Bankseta plans for the future

The Banking Sector Education and Training Authority (Bankseta) has commissioned research into future skills needs in the banking sector over a 3 to 15 year period.

The research findings were presented at a Breakfast on Future Skills in the Banking Sector in Johannesburg on March 28.

The research identifies key developments, which drive change in the banking sector, both locally and internationally; best practice, which influences the direction of banking; and implications for employment and skills.

An economic forecasting model, which forecasts future output, demand for labour, wage inflation, and the wage gap between skilled and unskilled labour was deve- loped, as well as indicators, which will enable the Bankseta to analyse labour market trends, in order to implement appropriate skills deve- lopment interventions.

In a constant state of flux, changes in the banking sector, particularly over the past 10 years, have changed the nature of workers that the banking sector needs and the skills complement necessary to remain both competitive and legally compliant.

It is a skills-intensive sector. Senior officials, managers and professionals constitute 27percent of employees and associate professionals 28percent, compared with 16percent and 12percent in the broader economy.

Technology and globalisation are the biggest drivers of change. Automation has increased the need for skilled employees.

Technical training alone is not up to providing an adequate supply of skills. Experience, knowledge of the industry and a solid understanding of banking is critically important.