadvantaged individuals to access the field.” These skills are not just in short supply, but South Africans with them are being poached by multinational companies due to worldwide shortages.
Ayn Brown, Tymebank’s Chief People Officer, stated that emigration and the higher compensation given by larger international corporations made it difficult for the company to retain these capabilities and attract new employees. Discovery Vitality has reported that it is losing specialists to emigration as a result of the global demand for these capabilities. Despite the pull of international employers, Pnet’s report showed that people working in finance and IT can earn relatively high salaries in South Africa. In the IT sphere, South Africans can earn between R20,000 and R75,000 per month, while those in the finance sector can earn between R15,000 and R50,891 per month:
IT
Job |
Salary |
Technical / Business Architecture |
R50 659 to R75 000 |
Database Design / Development / Administration |
R49 351 to R67 500 |
Business Analysis |
R40 000 to R60 000 |
Software Development |
R36 500 to R58 333 |
Data Analysis / Data Warehousing |
R35 000 to R55 500 |
IT Project Administration / Management |
R35 000 to R54 583 |
Systems Analysis |
R30 000 to R49 702 |
Systems / Network Administration |
R20 000 to R39 834 |
Finance
Job |
Salary |
Internal Auditing |
R39 838 to R50 891 |
Financial Analysis |
R39 259 to R58 333 |
Cost & Management Accounting |
R38 896 to R47 518 |
External Auditing |
R34 167 to R47 789 |
Financial / Project Accounting |
R30 000 to R40 359 |
Credit Management |
R25 000 to R39 011 |
Purchasing & Procurement |
R25 000 to R34 896 |
Bookkeeping |
R16 000 to R21 232 |
Accounts Payable / Receivable |
R15 000 to R20 789 |
Kind Regards
CPI Payroll Support Team