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Innovator Trust Provides Scholarship At GIBS To Help Grow Black Female ICT Leaders

The Innovator Trust encourages the country’s entrepreneurial talent to strive for excellence in their fields by applying for this programme.

Innovator Trust

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The Innovator Trust is offering black female SMME’s the opportunity to make their dreams a reality through education.

Innovator Trust’s enterprise development programme, facilitated by the Gordon Institute of Business Science, are affording black female SMMEs in the ICT sector a scholarship opportunity to expand their knowledge in business operations.

This scholarship will see the leaders in these businesses completing the 12-month GIBS Programme for Management Development. The programme seeks to train SMMEs on business and general management by providing a number of skills and support activities, mentorship, and networking.

Related: Enterprise Development Programmes For Black Entrepreneurs

As a school for business, GIBS has a primary focus on general management in dynamic markets to significantly improve responsible individual and organisational performance through the provision of high quality business and management education.

Innovator-Trust-South-Africa

Minimum requirements

We look for the following criteria when looking for potential beneficiaries.

  • A company defined in South Africa as an SMME.
  • The business must be operational and trading for 2 or more years.
  • The business should be at least 51% black female owned.
  • A minimum Level 4 BBBEE status according to the DTI or ICT Codes.
  • The Business must be a registered company with the key focus in ICT.
  • The business with potential, vision and desire to grow.

Remember to include these documents

  • Company registration documents
  • BEE certificate/affidavit
  • Copies of ID’s of business owners
  • Latest Annual financial statements
  • Your company profile

Once the application is received, the Innovator Trust will short-list candidates for an interview thereafter a written response to your application should be received within 10 working days of receipt of application supporting documentation.

Related: 10 Young Entrepreneurs Under 30 Share Their Start-Up Secrets

The Innovator Trust will support selected companies with the potential to grow, attend and participate in the training, mentorship and development programmes.

Follow this link to start with your application: http://www.innovatortrust.co.za/apply-to-the-programme/application-form

The Innovator Trust was formed to grow small black-owned businesses in the information and communications technology (ICT) sector and to help develop competent SMME’s through training, skills sharing and infrastructure support. As such, the company has partnered with other incubators who have experience and knowledge in this field, to help grow SMME entrepreneurship and make a real impact in the ICT SMME sector over the next 5 years. The Innovator Trust’s mission is to provide a tailored development programme for selected, established small businesses in the ICT sector. Through training, mentorship, networking and infrastructure support the Innovator Trust is helping to create ICT leaders of the future. For more information please visit www.innovatortrust.co.za/, or find the Innovator Trust on Twitter and LinkedIn.

Company Posts

An Introduction To COID Registration And The Letter Of Good Standing

Company Partners is a leading COID Registration Service Provider in South Africa. They also assist Companies to obtain a Letter of Good Standing from COIDA.

Company Partners

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Compensation for Occupational Injuries and Diseases Act

What is COIDA?

The Compensation for Occupational Injuries and Diseases Act (Act 130 of 1993) replaced the “Workmen’s Compensation Act” (Act No. 30 of 1941), and was amended in 1997.

The Compensation Fund provides compensation for occupational injuries or diseases sustained or contracted by employees in the course and scope of their employment, or their dependents for death resulting from such injuries or disease, and to pay reasonable medical expenses incurred.

Who must register with COID?

According to prescription, anyone who employs one or more part- or full time workers must register with the Compensation Fund and pay annual assessment fees. The Compensation Fund is a trust fund that is controlled by the Compensation Commissioner and employer contributes to the Compensation Fund. The Commissioner is appointed to administer the Fund and approve claims lodge by employees or their dependants.

An employer must register with COID within seven days after the day on which he employs his first employee. An employer must register with the Commissioner by submitting Form W.As.2 with the particulars required therein to the Commissioner.

During COID registration copies of the following documentation should be included:

  • the registration certificate from the Register of Companies if they are a company or closed corporation;
  • or their ID document, if they are sole owners of the business.

What are assessment fees?

The annual assessment fee is of an employer is based on their employee’s earnings and the risks associated with the type of work or profession. Before 31 March each year, all employers (including contractors) must submit a statement (return) of earnings reflecting amount paid to all their workers from the beginning of March to the end of February.

Assessment tariffs, reviewed annually, are based on the risks related to a particular type of work.

