kzn financial literacy - promoting careers in the ... · financial literacy among youth in kwazulu...
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N ov e m b e r 2 013
ISSUE 9: WORKING TOGETHER FOR A SKILLED TOMORROW
KZN FINANCIAL LITERACY -
Promoting careers in the insurance sector
COVER STORYCombining KZN Financial Literacy Talent with Study opportunities
INSIDERS NEWSWork integrated learning workshopNational Skills ConferenceCongratulations to Sabelo mkwae
DIVISIONAL INSIGHTSReflections from the Work-Integrated Learning WorkshopLetter to INSETA
INSIDERS CHOICEWork Skills Plan and Annual Training Reports WorkshopInseta hosts joint workshops for burial society membersTop achiever rewarded at Hollard Academy
The KwaZulu-Natal Financial Literacy Association (KZNFLA) recently partnered with the Insurance Sector Education and Training Authority (INSETA), the Financial Planning Institute of Southern Africa (FPI) and other affiliates, to promote financial literacy among youth in KwaZulu Natal (KZN). This joint partnership hosted a speech contest amongst high school learners.
Grade 11 learners in KZN were invited to take part in the financial literacy competition and were given the chance to develop their financial management skills and win a bursary for their tertiary studies. The purpose of the speech contest was to present and promote career opportunities in the insurance sector. This objective aligns with the INSETA’s bursary programme
for unemployed youth. The INSETA believes that financial literacy should be developed in young people, as the sooner youth become financially literate, the more likely they are to become financially independent. The project reached approximately 1 200 schools with the objective of informing pupils on the significance of financial literacy in everyday life. Emphasis was given to the importance of making informed decisions before purchasing any financial products. The INSETA has been involved with the KZN Competition on Finance for six years, and now, contributes towards the top prizes such as bursaries and sponsorships.
The final round of speeches and awards ceremony took place on 11 october 2013 at the Majuba Further Education and
Training College. The twelve finalists were assessed on their research, content and conclusion of their oral arguments. The winner this year was sixteen-year old, Bongumusa Nkwanyane from eshowe High School in the uThungulu District. He beat 11 other finalists to win first prize. Nkwanyane won a bursary to study a bachelor of Commerce in Financial Planning up to post-graduate level, which shall be funded by the FPI.
He also won a tablet and an LCD television set. Nkwanyane said the contest taught him how: to be more himself; to interact with people and to improve upon his public speaking. “Of course I am very interested in all things finance,” he said, adding that he would like to pass on the skills he learnt to fellow learners.
Combining KZN Financial Literacy Talent with Study opportunities
The runners-up in the competition were Angel Mchunu from buhlebuyeza Secondary School in the umzinyathi District and Hafsa Rajab from Orient Islamic School in the Umlazi District. Thanks to the INSETA and other sponsors, the runners-up were also awarded lap tops, a degree bursary from PC Training and business College and other bursaries. The finalists also won mini hi-fi sets, dvd players and other appliances for themselves and their schools.
The KZNFLA was established in 2011 by the KwaZulu Natal (KZN) Finance Member of Executive Council (MEC), Ms Ina Cronjé. The Association seeks to promote financial literacy in the province and now comprises of 100 entities. It co-ordinates and offers financial education to six focus groups: in-school youth; out-of-school youth; women and vulnerable groups; Small, Medium and Micro Enterprises (SMMEs) and co-operatives; government employees and traditional leaders. The FPI of Southern Africa is the leading independent professional body for financial planners. Mr Godfrey
Nti, the FPI’s chief executive officer, said, “The FPI’s mission is to advance the pre-eminence and status of financial planning professionals, while at all times acting in the interests of the society, whom the profession serves.”
The INSETA strives to develop the pool and quality of scarce and indispensable skills in the insurance sector, improving the sector and supporting South Africa’s transformation.
The Finance MEC and Champion of the KZNFLA, Ms Ina Cronjé, thanked the INSETA for their contribution towards the speech contest in a letter of appreciation, “The MEC for Finance in KwaZulu-Natal and the KwaZulu-Natal Financial Literacy Association would like to extend a heart-felt thank you for your [INSETA’s] generous sponsorship amount of R80, 000, as well as the 12-month bursaries for 2015 for some of the 2013 finalists. The sponsorship enabled us to make this event a success. Thank you very much for also availing mr Jaydath ramsunder to participate as an adjudicator.”
I N S I D E R S N E W S
Tsogo Sun’s Joyce Osborne shares with the workshop their strategy around work integrated learning (WIL) and what benefits they reap from partnerships with universities of technology. She also sits on the SASCE Board representing business. SASCE and ETDP SETA hosted a workshop on the implementation of WIL.
