This means transforming our business by serving a diverse society with new and growing markets, while developing and retaining the best talent in the industry.
We are strategically transforming our human capital
Our employee complement is evolving
We are realising the value of diversity and inclusion
We work hard to reach our employment equity targets
Read more about how we are mitigating our strategic risks and leveraging opportunities. As transformation and empowerment are strategic priorities in South Africa, our efforts focus primarily on our South African-operations. In our emerging markets businesses, the focus is more on driving our vision of becoming a Pan-African financial services player. We are focused on increasing our percentage of foreign and Pan-African appointments to reflect the markets we operate in.
Read more about how we are realising the value of diversity and inclusion.
In 2018, we revised our human capital transformation strategy to better reflect our goal to reduce inequality within Sanlam and achieve substantive transformation. This strategy is underpinned by a focus on:
Creating an enabling working environment conducive to attracting, developing and retaining skilled talent, with a specific focus on black employees, women and persons with disabilities.
Advancing an organisational culture that appreciates and encourages diversity, openness, transparency and inclusion.
Developing the skills of employees to meet our current and future human capital requirements.
Encouraging consistency and integrity in all management and human resources practices to eliminate unfair discrimination based on race or gender.
Implementing, monitoring and evaluating the implementation of our human capital transformation strategy to develop world-class management practices.
To successfully execute this strategy, the Group Chief Executive has agreed to specific performance measures, targets and objectives with executive management. Group Human Resources (HR) reviews and monitors targets and specific operational programmes with each business unit’s HR executives.
Over the last ten years, there has been a significant shift in our employee complement, which is increasingly reflective of the country’s demographics. Due to our focused approach, the percentage of black middle management increased to 49% from 46% in 2017. The percentage of black senior management increased to 36% from 34% in 2017.
We leverage the value of diversity and inclusion to drive superior and sustainable business results and competitive advantage. The goal is to attract, develop and retain diverse employees by creating an environment that promotes the culture of inclusion, where individuals regardless of differences and similarities, are engaged, able to perform, can access opportunities and thrive.
Gender diversity is receiving an increased focus – like our global counterparts, we see a marked drop-off of women between middle and senior management levels. We are working hard to accelerate gender diversity and advance women at Sanlam while driving fair and equitable remuneration practices.
Addressing gender equality and discrimination is a key focus, not only to achieve representation of women at all levels of the Group but also to include education and inclusive practices around gender identity and expression. Proper representation of persons with disabilities at all levels within our business is a further focus area. Looking forward from 2018, it is a priority over the next 24 months to foster understanding and respect within our working environment to encourage and welcome persons with disabilities.
To this end, the clusters are introducing specific diversity and inclusion (D&I) initiatives. As an example, Sanlam Investments Group provided an opportunity for a dialogue about D&I and addressed the following objectives:
We also offer a learnership programme for people with disabilities at Group level and are proud of the retention level once the programme is complete:
Over the years, Sanlam has made significant progress in not only employing people with physical disabilities but also including people with mental health conditions. Included in the agreement with our learning partner is the inclusion of the services of an occupational therapist. This includes preparing the workplace by sensitising the line manager and colleagues of the disabled person in how they can offer support.
For the last 100 years, we have been committed to empowering young women talent as part of our transformational agenda to build a better world for generations to come. We are investing in diversifying our emerging leadership team and mentoring powerful women who have the vision and skills necessary to navigate a rapidly changing world.
In South Africa, achieving our EE targets is a critical aspect of transformation. While we work hard to retain our employees and provide a fulfilling and engaging workplace environment, turnover amongst certain employee groups remains challenging, which this has a negative impact on the achievement of our EE targets. Our turnover is impacted by the relatively high turnover among sales employees. This was evident in our Sanlam Sky Solutions Business in 2018, where our concerted focus on improving the performance of this sales team led to an increased number of resignations.
Each operating cluster has EE plans in place, which include quantitative targets and qualitative measures to achieve the targets. At Group level, interim progress against this plan is measured quarterly, with a detailed analysis done annually. This enables us to track demographics at management levels and drive EE initiatives that support transformation and diversity. Having the focus at a Group and cluster level has resulted in Sanlam exceeding the EE targets in all levels except top management. During 2018, a group-wide EE survey was conducted. The results of the EE survey provided the base on which we developed our new EE plan (2019 – 2021).