Payment of assessments

  • Employers must pay within 30 days of receiving the notice of assessment;
  • Employers must apply in writing to settle assessments in installments (not exceeding 12 months);
  • 20% of the outstanding balance due is required upfront before instalment arrangements can be applied for;
  • Should the instalment fall overdue, the full amount becomes due and payable immediately.

Failure to comply may result in:

  • Penalty can be imposed for late submission of ROE (Sect 83(2) – 10%);
  • Estimations will be done if no returns (ROE) are submitted (Sect 83(6)(a);
  • Penalty on non-payment of assessments (Sect 87(1) – 10%);
  • Interest on late payment of assessment (prevailing prime rate);
  • Penalty for late reporting of accidents
  • A penalty is imposed where an employee meets an accident / death and employer is not registered with the Compensation Fund (not exceeding full compensation payable to the employee (Sect 87(2)(a))
  • An employer who fails to comply with a provision of this section shall be guilty of an offence – Sect 81(3)

Contractors and sub-contractors: 

  • Contractors and sub-contractors must register with the Compensation Fund and pay assessments;
  • Failure to comply with the COID Act by the sub-contractor will make the mandatory or main contractor to be responsible for any claims from the sub-contractor’s employees (thus the need for a letter of good standing);
  • The contractor may recover any such payments directly from the sub-contractor.

Letter of Good Standing:

The Letter of Good Standing is a certificate issued by the Compensation Fund to verify that a business actually exists, has paid all its statutory dues, has met all filing requirements and, therefore, is authorised to operate.

Conditions when applying for a letter of good standing:

  • Employer must be registered with the Fund as per section 80 of the COID Act,
  • Employer must have submitted all returns of earnings as per section 82 0f the COID Act,
  • Employer must be fully assessed as per section 83 of the COID Act,
  • Employer must have paid/ settled all outstanding debt as per section 86 of the COID Act.
  • Employers that have entered into an instalment arrangement will only be issued with a letter of good standing on a month‐to‐month basis.

Related: Register A Company In South Africa

What happens if an employee is injured?

employee-injury

The amount of compensation paid to you, depends on how much you were earning when you got injured or diagnosed. If you’ve stopped working by the time a disease is diagnosed, the compensation will be worked out according to what you would’ve been earning.

Types of compensation:

Medical costs: All your medical expenses will be paid for up to 2 years, from the date of the accident or the diagnosis of the disease. You are free to choose a medical service provider you want to consult with. All medical accounts and reports should be submitted to the Commissioner.

Temporary disability:  When you’re unable to work or can’t do all your work because of an injury or disease.

All medical expenses are also paid if the medical accounts are submitted to the Commissioner.

You can claim compensation for temporary disability for 1 year. This can be extended to 2 years, after which the Commissioner may decide that the condition is permanent and grant compensation on the basis of permanent disability.

Permanent disability:  A permanent disability is an injury or illness that you will never recover from. The seriousness of the disability will determine whether you’ll never be able to work again or whether you’ll find work more difficult.  If the disability is more than 30% disability, you will get paid a monthly pension. The size of the pension depends on what your wages were and on the seriousness of the disability.  If the disability is 30% or less, you’ll get paid a lump sum. The lump sum payment is a once-off payment.

Death benefits:  Burial expenses will be paid and the spouse of the deceased and children under the age of 18 (including illegitimate, adopted and step-children) are entitled to compensation.  If a family member that earns money to support the family (breadwinner) is killed by an occupational injury or disease, dependants can claim from the fund.

Company Partners

Company Partners is a leading COID Registration Service Provider in South Africa. They also assist Companies to obtain a Letter of Good Standing from COIDA.

Established in 2006, Company Partners guarantees that the services they offer meet the standards of the best in the industry. Over 30 full-time Consultants offer services and standards of the highest quality.


Useful Links

  1. COID Registration
  2. Letter of Good Standing

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Look To The Future

By protecting your employees, their future and their income, you’re also protecting your business says Walter van der Merwe, CEO of Fedgroup Life.

Fedgroup

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It’s proven that staff members perform better when you show them how valued they are. But, investing in your staff members’ futures goes above and beyond the bottom line.