W o r K S H o PWORK INTEGRATED LEARNING
Photograph of Ms Adeline Singh and mr msiwa at the gala dinner for the National Skills Conference
National Skills Conference
CoNgratulatioNS
Congratulations to INSETAs procurement specialist Sabelo mkwae who got married in November. Sabelo is seen in the picture with his new bride. We wish them a long and happy marriage.
SASCE (Southern African Society for Cooperative Education)
hosted a work integrated learning workshop at ETDP SETA. The
primary purpose of the workshop is to develop a conceptual policy
framework for work-integrated learning (WIL). The main focus
areas are on work integrated learning in relation to lecturers and on
institutional arrangements. The emphasis at this workshop is not on
placing learners in industry although this is a component of WIL.
1. WHAT ARE THE 3 BROAD AREAS OF WORK INTEGRATED LEARNING?
The 3 areas of WIL embrace the following action areas:
1. Collaboration with post-school institutional officers/officials/
proponents of WIL ;
2. Development of a natural Framework;
3. Support the Department of Higher education and
Training(DHET), in developing a coherent voice for the education
and Training vis-à-vis Human Capital. The manner in which the
Education Training and Development Practices (ETDP) Seta has
implemented this practically, is through the placement of 50
project interns from Universities of Technology and Further
Education and Training (FET) Colleges.
2. WORK-INTEGRATED LEARNING AND ITS ACTION AREAS
There is a continuous improvement programme (CIP) for Further
Education and Training (FET) College personnel with respect to
Mathematics and Foundational Sciences.
In order to lead and manage the programme, senior Further
education and Training personnel have undertaken to expand
curriculum development.
one initiative undertaken by the eTDP Seta is the placement of 4
career guidance officers at 50 FET Colleges.
Other action areas include the following: the requirement for
Further Education and Training Colleges to gain exposure to industry,
specifically, integrated work-place exposure; delivery of vocational
technical programmes which is achieved through lecturers gaining
exposure to the latest technology in relation to classroom practice;
and a component which forms part of the Labour Intelligence
Management Project involves the personal development plans for
lecturers.
In conclusion, a major challenge arising from the above action areas is
for FeT College lecturers to achieve a balance between theory taught
in the classroom and lecturers and ultimately learners obtaining
exposure to industry – the so-called ‘recurriculating the curriculum’
by obtaining a balance between the above 2 primary elements.
A major challenge is to develop formal qualifications for work-
integrated learning.
3. WHAT DO THE COST DRIvERS OF WORK- INTEGRATED LEARNING INCLUDE?
The cost drivers include: personnel placements including placement of
Further Education and Training Lecturers and requests for transport.
Financial assistance for work-integrated learning expenditure can be
obtained through the ETDP Seta.
4. vARyING RESPONSIBILITIES
Formal agreements have to be entered into between industry, further
education and training colleges and the Seta – in particular, the ETDP
Seta, in this instance. Employer fee to be paid by employer for use of
learners.
5. RISK APPLICABLE TO WORK-INTEGRATED LEARNING?
A major risk is that Wil practitioners are not suitably qualified.
6. DURATION OF WORK-INTEGRATED LEARNING
This can vary in duration from 6-18 months. Over the course of these
programmes, institutional practitioners need to visit the companies.
DIVISIONALiNSigHtS
REFLECTIONS from the WORK-INTEGRATED LE ARNING WORKSHOP – From Promise to Practice By Ernest Kaplan
7. SCHEMATIC DEPICTION ABOUT WHAT NEEDS TO BE INCLUDED IN A WORK- INTEGRATED LEARNING FRAMEWORK
7.1 Work Preparation
Lay ground work for conducting work-integrated learning in the
workplace.
Development of a practical and valid curriculum.
7.2 Relations
- Partner with Setas
- Partner with Municipalities
- Partner with Companies
- Work with Global Partners – application of international
benchmarking standards.
- Organize business organization laboratory.
7.3 Assessment Evaluation Review
- Register continuous professional qualification (CPD) for lecturers
in the work-integrated learning area.
- Professionalization of Practice in work-integrated learning
currently a 3-day course.
- Although good lecturer may not be interacting at an optimal
level within industry because a different skills set is required –
listen attentively to signals from industry.
7.4 Placements
- Placement of Wil Learners
- Placement of lecturers and their acceptance by companies
7.5 Monitoring Visits
- Whose involved?
- Which institutions?
- Identify roles and responsibilities in the workplace.
- Comprehensive tracking and monitoring system – imperative not
to lose vital information.
7.6 Work Learning Programme
- Need to develop form and method of delivery, e.g. e-learning
- Post-graduate Higher Education and Training (PG HET), develop
module for servicing learners.
- WIL ethics must be included
- Need to connect part and full qualifications
- Design certificated professional qualification which is linked to
cooperative practice and provides opportunity for registration
with professional body.
