{"id":264691,"date":"2025-10-29T11:28:53","date_gmt":"2025-10-29T12:28:53","guid":{"rendered":"https:\/\/www.premium-partners.net\/?p=264691"},"modified":"2025-10-30T09:02:46","modified_gmt":"2025-10-30T09:02:46","slug":"the-battle-for-inclusive-leadership-in-sas-financial-services-sector","status":"publish","type":"post","link":"https:\/\/www.premium-partners.net\/fr\/builder\/the-battle-for-inclusive-leadership-in-sas-financial-services-sector\/","title":{"rendered":"The battle for inclusive leadership in SA\u2019s financial services sector"},"content":{"rendered":"

This post<\/a> was originally published on this site<\/a><\/p>

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What does it say about South Africa\u2019s <\/span>financial<\/span> <\/span>services<\/span> <\/span>sector<\/span> <\/span>when, in searching for a CEO for one of the country\u2019s top <\/span>investment<\/span> <\/span>firms, only 14% of the candidates are women, and even fewer are black?<\/p>\n

Despite two decades of transformation policy, the female <\/span>leadership<\/span> <\/span>pipeline remains worryingly thin. And while the gender imbalance is not new, the urgency has intensified. Succession challenges, the emergence of new banks, and a rapidly evolving consumer landscape have created a real scramble for <\/span>leadership<\/span> <\/span>talent\u2026and the pool is not deep enough.<\/p>\n

This is not just a gender issue, it\u2019s a broader talent crisis. Over the past five years, South Africa\u2019s <\/span>financial<\/span> <\/span>services<\/span> <\/span>sector<\/span> <\/span>has undergone a quiet but significant shift in how it sources and evaluates <\/span>leadership<\/span>. The traditional pipeline, once dominated by <\/span>finance<\/span>-specific experience, is now expanding to include candidates from telecoms, consumer goods, and digital-first <\/span>sectors<\/span>. This convergence is reshaping the skills profile of future <\/span>banking<\/span> <\/span>leaders<\/span>.<\/p>\n

What\u2019s driving this change? A growing need for customer-centricity. Banks are no longer just <\/span>financial<\/span> <\/span>institutions, they\u2019re service platforms competing for consumer attention. As a result, candidates with experience in consumer goods, particularly in telecom or <\/span>financial<\/span> <\/span>services<\/span> <\/span>divisions, are increasingly sought after. Strategic partnerships, innovation, and customer experience are now central to <\/span>leadership<\/span> <\/span>mandates.<\/p>\n

In nearly every executive search we\u2019ve conducted in <\/span>financial<\/span> <\/span>services<\/span> <\/span>over the past five years, from retail <\/span>banking<\/span> <\/span>to insurance, the brief has included a strong emphasis on digital fluency and customer-focused growth. With the exception of one <\/span>investment<\/span> <\/span>management search, all roles were open to candidates outside the traditional <\/span>banking<\/span> <\/span>sphere. What we\u2019ve been experiencing is that banks are prioritising agility, cross-sector<\/span> <\/span>experience, and strategic thinking over legacy credentials.<\/p>\n

But even as the industry opens up to broader skill sets, the gender gap persists. In a broader search across <\/span>financial<\/span> <\/span>services<\/span> <\/span>and insurance, only 21% were women. Of those, 80% had held CEO, chief operating officer, or managing director roles, and that\u2019s encouraging, but still far from where the country aims to be when it comes to inclusivity and diversity.<\/p>\n

According to the 2024 South Africa Spencer Stuart Board Report, only 37% of all board directors in the JSE\u2019s top 50 companies are women, of which only five are CEOs. The issue isn\u2019t just at the top: it starts one or two levels lower. The <\/span>sector<\/span> <\/span>is not nurturing enough women at the senior management level to feed into executive roles. If that isn\u2019t tackled soon, there won\u2019t be enough women ready accept board positions in the next five or ten years.<\/p>\n

When we look at the cohort of women currently in executive roles, many are in their late 40s to early 50s, so they\u2019re not retiring anytime soon. However, below them there\u2019s a concerning gap, and that\u2019s where the real crisis lies.<\/p>\n

Financial<\/span> <\/span>services<\/span> <\/span>is one of the most structured <\/span>sectors<\/span> <\/span>when it comes to graduate programmes, and should be fertile ground for female <\/span>leadership<\/span>. Yet women continue to leave before reaching senior roles. Why?<\/p>\n

The reasons are complex: some leave to become entrepreneurs, while others seek flexibility or better work environments. But many leave because they\u2019re not being developed, mentored or coached. Perhaps they also feel they\u2019re not being given the opportunities they\u2019ve earned and deserve?<\/p>\n

Employment equity, while well-intentioned, has sometimes led to accelerated promotions without the necessary support. We\u2019ve seen very capable people moved into exco roles before they are ready, and not supported with the tools they need to succeed. And when they <\/span>struggle<\/span>, the system rejects them, rather than pausing for introspection.<\/p>\n

We are already seeing the results of intentional <\/span>leadership<\/span> <\/span>development. Emrie Brown (CEO of Rand Merchant Bank), Mary Vilakazi (CEO of FirstRand), Leila Fourie (CEO of the JSE), Margaret Nienaber (COO of Standard Bank), Funeka Montjane (CEO of Personal & Private <\/span>Banking<\/span> <\/span>at Standard Bank), and Basani Maluleke (Group Executive of Retail at Capitec) are prime examples of women who\u2019ve risen through the ranks in this highly male-dominated industry.<\/p>\n

But there is more good news: the <\/span>investment<\/span> <\/span>management <\/span>sector<\/span> <\/span>is seeing increased collaboration between firms and industry bodies like ABSIP (Association of Black Securities & <\/span>Investment<\/span> <\/span>Professionals) and AWCA (African Women Chartered Accountants) led by Mohau Leteka and Pumla Molope respectively. These organisations are working to recruit and mentor young women, knowing that the challenge is not just about attracting them to the <\/span>sector<\/span>, but keeping them.<\/p>\n

So what should still be done to build a sustainable pipeline of diverse talent? It starts with:<\/p>\n