The unemployment rate has stagnated at 27.7%, with 9.1% of these unemployed people holding degrees and diplomas.
This is according to Labour market analyst, Loane Sharp, who states that close to 563,000 university graduates are languishing at home, based on the latest Statistics South Africa Quarterly Labour Force Survey.
As a result, a growing army of unemployed graduates are now forced to either rely on their families to support them or find jobs as unskilled workers, such as waiters, clerks and office assistants, he said.
However it is definitely not all doom and gloom, said African Bank’s head of human capital, Lindiwe Miyambu.
“There are still talent opportunities aplenty in certain sectors. The banking sector is one such example,” she said.
“In fact, in the latest report, the highest growth in employment during Q3 was mainly driven by finance and other business services industries.
“New advanced technologies, increased competition and a need for new product innovation have opened up a host of employment opportunities for young graduates looking for employment opportunities.
“There is a need for the development of a pipeline of graduates that meet the skills needs of the banking sector,” she said.
Topping the list of sought after skills in banking are IT, accounting, actuarial and financial analysis as well as management skills – particularly at the senior management level.
Common fields of study offering a supply stream for the banking sector are Bachelor of Commerce; Bachelor of Science: Actuarial/Financial Mathematics; Bachelor of Business Administration; Bachelor of Science: Engineering/Applied Mathematics/Computer Science; Bachelor/Master of Law: Corporate Law; Bachelor of Accountancy.
“We are seeing a huge focus on IT which is logical due to the changing technology and new product development within banks. Mobile banking and cashless transactions are what people want,” said Miyambu.
“There are, in some cases, intakes from Bachelor of Arts: Psychology and Bachelor of Social Science: Human Resources.
“The bulk of the supply, however, falls within the areas of Business and Management,” she said.