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The 2004 INSETA National Conference focused on crucial strategies for the financial sector in South Africa regarding the management of talent. The conference addressed how institutions can effectively get, train, and retain the right talent amidst challenges faced by smaller companies. Discussions emphasized understanding staff aspirations, redefining roles, and incorporating diversity management training. Key issues highlighted include auditing skills, reframing job descriptions, leveraging existing experience, and fostering industry collaboration to improve talent retention, particularly during periods of change.
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Management & The Financial Sector Charter Inseta National Conference 26th February 2004 The Hollard Insurance Company Limited 66 Marshall Street, Johannesburg, Republic of South Africa Phone +27 11 240 1000 • Fax +27 11 240 1420
Management • Sector targets • Whilst considered a stretch: • These should be achievable for many institutions, • But – issues for smaller companies on the periphery who “opt in” • Quite simply, how do we: • Get • Train; and • Retain the right talent?
Management – How do we “GET”? • Do we really know how people feel about working in the various sub-sectors of Financial Services? • Do we really, honestly know what talents we already have, in terms of: • Hard and soft skills; and • Backgrounds and aspirations • Are we stuck in old paradigms about how we define roles and the type of people that should (traditionally) fill them? • A wealth of experience, particularly in the short-term industry, temporarily lost due to restructuring, retrenchment etc.
Management – How do we “TRAIN”? • Need to understand existing “pools of talent” • Increased focus on, amongst others, diversity management training • Awareness of consequences of development of existing management and the training of new talent • Caution - alienation of existing and future (particularly white) managers • Particularly whilst the imbalances are rectified • Managing expectations • Changes in the dynamics at board, executive and senior management which filter through the company • Increased focus on development programs, especially at executive levels
Management – How do we “RETAIN”? • At the first level, it is the responsibility of institutions to retain their own staff • Need for cross-industry collaboration, by: • Assisting in the establishment of, for example, brokerages and other industry specific suppliers • Rotating staff as part of their development within brokerages to broaden skills and gain experience • Filling management positions within the broader sector from within, as part of career development • Collaborating in respect of learnership programs All of which also goes some way to scoring points
Management - Summary • As an industry we need to revisit how we get, train and retain executive and management personnel. • Issue 1:Audit staff in respect of hard and soft skills and aspirations. • Issue 2:Reframe job descriptions / definitions to enable searches for similar skill-sets across other sectors. • Issue 3:Harness existing and previous experience to assist with development and training. • Issue 4: Increased diversity management training to cope with increased complexities and responsibilities. • Issue 5: Establish mechanisms at industry / sector level to collaborate to retain talent.
