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

Gone global

The sweeping change from isolation to globalisation brought new competitors and partnerships; new governance models and business processes, new risk frameworks and deal flows to the South African Financial Services industry. It ignited a demand for leaders with global acumen and employees who could adapt to working across diverse markets – a change that is still at play today.

Phryne Williams, who had just established Capital Assignments, an executive search firm focused exclusively on Financial Services, remembers the energy and expectation, as well as the edginess of this time. She says, “It felt like a tidal wave of change affecting everything from culture to leadership, client expectations and talent. I won’t forget a CEO of a stockbroking firm describing it as shifting from being ‘captain of the ship’ to ‘one of many first officers in a global fleet’. It was a steep learning curve for many senior executives, but doors also opened for many other levels of employees. We started seeing young South Africans being sent to London, New York, or Hong Kong for exposure and development. Some went for a year or two, while others built entire careers overseas. Other candidates I worked with returned to South Africa, sharper, more confident, and with a completely different way of looking at business. They brought international insight while still understanding the South African market, and that made them highly sought after. Today, I am still meeting South Africans who have worked all over the world and are bringing that experience home to help grow businesses here. And as I did then, I think that is something worth celebrating.”

Inclusive influence

Globally, leadership has changed dramatically over the past decades, and in South African Financial Services, it has gone from being predominately white, male and authoritarian pre-1994 to more diverse, inclusive and collaborative.

Phryne says, “Thirty years ago, leadership in Financial Services certainly felt exclusive in every sense. Boardrooms were white, male, and often intimidating. The leader’s word was final. They led by commanding, not by listening, and there was barely room for any difference, whether in background, experience, or opinion. So, while the shift to diverse and inclusive leadership has been slower than many of us would like, it is a real change. In my 30 years in business in Financial Services recruitment, if I had to pick just one thing that has been good for business, it is this. Inclusive leadership has opened doors for people who might have been overlooked before. The best leaders I work with are those who make space for others. They are willing to listen and are not afraid of being challenged. They know they don’t need to have all the answers.

“Finding good leaders is never easy. It is not the technical skills that are the hardest to find. It is character. We look for leaders who are self-aware, who are inclusive, and who are genuinely curious about their role and the impact they have. They need to take responsibility for what it means to lead in South Africa, especially in Financial Services where many of my clients carry the weight of people’s retirement savings on their shoulders. Others are allocating capital that can influence markets, policy and how the country grows.

“The one piece of advice I would give to a young person who hopes to be a CEO or CFO in the industry one day, it would be this: Yes, build your technical skills and get broad experience across different parts of your organisation. Step up for projects that stretch you. But do not neglect the personal work. Make self-reflection a habit; get to know your blind spots and be willing to work on them. Be the kind of leader who lets others stand on your shoulders so they can be lifted up, noticed, and given the chance to grow. That’s what will truly set you apart.”

DEI mandated

In 1998, the Employment Equity Act mandated greater participation across all industries by Black, Coloured, Chinese and Indian South Africans, as well as women and people with disabilities. Compliance with the Act continues to drive DEI (Diversity, Equity and Inclusion) in the South African economy and shapes recruitment practices today. Progress on DEI in Financial Services has consistently lagged behind targets, particularly at management and executive levels.

Phryne says, “In the early years, we often worked hard to find diverse leaders with the right qualifications, skills, and experience. That has truly shifted. Today, there is a strong pool of highly skilled, diverse talent in the market. The work now is about helping businesses build the kind of cultures where those leaders can thrive and want to stay. Over the past decades, I have seen leaders who took this seriously. They made deliberate choices to transform their companies, invest in leadership development, and build strong Black leadership at the top. But we have also seen others who paid lip service. While talking about transformation, they relocated white executives offshore, supposedly for operational reasons, and conveniently it improved their Employment Equity scorecard.

“At Capital Assignments, we have always believed this work is about more than just filling a role. It is about shaping leadership that will build businesses, grow people, and make a real difference to South Africa. That has meant staying close to the market, understanding where the talent is growing, and helping our clients see beyond the obvious.”

She leads

Progress for women in South African Financial Services has been mixed and uneven. While there is some greater visibility of women in top roles, companies are mostly far short of gender parity and the gender pay gap remains a major issue. There have been cultural shifts to benefit women, but unconscious bias and subtle exclusions still persist in the workplace.

Phryne says, “Women remain under-represented and underpaid at senior levels. On JSE-listed Boards, women hold fewer than 30 percent of top management roles. At senior executive level, less than 15 percent of CFOs and CEOs are female. As a woman in this industry, I have learnt the importance of building strong professional partnerships and of working with people who respect your contribution. The relationships I have built over the years with clients, candidates, and peers have sustained my business far more than any formal recognition ever could.

“If I could give one piece of advice to a young woman entering Financial Services, it would be: invest in the relationships that will help you grow. Look for mentors and sponsors who will challenge you, back you, and remind you of your worth. And remember that leadership is not just about your role. It is also about the doors you open for others along the way.

“For women, I hope the next ten years bring not just more opportunity, but more equity. I want to see a Financial Services industry where women are not the exception at the top table. Where they are paid equitably, promoted fairly, and respected for the value they bring. But that will not happen by chance. It will take strong succession and strategic planning, and a genuine shift in mindset that starts at board level. In my experience, the firms that have made the most meaningful progress on transformation are the ones that treat it as a strategic priority, not a compliance exercise. They ask the hard questions, measure what matters, and hold their leaders accountable. It’s not easy work, but it’s the only way to build resilient teams and a business that reflects the country it operates in.”