What it does: Operates as a bank that provides retail, corporate, investment banking, wealth management products and services to customers worldwide.
Best known for: The second-largest bank in South Africa.
Staff stats: Around 42,000 employees.
The good bits: The work environment is reported to be friendly. Plenty of room for personal learning and development. Flexible work hours.
The not-so-good bits: Limited career advancement and bureaucratic environment.
The Absa story
Absa Group Ltd. is a diversified financial services provider headquartered in Johannesburg, South Africa. Previously known as Barclays Africa Group Ltd., the company’s original name is Amalgamated Banks of South Africa.
Founded in 1991, Absa was formed through the union of three financial institutions United Bank (Africa), the Allied Bank (South Africa), the Volkskas Bank Group, and the UK-based enterprise-software company Sage Group. In 2005, the London-based Barclays Bank PLC acquired a 56% stake in the firm, making it the largest shareholder.
With total assets valued at US$98 billion, Absa is part of South Africa’s big four banks. The company has more than 12 million customers, 700 branches and 9,000 ATMs. It also owns majority stakes in various banks in Ghana, Botswana, Mauritius, Kenya and Tanzania.
The culture
The work environment is said to be friendly and collaborative. Employees work together to ensure that daily operations run smoothly. There is plenty of room for learning opportunities as the organisation allows them to handle multiple tasks.
However, it is said that the middle management lacks clear direction and defined processes to effectively lead employees. This results in a tense relationship between the two parties and miscommunication often ensues.
It is also noted that career advancement is slow as promotion is said to be based more on the employees’ relationship status with senior management than on performance. There is occasional staff turnover as office politics adversely affects employee morale.
Social contributions
In 2017, Absa invested 266 million rand (US$17.7 million) in education disbursements, of which 181 million rand was invested in scholarships to 142 students across 100 universities in Africa.
The vibe of the place
Employees will feel energetic and satisfied working in a synergistic environment, but their perception that management is partial on promotion may discourage them to strive harder as they may feel performance is not recognised and appreciated.
The recruitment process
Candidates can apply for the job roles offered in the company’s management, operations, HR, banking, IT, marketing and corporate relations divisions. The firm looks for candidates who are analytical and problem-solvers, and possess strong interpersonal and communication skills.
Aspiring candidates can fill out an online application form on the corporate website, and provide their contact details, education, work experience and resume. If shortlisted, they will be invited to complete a number of online assessments or participate in a telephone interview. The online assessment, which takes an hour to complete, is designed to measure their skills and capabilities in the job roles. The 30-minute telephone interview gives them the chance to inform the recruiters about their experience and skill sets as well as ask questions about the position.
Successful individuals will be invited to a face-to-face interview, which consists of three members from the human resources (HR) and the hiring department. The interview aims to determine their competencies, motivation, values and skills for the role. Some questions may include:
Remuneration
The following are the positions available for graduates and their reported monthly salaries (in rand): risk analyst 18,000-24,000; customer service representative 8,000-12,000; HR specialist 12,000-16,000; accounting assistant 9,000-11,000; business development coordinator 18,000-25,000; administrative assistant 10,000-14,000; management trainee 13,000-16,000; loan processor 10,000-13,900; teller 7,000-9,000; phone banker 7,000-9,000; loan agent 18,000-24,000; data processing clerk 5,000-7,000; credit analyst clerk 13,000-18,000; research analyst 17,000-23,000; credit analyst 16,600-21,000; fraud analyst 12,000-16,000; research assistant 9,000-11,000.
Employees with permanent status will enjoy the benefits of a higher salary, home and vehicle financing at employee rates, discounted banking transaction fees and access to Absa’s extensive business network.
Career prospects
For career advancement, employees can join the organisation’s structured training programs. One such initiative is the Gen A Grad Program, a developmental graduate program that grants chosen applicants permanent employment status. The course focuses on STEM (science, technology, engineering, and math), leadership, and behavioural skills with the aim of unlocking the trainees’ potential.
Another initiative is the Barclays ABSA Career Compliance Academy which combines the knowledge and expertise of three different service providers – the country’s University of Cape Town graduate school of business, US-based Duke University and multinational professional services network Deloitte. The Academy offers selected employees professional compliance as a discipline. It trains them on regulatory compliance in banking, providing them consistent practice in the company’s conformity to laws, guidelines and regulations essential to its business processes.
Moreover, the firm collaborates with the Gauteng-based training institution, The Digital Academy, to identify top talent, allowing them to grow technically and to solve problems with innovative solutions. Under this six-month internship program, employees work in simulated software development environments to enhance their practical and hands-on technical skills.