Demand for skilled South Africans is soaring in the United Kingdom, which is experiencing a major skills shortage, a UK recruitment agency said on Tuesday.
“Demand for South African professionals is soaring in the UK because London’s top financial-services industry experiences a massive skills shortage and chronic lack of young people with relevant qualifications,” said Nabila Sadiq — managing director of Joslin Rowe Temporaries recruitment agency.
The demand for foreign talent is rising dramatically as the supply of home-grown financiers fails to keep up with growth in the industry, he said, adding that the scale of the demand was staggering.
“It is quite common for a professional South African to have a new job in London within 24 hours of touching down at Heathrow.”
Figures from the British government show that 33% of total approved applicants for the British Highly Skilled Migrant Programme were in the finance and business categories.
Last month, 19 800 new financial-services jobs were on the market in the City of London alone, an increase of 2,3% compared to with 2006 (19 350). At the same time, the ratio of applicants to financial services decreased, Sadiq said.
However, in the majority of cases, the move to the UK is medium term, with one survey indicating that 78% of UK-based South Africans wish to return home within a few years.
“The problem is that most South African professionals will eventually return to the lure of family, friends, a more relaxed lifestyle — and some sun — back in South Africa,” said Sadiq.
Aside from experience, the other main attraction of the UK is the earning potential.
Employees in South Africa’s financial-services industry can expect an annual salary of R270 250 — almost 40 % lower than the R447 900 UK financial-services salary.
But in London, salary expectations are higher, with the average employee in the financial services sector earning R600 950.
Sadiq said work in London’s financial-services sector offered higher salaries and big bonuses — rewards that South African firms have difficulty matching.
“London’s other draw card — putting the bad weather aside — is its gateway to European travel,” he said. — Sapa