The limits for the policy framework for work-integrated learning
as applicable to the above workshop, were explained here. It was
shown above that work-integrated learning encompasses various
broad areas ranging from post-school institutional collaboration to
developing a mouthpiece for work-integrated learning and human
capital. It was emphasized above that work-integrated learning
includes multiple action areas – these extend from upgrading
mathematics and Foundational Sciences training for FeT College
lecturers to creating personal development plans for these same
and other lecturers. A question addressed in this paper is: “Has
there been any development with regard to the development of
qualifications for work-integrated learning? It was also shown that
there must be a balance between classroom theory and the practical
elements of learning required in the workplace.
The various cost drivers of work-integrated learning were covered
in this paper. The varying role responsibilities of the various role
players was also discussed. One risk applicable to WIL, was discussed.
Another question examined was: “How long should the duration
of work-integrated learning be? A schematic representation of
some of the components which need to be included in a work-
integrated framework was provided. The following components were
discussed in depth in a circular fashion: Relations; work preparation,
assessment evaluation review, monitoring visits, work learning
programme and placements.
Relations
Work Preparation
Assessment Evaluation Review
Monitoring Visits
Work Learning Programme
Placements
“We recognise the role the burial society sector plays in mainly black
communities,” said Ms Sandra Dunn, Chief Executive Officer (CEO) of
the Insurance Sector Education and Training Authority (INSETA). “This
sector has the vast potential to create wealth for poorer households
and it is for this reason that we have prioritised the transfer of critical
skills to burial society members,” she continued.
INSETA’s purpose is to develop scarce skills in the insurance sector, and
by so doing, to support the country’s transformation. Ms Dunn further
explained, “Burial societies as mutuals are unique institutions and the
members come from different backgrounds and are often required
to perform highly skilled functions like risk management, governance,
investment management and bookkeeping. The training that was
provided at the October and November 2013 workshops, addressed
the skills deficiencies identified by burial societies. INSETA will partner
with them to ensure that the monies entrusted by consumers to burial
societies are managed in a skilled and sustainable manner.”
The joint training sessions were organised by INSETA, Imsimbi Training,
and Creative Minds. The courses covered were: Basic Financial Skills;
Governance; Secretarial skills and Basic Computer Literacy.
Trainees attended the basic Financial Skills course for burial society
co-operatives, which was held at Imsimbi Training in October and
November 2013. Imsimbi Training offers personal effectiveness and
leadership development training courses throughout South Africa. The
trainees enjoyed the learning process and said that they felt comfortable
enough to participate and interact in the course actively. The majority of
candidates who attended the workshop rated it as ‘excellent.’
During the session, some of the financial management weaknesses in
burial societies were discussed. The course focused on balance sheets,
income statements and cash flow statements. The group also conferred
about how the culture of burial societies influences their financial
management and governance practices. Emphasis was placed on how to
create a sound financial management framework. One of the candidates
commented, “I am very pleased to have been a part of this training.
I have learnt a lot and now I will be able to help our members by
teaching them about this course. I thank our facilitator, Mr Siya Ntutela.”
On the second day of training, Creative Minds trained the candidates
in Basic Computer Literacy. The workshop covered the fundamentals
of computer use and how to use the operating system, Windows. The
candidates thoroughly enjoyed the course and expressed a desire to
receive further training to take them beyond the introductory Level
One course to higher levels.
Most of the candidates excelled at their training. Creative Minds
expressed their gratitude to the INSETA, “We would like to thank
the INSETA for the opportunity of providing the training. We
appreciate the positive spirit in which this course was organised.”
Mr Zulu Ratswana, the general secretary of the Burial Society of South
Africa (BUSOSA), was amongst the participants at the workshop. He
addressed the group of burial society members after their session. He
said that different burial societies should come together and use their
unity as a bargaining tool. He also discussed some of the programmes
that are being implemented by BUSOSA, such as consumer education
for burial societies. INSETA plans to host more training workshops for
burial society members in the Eastern Cape and Western Cape.
INSIDERSCHoiCE
INSETA HOSTS JOINT WORKSHOPS FOR BURIAL SOCIETy MEMBERS
DIVISIONAL iNSigHtS
Dear INSETA, I was very honoured to attend the graduation of two of your young exceptionally talented employees - Lerato Marx and Bonginkosi Mthombeni. The BTEC Professional Diploma that they both completed is testament to their passion, drive and perseverance. This diploma was very challenging at times, but Bongi and Lerato never gave up. I am so proud of them and wanted to share a few pictures with you of the special day. I would also like to congratulate Lebogang Phalang on her achievement of graduating with Bongi and Lerato. Lebo was unfortunately not able to attend the graduation due to her writing an exam that day. Thank you for making it possible for your employees to further their education. you are an inspiration to us all. Sincerely, Karyn Pieterse
letter to iNSEta
In its fourth graduation ceremony since
its inception, the Hollard Academy
awarded its top achiever in insurance
studies to Mandla Machika in October.
