Tag Archives: skills shortage

Recent survey highlights skills shortage in finance sector

You will find there’s a escalating scarcity of skills in the financial-services marketplace, a survey released in Johannesburg last Tuesday .

“Seventy-nine percent of companies had limited success in hiring chartered accountants and additionally 80% had difficulty retaining scarce skills,” said Landelahni CEO Sandra Burmeister of the collected information from the Landelahni Recruitment Group’s Financial Services Survey 2010.

Eighty-two percent of auditing firms believe there is simply a scarcity of chartered accountants.

The feedback survey took into consideration the banking, financial-services along with insurance companies, in particular at graduates together with post-graduates.

Making use of Statistics South Africa and Seta data, it projected the fact that the availablility of employees within the financial industry in 2010 is approximately 270 000 — which is 3,3% of overall employment.

This figure decreased from 300 000 in June 2008.

Burmeister said it it was worrisome although the volume of students enrolling in accounting training courses at educational institutions had improved significantly, this was certainly not converting into the number actually graduating.

“In between 1999 and 2009, the total volume of university enrolments within the accounting sector was 504 068, against 60 114 degreed graduate students over the same period — a dismal 11,9% pass rate.”

At the same time, Technikons were not faring that much better.

“Technikon enrolments in accounting numbered 204 215 over the same 10-year period against 31 034 diploma graduates — a 15,2% pass rate.”

Given the increased complexity of regulatory compliance and corporate governance, accountants are more in demand than ever.

Couple this with the fact that scarcity is a worldwide issue, meaning local South African skills would likely make their way to foreign countries, some sort of long-term solution was considered necessary, said Burmeister.

“There is actually a escalating demand and despite the slowdown throughout the economy, the trend has not been reversed,” she said.

“Due to the scarcity of qualified accountant in the marketplace we’re paying premium rates for these skills — based on this data we are going to be paying the premiums for the next two decades.”

Take a look at these Accounting Courses and Finance Courses

Source: Sapa, svtuition.org, onlinembabuzz.com, kaikoura.govt.nz, decapitecpa.com, knol.google.com, gwinnettcollege.edu

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SA needs to do business differently to succeed

If South Africa is to succeed in extracting maximum benefits from its mineral endowment it must do business differently, says Mineral and Resources Minister Susan Shabangu.

 

Minister of Mining Ms Susan Shabangu

 

“We cannot continue to mine and export ore and other raw materials for processing elsewhere, as this limit the benefits we can derive from the exploitation of our resources,” she said.

Speaking at the Africa Down Under Conference held in Australia on Wednesday, Shabangu said there was a need to increase value addition to minerals before they are exported, in line with government’s new industrialisation priorities.

 

 

“This will present enormous investment opportunities in the country for both South African and foreign investors. We, however, need to enlist the support of strategic international partners to facilitate skills and technology transfer for the benefit of local beneficiation,” the minister said.

Shabangu said the shortage of skilled human capital, particularly of mining engineers, technicians and inspectors, not only poses a major threat to the sustainable growth of the South African mining industry but also contributes to fatalities and injuries sustained in the industry.

“We have had to seriously examine our options in order to find effective solutions to deal with the challenge of skills shortage,” she said.

 

 

Among other things, the conference seeks to provide an excellent opportunity to strengthen commercial links in the sector.

Africa Down Under is one of the foremost international mining industry events focused on Africa.

Source: BuaNews, info.gov.za, mining.mines.edu

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Shortage of scarce skills threatens SA’s growth

South Africa’s skills shortage is having a debilitating effect on the country’s economic projection, says Minister for Higher Education, Blade Nzimande.

He said that the shortage of professionals and artisans in particular was largely responsible for the country’s failure to achieve the targeted 6 percent growth rate in the period 2010 to 2014.

He said government needed to invest in skills development and training, especially the youth, if it were to meet the set targets.

“This is why my department has earmarked about R3.2 million for scarce skills areas for the financial years 2010/11 and 2011/12. These include engineering at universities, universities of technology and comprehensive universities,” said the minister.

However, he said while institutions need to produce more graduates in scarce skills fields, such as actuaries, there was a need for the profession and the labour market to make sure that it retains sufficient experienced professionals to mentor newcomers.

“We need to ensure that we do not just grow the number of actuaries we produce, but we should also make sure that we retain them,” he said.

Nzimande commended the South African Actuaries Development Programme, which started in 2003, for the wonderful work they were doing to make Actuarial Science accessible to the previously disadvantaged communities.

“Among the previously disadvantaged institutions, only the Universities of the Western Cape and Zululand offer the qualification, it is in this context that efforts towards opening up the profession to the historically disadvantaged population are commendable.”

It was encouraging that the programme had already started producing qualified actuaries since its inception and makes special efforts to provide support to students to ensure they succeed in their studies, Nzimande said.

“We need to expose young people to a variety of career opportunities so that they can make informed decisions about the career paths they choose,” Nzimande said.

Source: BuaNews

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