What it does: Personal banking, corporate banking, investment banking and wealth management.
Best known for: Standard Bank is the largest bank in South Africa in terms of assets. It also has the strongest reach in South Africa with many branches and ATMs.
Staff stats: Over 46,000 employees in 1115 branches spread across the African region with the bulk of the workforce in South Africa.
The good bits: Good work-life balance, relaxed work environment, many staff benefits for permanent staff, many training programs including access to premium courses on LinkedIn and diversity programs.
The not so good bits: Top heavy management making it difficult to quickly implement change, promotions heavily dependent on internal politics.
The bank was founded in October 1862, under the name The Standard Bank of British South Africa Ltd. The bank dropped ‘British’ from its name in 1883 and used it until 1962. In 1962, a subsidiary was created to handle South African operations. The subsidiary took the bank’s old name and the parent company was renamed to Standard Bank Ltd. In 1967, shares were offered to the general public with the parent company holding on to 80% of shares. In 1989, it became a fully South African owned bank after the parent company sold its shares. It’s listed on the Johannesburg Stock Exchange under the symbol SBK
Standard Bank is known for its professional and friendly culture. Employees are very supportive of new recruits and make them feel welcome. Teamwork is encouraged with team goals and bonuses. One reason the fresh graduates are rotated frequently in the first two years is so they can learn how various departments of the bank work together to achieve common goals.
Employee growth and upskilling is part of the culture. There are many training programs that focus on overall development as well as job-specific skills. Diversity is promoted and there are special programs and diversity quotas to maintain this balance.
Standard Bank contributes to social programs mainly under two categories. In sport, they sponsor the South African Cricket team. Standard Bank also sponsors many regional tournaments across Africa. The bank also has a sponsorship partnership with IRONMAN South Africa and heavily promotes triathlon events.
In arts and culture, the bank’s Young Artists Awards program has encouraged and promoted up and coming South African artists since 1981. The bank sponsors the National Arts Festival, National Jazz Festival and many other cultural events. The Standard Bank Gallery opened in 1991 and provides a place to showcase fine arts. As part of the bank’s outreach program, school children are given guided tours free of cost.
At Standard Bank, graduates will be working in a friendly corporate culture surrounded by an experienced and a diverse range of colleagues. Grads will be exposed to the full spectrum of banking activities and given plenty of opportunities to grow. You can expect a good work-life balance with long hours a rarity rather than the norm.
However, the hierarchical structure will slow down the decision-making process and reliance on outside consultation can stifle employee ideas. Internal politics and connections play a role in promotions, which may be discouraging for skilled employees who are adept at networking. Overall, after considering the growth opportunities, employee benefits and work-life balance it is rated as one of the best banks to work in South Africa
Standard Bank offers many benefits for its employees. The staff rates for loans, credit cards and banking fees are considerably lower and decreases further depending on how long an employee has worked for the bank. There is a generous annual vacation with extra days given to higher-level employees. Employees receive at least seven days of paid sick leave. Mothers receive four months paid maternity leave with the option of extending it and a maternity allowance after 26 weeks of pregnancy. Fathers are eligible for two weeks of paternity leave.
Standard Bank hires graduates throughout the year for various positions. The majority of the hires are for banking and information technology. They also have specialised graduate programs for different career paths. Graduates can apply for these positions via the bank’s careers page. Graduates need to create an account and fill in their profile details. Graduates can also use this to create alerts for future job opportunities.
The recruitment process takes one week to three months, depending on the program. After applying, candidates CV’s are screened against the criteria. Qualified candidates are called for a test in one of their test centres, with the test consisting of psychometric assessments and behavioural tests. Candidates who pass the test are called for a one-on-one interview or a phone interview with a line manager. Interviews will include many technical questions related to the applied position. Selected candidates will then have a panel interview which is usually attended by HR, a branch manager and senior executives. Other than technical questions, candidates can expect questions such as, why do you want to work for Standard bank, why you chose this specific department and why we should hire you over all other candidates.
During the first 12-18 months, fresh graduates will find themselves transferring between different departments within the bank. Graduates who join through specialised programs can expect to travel to different countries as well. This exposure allows graduates to experience the full spectrum of banking activities before they choose a career path. After the initial rotation period, the graduate can choose their desired department and start specialising in that field.
Human resource development is a priority for the bank and fresh graduates are required to attend many training programs. They are assigned a mentor who will assist with work and non-work-related activities. Eager employees who are looking to upskill themselves have access to libraries as well as premium courses in LinkedIn.
Internal politics plays a key role in promotions. A graduate’s connections can influence their promotions more than their performance and skills. These might hold back skilled employees who are not good at networking. The bank tends to rely heavily on outside consultants for planning and leave employees with only the implementation part. Ambitious graduates who want to stand out by promoting and implementing their ideas might struggle in such an environment.