Transformational challenges and changing demographics constitute a strategic risk, as they affect our relevance as a business partner, employer and service provider.
In South Africa, our key elements of transformation are measured against the targets set for BBBEE as determined by the Financial Sector Code (FSC). For 2017, we were measured against the new FSC issued towards the end of last year, which contains more challenging transformation goals. Sanlam is rated a BBBEE level 2 contributor in terms of the new FSC.
In other markets, we focus on developing people employed at local partnerships. SEM’s business philosophy includes empowering local boards and management to run operations, with centralised support in talent development and skills transfer.
Enterprise and supplier development (ESD) is an area of high impact for Sanlam in terms of transformation. We are committed to nurturing the entrepreneurial talents of individuals, and unlocking opportunities in high-growth-potential businesses. Our ESD strategy seeks to enhance efforts to create and maintain a network of competent suppliers to drive transformation within our supply chain. In future, a member of Santam’s Executive committee will focus solely on these initiatives on behalf of both Sanlam and Santam in South Africa.
As part of our commitment to achieving equity and transformation in the workplace, we pursue fair and equitable career opportunities and remuneration. In all markets in which we operate, our approach to fair opportunities and remuneration is aligned with the internationally recognised principle of “equal pay for work of equal value”.
Over the last number of years, we have made significant progress in transforming the composition of our staff to better reflect the diversity of the South African population. We recognise that more work is required in this regard, in particular at management level.
Read more about our staff transformation initiatives in the Resilience Report.
We operate in environments that often lack the technical skills that we require as a key input for our business. In many countries, including South Africa, the skills challenge originates in sections of the population not being able to access good education at a primary and secondary school level. Education is one of the most important drivers of financial resilience and prosperity for society over the long term as it significantly improves the employability and income-earning potential of individuals, while at the same time driving enhanced economic growth potential. Education is therefore an important focus area for Sanlam as it enhances our sustainability at multiple levels:
Our flagship educational initiative is the Sanlam Foundation’s Blue Ladder Schools Programmes. Through this initiative we partner with schools and relevant government bodies to improve the level of education and pass rate of disadvantaged schools. We have a two-pronged approach:
75 schools participate in the programme, and initial positive results are evident.
We also provide opportunities for employees to be involved in development at a primary, secondary and tertiary level. Through these educational initiatives we aim to transform the level of skills and competitiveness of the markets in which we operate.
Group human resources drives initiatives that shape and strengthen Sanlam’s corporate identity and culture in support of transformation, diversity and inclusivity across Sanlam and our business clusters.
Read more about transformation and empowerment in the Resilience Report.