Staff members value recognition for the contributions they make to the business. However, this does not necessarily need to take the form of financial rewards or incentives. As an employer, you can demonstrate your employees’ value to the firm through appropriate insurance cover in the form of comprehensive employee benefits, which show that you’ve considered their long-term wellbeing and that of their family.

Of course, there is a financial commitment on the part of the employer to contribute towards insurance cover, but this goes towards the future prosperity of staff members, rather than an immediate financial benefit. Employee benefits offer security against the possibility that something detrimental will happen, and in instances where the benefit is needed, will have a lasting effect on their lives.

Ensuring that staff members have the financial means to get the best standard of medical care and treatment following injury or illness, will increase the likelihood that they will make a full recovery, and within a shorter period of time. This will enable them to possibly return to work sooner, with full capacity to continue contributing meaningfully to the business and adding value. In this way, employee benefits demonstrate to staff members that they are a significant and considered part of the business, not only at the present point in time, but also for the long term, and they also ensure a degree of business continuity — particularly key employees.

Loss of income

The biggest risk for every employee is a loss of income. Whether their incapacitation results from an injury or illness, an inability to generate an income to support their lifestyle and their family will severely impact an employee’s quality of life. This loss of financial security is therefore the most consequential risk that should be protected against through appropriate forms of insurance, such as lump sum or annuity income protection products.

Related: Investing In Wealth-Generating Assets

Another pertinent risk that business owners should address is the need for adequate life cover. Should an employee, who is possibly the primary breadwinner of a family, pass away, their surviving dependents may be left destitute without their financial support. Employee benefits that include a life insurance component will ensure the financial wellbeing of family members left behind in the event of an employee’s untimely death.

Another important risk factor to consider is the threat of chronic or severe illness, and the high costs generally associated with treatment. As employees age they become more susceptible to various types of illnesses. In instances where they fall chronically ill, they require the financial means to cover their medical costs, and generally require time away from work to recover. This is why dread disease or critical illness cover is another vital component of a comprehensive employee benefits scheme.

Choosing the right provider

When structuring employee benefits there are certain principles that should be applied, regardless of the size of company, or the income of the staff and their socio-economic circumstances.

Foremost among these is the selection of an employee benefits provider, along with the appropriate products and the associated cost implications. This role is best fulfilled by qualified, experienced and independent financial advisors who can offer unbiased advice. These trained and certified experts are able to advise employers on how best to support their staff members through the implementation of suitable employee benefit schemes by recommending the most appropriate solution structure, based on factors such as the gender, age, role and income of employees, and their financial responsibilities. This information helps advisors to select the best mix of products that offer suitable cover to meet the unique needs of the employer and their employees, while also considering affordability.

From a personal perspective, every employee gets peace of mind knowing they are protected should they no longer be able to work, or get sick, and that there are financial provisions in place for their family should they pass away. While they contribute a small premium, they will receive an outsized financial benefit should they claim in comparison to the immediate cost.

As it relates to the business, providing comprehensive employee benefits positions the company as an employer of choice, because the organisation shows that it cares for its staff. It also demonstrates that the employer considers their staff to be valuable, which is a powerful means to attract and retain the best talent.

Related: Kick-Starting Entrepreneurial Dreams From As Little As R300

Protect the future

The human psyche is hardwired to choose instant gratification over receiving a potentially greater reward or benefit sometime in the future. People generally tend to discount the value of rewards they’ll receive in the distant future due to a disconnect between what the present self believes will benefit the future self. In this model there is an opportunity cost involved in relation to what someone could afford now by rather spending the insurance premium on items or services that satisfy their more immediate needs.

This is the fundamental reason why insurance is considered a grudge purchase. We ultimately pay a premium every month towards an intangible benefit that will only be realised if and when a claim is made. And, in the case of insurance, that benefit is only realised when something horrible happens — another reason people shy away from examining this basket of products.

The best way to combat this innate psychological reasoning is through continued education, which can help people understand the purpose and the prolific impact that insurance will have on their lives should they ever need to claim. This requires contextualising the possible implications for an individual five to ten years from now, illustrating in real-world terms how different their situation could be in a worst-case scenario, both with and without appropriate insurance. This is a stark but effective means to demonstrate the need for adequate cover.

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5 Insider Tips Every Trader Needs to Know

Here are five insider tips that every trader needs to know.

