Taking into account the higher cost of living and depleting disposable income, job candidates are prioritising higher salary increases above all else when considering new job offers.
This is according to the 2024 South Africa Salary Guide, a report by Michael Page, a recruitment firm.
Factors like the SA economy narrowly averting a recession in 2023Q4 by increasing by 0.1% year-over-year to high interest rates, with the repo rate sitting at 8.25% and the prime lending rate at 11.75% after the South African Reserve Bank kept the interest rates unchanged, have an impact on people.
Michael Page Operating Director: South Africa, Paul Newman, said that amidst these economic dynamics, the market is increasingly need of seasoned professionals with strong technical skills particularly in the technology and renewable energy sectors.
According to Newman, the first quarter of 2024 has seen a slow start to the year from a hiring point of view, however, it is anticipated that there will be an uptake in recruitment demand in the second half of the year.
Salaries and in-demand jobs in SA
The salaries report revealed the salaries and most in-demand jobs for the procurement; supply chain; engineering and manufacturing; finance and accounting; sales and marketing; banking and finance; and technology jobs sectors.
Procurement | |||
From | Average | To | |
VP of Procurement | R1.8 million | R2. million | R2.8 million |
Supply Chain | |||
From | Average | To | |
VP of Supply Chain | R2.4 million | R3.1 million | R3.8 million |
In the Procurement and Supply Chain sector these are the jobs that are in demand: supply chain planning, demand planner, procurement manager, logistics manager and plant supervisors.
Engineering and Manufacturing
From | Average | To | |
Manufacturing Director | R1.6 million | R1.9 million | R1.7 million |
The report showed that the following positions are in demand for the Engineering and Manufacturing sector: head of engineering; project director; health, safety and environment manager; quality assurance/quality control manager; and product supervisor.
Finance and Accounting
Senior Finance | |||
From | Average | To | |
Group/Regional CFO | R3 million | R4 million | R5 million |
Controlling Roles | |||
From | Average | To | |
Credit Manager | R900,000 | R1 million | R1.2 million |
Audit | |||
From | Average | To | |
Chief Audit Officer | R1.6 million | R2 million | R2.4 million |
Other | |||
From | Average | To | |
Head of Treasury | R1 million | R1.2 million | R1.4 million |
Tax | |||
From | Average | To | |
Tax Director | R1.6 million | R1.9 million | R2.2 million |
In the Finance and Accounting sector there are are five jobs in demand including commercial finance manager/controller, finance business partner, finance manager, regional/Africa experience and head of finance.
Sales and Marketing
Sales (Sales and Marketing B2C) | |||
From | Average | To | |
General Manager | R2.3 million | R2.5 million | R3.2 million |
Marketing (Sales and Marketing B2C) | |||
From | Average | To | |
Chief Marketing Officer | R2.3 million | R2.6 million | R3.2 million |
Trade Marketing (Sales and Marketing B2C) | |||
From | Average | To | |
Head of Trading | R1.3 million | R1.5 million | R1.7 million |
Sales (Sales and Marketing B2B) | |||
From | Average | To | |
General Manager | R2.5 million | R3 million | R2.4 million |
For the Sales and Marketing sector these are in-demand jobs: business development manager, enterprise sales manager, marketing manager, technical sales manager, digital marketing manager, brand manager, key account manager – national, retail operations manager and head of marketing.
Technology
Executive/Leadership | |||
From | Average | To | |
Chief Information Officer | R1.8 million | R2 million | R.3.5 million |
IT Security | |||
From | Average | To | |
IT Security Manager | R1.5 million | R1.8 million | R2 million |
Applications | |||
From | Average | To | |
IT Applications Manager | R1 million | R1.3 million | R1.6 million |
Business Analysis & Project Management | |||
From | Average | To | |
Head of PMO | R1.2 million | R1.5 million | R2 million |
Architecture | |||
From | Average | To | |
Chief Enterprise Architect | R1.5 million | R1.7 million | R2 million |
Software Development | |||
From | Average | To | |
Head of Software Development | R1.1 million | R1.3 million | R2 million |
Networking | |||
From | Average | To | |
Network Architect | R700,000 | R900,000 | R1.5 million |
Data/Data Administrator | |||
From | Average | To | |
Data Architect | R650,000 | R1.5 million | R18 million |
Technical Services | |||
From | Average | To | |
Head of PMO | R1.2 million | R1.5 million | R2 million |
In the Technology sector there are six jobs that are in demand, including software developer, cyber security, cloud computing, data scientist, business analyst, and artificial intelligence and machine learning
Banking
Wholesale Banking | |||
From | Average | To | |
Head of Wholesale Banking (EVP) | R2 million | R2.5 million | R3 million |
Retail banking | |||
From | Average | To | |
Head of Consumer Banking (EVP) | R1.5 million | R1.7 million | R2 million |
Investment Banking - M&A/DCM/ECM/LEV FIN | |||
From | Average | To | |
Managing Director | R3 million | R3,.5 million | R4 million |
Private Equity/Investments | |||
From | Average | To | |
Managing Director | R3 million | R3.5 million | R4 million |
Insurance | |||
From | Average | To | |
Managing Director | R2 million | R2.5 million | R million |
Compliance | |||
From | Average | To | |
Chief Compliance Officer | R2 million | R2.5 million | R3 million |
Risk | |||
From | Average | To | |
Chief Risk Officer | R2 million | R2.5 million | R3 million |
Operations (Investments/Funds) | |||
From | Average | To | |
COO | R2 million | R2.5 million | R3 million |
According to the report, jobs that are in-demand for the Banking and Finance sector including: internal audit manager; senior trader; senior relationship manager; business development manager: insurance; head of operations: Cib; corporate finance: M&A; and risk management
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