The award was handed over by Adeline
Singh from Inseta and Hollard CEO,
Nic Kohler at a ceremony held for
175 graduates, who were receiving
recognition and acknowledgement of
successful completion of their studies in
various formal learning programmes and
qualifications.
This brings the total number of Hollardites
and partners who have graduated through
the Academy to over 600, a remarkable
64% of total staff. In the last year, 148
Hollardites have graduated in insurance
related studies and six are now fellows of
the Actuarial Society of South Africa. In
addition, 12 Hollardites have completed
various other degrees and diplomas. In
the last financial year, Hollard’s total
training spend was 4% of its payroll, which
exceeds that of industry requirements.
Says Alexia Shuenyane, Head of People
Development at Hollard: “Embarking on
part-time study is never easy. With our
busy lifestyles, we are constantly aspiring
to achieve work-life balance and the added
pressure of studying is an enormous
challenge for most.
“The increasing pace of change at Hollard
and the graduates’ work pressures did not
ease during their period of study and yet,
the Hollardites still maintained high levels
of performance. Hollard commends them
for their efforts and hard work and would
like to thank their managers and team
members who held the fort while they
were away from the office, either attending
lectures or on leave for exam preparation.
“Hollardites understand that the objective
of learning is to ‘stimulate change’ and
that what they learn needs to be applied
and demonstrated in real work situations,
where they will be supported, coached,
evaluated and measured.”
The value of in-house training is that it
ensures that the curriculum is aligned to
the group strategic business initiatives
and organisational strategy. At Hollard,
we believe in the proactive development
of learning strategies that support our
business unit objectives.
“The key to our success is our ability
to ensure consistent quality of learning,
provided in consultation with business, so
that we can develop capacity through skills
and competencies.”
The Hollard Academy equips people
with the relevant knowledge, skills and
behaviour to realise business objectives.
It provides learning in different forms,
modes and methodologies, allowing for
flexibility in the approach to learning.
Hollardites and partners are developed to
meet the demands of a rapidly changing
and competitive global environment,
empowering them with the technical
expertise to ensure that we are the best
in what we do.
Says Ms Shuenyane: “In line with Hollard’s
aim to become a top 20 international
insurer by the year 2020, one of our
strategic aims is to win the war for talent
by attracting, developing and retaining the
best employees.
“We believe in doing business in a way
that contributes to growth in human
capital, to deliver against business
objectives, empower staff to take control
of careers and contribute to well-being of
our families and communities.
“To achieve this, we strive to entrench the
characteristics synonymous with a learning
organisation. Learning is deliberately
and consciously managed as part of our
everyday activities, through learning
that is self-managed. Every Hollardite is
encouraged to share knowledge and coach
others. Learning is available to everyone
who wants to, and needs to learn,
including our partners.
“Learning is not just about telling people
how, when and what to do, but much
more about empowering them to seek
their own solutions to problems and to
make decisions that result in continuous
improvement in the implementation of
tasks and knowledge appropriate to their
role.”
TOP ACHIEVER in insurance studies at HOLLARD ACADEMY REWARDED
INSIDERSCHoiCE
WORK SKILLS PLAN AND ANNUAL TRAINING rePorTS WorKSHoP
According to legislation “monies received by SETA’s and related
matters” employers are to submit the Work Skills Plan and Annual
Training reports by 30 April 2014 in order to claim back 20% of
their skills levies. INSETA has provided simplified forms for micro
employers ( employers with less than 9 employees) to be able
to submit the reports. Small business ( employers with up to 49
employees ) and Large businesses have a simplified form which
can be completed online before 30 April 2014.
The skills planning division is piloting a new system called Indicium
in which employers can submit the work skills plans and the
annual training reports. To ensure that employers are introduced
to the system the department held workshops in the following
regions and these were attended by just over 250 people.
The workshop also served as an opportunity to inform
stakeholders in the insurance sector about new programmes
that will be offered by INSETA in 2014 like the funding window
for skills programmes and bursaries. To find out more about this,
email the Skills Planning Manager Adeline Singh on adelines@
inseta.org.za.
Region Date of Workshop
Kwazulu-Natal - Durban 25 October 2013
Limpopo - Polokwane 30 october 2013
Free State - Bloemfontein 01 November 2013
Gauteng - Johannesburg 06 November 2013
Western Cape - Cape Town 08 November 2013
Total
Physical Address
Ground floor37 empire roadParktownJohannesburg
Postal Address
P.O. Box 32035braamfontein2017Johannesburg
Telephone: 011 544 2000
Fax: 011 484 0862
Call Center: 0861 130 013
Email: [email protected]
Website: www.inseta.org.za