Ethan Featherly

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Like in every profession, there are a lot of figures circulating regarding how many forex traders actually make money, and how many traders lose more money than they earn. We are not going to launch into speculations that we can’t prove with accurate statistics. However, there is one thing we can say without citing any official sources: there are more people losing money than those earning.

Why? The answer can be found in the annals of human psychology. Some go into forex expecting to get rich overnight, while others do not (understandably) have the time to dedicate themselves fully to this activity. So what can you do, concretely, to join the group of people earning money? Here are five insider tips that every trader needs to know.

1. Choose a Methodology and Stick With It

Even before executing your first trade, you need to have a rough idea on what you will base your decisions on. In this sense, you must know what intel you will need to make the appropriate decision, like when to enter and exit a trade, which timeframes are the best (more on that later) and so on and so forth.

Some people are partial toward fundamental factors (foreign investments, inflation, unemployment rates, and other economic indicators), coupled with a chart, for executing a trade. Others prefer the raw numbers and stats of technical analysis.

But, whichever methodology you choose, make sure to be consistent and that it is adaptive, as there is no objective way to tell if one is truly better than the other. The most important thing to consider is whether or not your methodology and the strategies built around it are adaptive enough to keep up with the changing dynamics of the forex market.

Related: How Founder Of 27four Investment Managers Drove Transformation In The Industry

2. Always Calculate Your Expectancy

Expectancy is a formula that traders use to determine how reliable their trading system is. It involves going back in time to your previous trades (a journal will come in handy here), measuring how many traders were winners versus losers, and then finding out how profitable your winning trades were as opposed to how much money was lost after bad trades. The formula is as follows:

E=[1+(W/L) x P – 1, wherein W is the average winning trade, L represents Average Losing Trade, while P is Percentage Win Ratio.

3. Define Your Trading Goals and Build a Strategy Fitting of Your Personality

forex-tradingMost forex beginners come into the market thinking that they know everything that one could possibly know, without any sort of long term plan or concrete goals. This is the one mistake that eventually leads most traders to quit forex, because the reality of the market – and the trade itself – will hit them straight on sooner rather than later.

Therefore, the first thing you need to do is set a couple of goals. Start small and realistic at first – do not set yourself for winning a ridiculous amount of money in the first months because you will be sorely disappointed.

After setting the goals, you can start looking at various trading strategies and see which ones will help you achieve these goals and, most importantly, whether or not they are a good fit for your personality.

Some helpful questions to ask in this case are in the lines of ‘’Do I feel comfortable holding positions overnight?’’ or ‘’How much risk am I willing to assume for a given trade?’’, ‘’Am I more comfortable following a trend or betting against it?’’, ‘’Will I trade to gain some additional income, or full time?’’. Another equally viable method which will help you asses your strengths and weaknesses is doing a personal SWOT analysis.

4. Make use of Multi Time Frame Analysis

Regardless of whether you are a swing, day or long term position trader, it is highly recommended you always approach trading in a top-down fashion. This technique involves starting with a higher time frame chart and gradually zooming down to your current trading time frame chart. By doing this, you can get a ‘’big picture’’ view of the price action.

This tip is important because many traders commit the grave error of building their trading decisions around the time frame in which they are currently trading. For instance, when a trader sees a hammer candlestick pattern on a five-hour chart, they push forward with the trade without considering what might happen in the following time frame. What you are doing here is similar to a game of chess – you have to think a few steps ahead and choose your forex trading products and tools wisely in order to land a successful trade.

5. Do Not Use More Indicators Than Necessary

Indicators are simply visual representations of market realities that show things such as price movements, patterns and the like. As useful as they are, after trading for a while, you will soon realise that at some point they become quite counterproductive.

Many traders will tell you that the only indicator that you need is price, and everything else is there just to make one understand how the market got to that point. And since succeeding in the forex market is mostly about getting in on a trend before anyone else spots it, you can probably guess why over-crowding your monitor with indicators is not such a good idea.

Conclusion

Whatever some might tell you, forex is not a walk in the park. Like everything in life, it takes hard work and dedication to reach the point where you can state without doubt that you have achieved excellence. However, even the most dedicated and hard-working traders need a push in the right direction in the form of some lesser known insider tips that only traders will know. Hopefully, the tips in this article will provide you with the insight necessary to take your trading efforts to the next level.

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