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Management & The Financial Sector Charter

Management & The Financial Sector Charter. Inseta National Conference 26 th 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

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Management & The Financial Sector Charter

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  1. 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

  2. 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?

  3. 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.

  4. 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

  5. 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

  6. 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.

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