Financial Services Sector Ownership through Transformation: Fact or Fiction Vic van Vuuren.

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Presentation transcript:

Financial Services Sector Ownership through Transformation: Fact or Fiction Vic van Vuuren

Transformation Progression Path Started Slow = Social Conscience Started Slow = Social Conscience Gained Momentum =Insurance Gained Momentum =Insurance Now on track = Business Imperative Now on track = Business Imperative

Industry Characteristics when considering ownership through transformation Conservative by nature Conservative by nature Professional Skills = actuaries and accountants Professional Skills = actuaries and accountants Low union activity Low union activity Dominated by white women Dominated by white women Historical lack of broad industry training plans Historical lack of broad industry training plans

Transformation factors affecting industry Legislation Legislation Employment Equity Act Employment Equity Act Skills Development Act Skills Development Act Skills shortages Skills shortages Financial Services Sector Charter Financial Services Sector Charter Business Imperative Business Imperative

Key Challenges for Successful Transfer of Industry Ownership Successful Implementation of Charter Successful Implementation of Charter Y2k comparison Y2k comparison Leadership commitment to training and development Leadership commitment to training and development Management of industry churning Management of industry churning Training and development Training and development

Viva Financial Services Sector viva