Empowering women has long-term positive socio-economic impacts, making women’s empowerment, career development and mentorship programmes a compelling narrative for companies.
This is according to Sibonile Dube, Head of Communications & Public Affairs at Novartis South Africa and a mentor at Phakama Women’s Academy. Marking the start of national Women’s Month, Dube cites Bain & Company research into how and why the career paths of South African women and men differ, which found that in 2017, 31% of South African companies had no female representation in senior leadership roles. The research noted that the Businesswomen’s Association of South Africa (BWASA) census on women in leadership indicated that 22% of board directors were women, but only 7% were executive directors. Only 10% of South African CEOs and only 2.2% of JSE-listed company CEOs were women.
“Considering that recent research by MCSI concluded gender diversity on the board has significant benefits for both productivity and profits, South African enterprises need to become more proactive about supporting women’s empowerment in the workplace,” says Dube. But Dube adds that while formalised empowerment and mentorship programmes are important, South African women hold some of the keys to helping both themselves and other women unlock success.
She outlines three key factors that hold women back from corporate and entrepreneurial success, and how these challenges can be overcome:
Lack of confidence
A key factor holding women back from achieving their true potential in the workplace – and as entrepreneurs – is fear and a lack of confidence, says Dube. “As women, we often undersell ourselves – we underestimate our potential, our power and the amount of influence that we have. In contrast, men are typically quite confident in themselves and their capabilities,” says Dube.
The Bain & Company survey of over 1000 women found an apparent loss of confidence amongst women in junior- and middle-management positions that they could rise to the top. At this level, some respondents noted political imbalances that were difficult to navigate; while their male colleagues had access to a sponsor or mentor (normally of the same sex and colour) to help navigate these issues.
Dube believes women need to become more proactive about empowering themselves, equipping themselves with a broad range of skills, and actively working on building their self-awareness and self- esteem. “Building skills goes beyond developing academic or technical expertise – we need to work on our relationship skills and communication skills, because human relations are crucial for success in a setting where you are looking for influence and significance.”
“Dealing with fear and lack of confidence is important, because this enables us to have relevance and contribute more meaningfully to in the workplace and in business,” says Dube.
Lack of support networks
More than women, men generally back one another be it in corporate or in business deals and this has supported their career success a lot, says Dube. “Having a network is important – it is through these networks that opportunities are shared and support is gained. Having a strong network of people that back your career becomes an effective reference point especially in times of challenges. And through these networks, people are also able to find mentors.”
Dube believes mentorship is a crucial component of career success, offering both mentor and mentee opportunities to learn and grow. “We need more mentorship. With mentorship, training and coaching, women can actually pull out some of the strengths they possess which they may not be aware of. One is challenged and pushed to aim higher,” says Dube.
Bain & Company research found that sponsorship of individuals, especially at the mid-management level, ensures that contributions and performance are recognised and attributable to the individual. Often women, particularly in middle management, feel marginalised, ignored or simply worn down by trying to get their efforts recognised.
Dube, who mentors a number of women, says mentorship can be formalised through a corporate career development programme, but can also extend to informal and virtual mentor-mentee relationships. “You can be guided by simply reading the books, reading articles and watching videos and talks of inspirational leaders anywhere in the world on social media,” says Dube. Dube points out that good mentorship can be a mutually beneficial in the exchange of ideas and meeting of minds. “In an effective mentor-mentee relationship, reverse mentorship takes place. In an era where we now have four generations in the workplace, the digital and tech savvy younger generation have a lot to offer to the rest,” says Dube.
Poor Health and Wellbeing
In order to cope and remain competitive in the workplace, women have to ensure they take care of their health and maintain some resilience especially when pressure mounts. Recently, there have been a lot of conversations about mental health in South Africa. According to the World Health Organization (WHO), gender is a critical determinant of mental health and mental illness. Gender determines the difference in power and control that men and women have over the socioeconomic factors of their mental health and their exposure to specific mental health risks.
“Women are under immense pressure to perform in various spheres of their lives. Juggling a career, motherhood and marriage or a relationship can be emotionally and physically taxing to the extent of affecting one’s health, especially mental health. It is therefore imperative that women take good care of their health and wellbeing amid the demands of a competitive and fast paced lifestyle presented by the demands of modern society,” says Dube.
Depression is not only the most prevalent women’s mental health problem but may be more persistent in women than it is in men. There is more research needed to determine the reasons for this and what can be done to address it.
This Women’s Month, Dube says women should feel encouraged to be proactive about their own career development, and about helping other women to grow – both personally and professionally.
“As women we should be firm believers in one another. We hold the keys to opening doors for other women. By creating a support structure for one another, we can create phenomenal opportunities to make a difference for fellow women, with the aim of creating leaders and catalysing empowerment that has a ripple effect, benefiting all of society and the economy as a whole. Studies have revealed that women reinvest up to 90% of their income into their families compared to men who reinvest 30-40%. This has far reaching socio-economic gains for any society,” concludes Dube.
5 Businesses You Should Start in 2019
Here’s the lowdown on consumer and technology opportunities in 2019 and beyond.
Savvy entrepreneurs should keep a close watch on consumer and technology trends in 2019. This, according to Silvertree Internet Holdings Co-founder and MD, Manuel Koser. Having invested in and grown a number of highly successful South African brands (among them Faithful-to-Nature.co.za, UCOOK.co.za, Pricecheck.co.za, CompareGuru.co.za, Petheaven.co.za, Cybercellar.com, and CarZar.co.za). Silvertree’s management team sees several business opportunities set to grow exponentially over the coming decade.
Here’s the lowdown on consumer and technology opportunities in 2019 and beyond.
1. Indigenous and ethical: Personal and home care products
2019 Sees growing potential for personal care products – ‘Those with local and indigenous ingredients, ethical sourcing which is kind to nature and the body,’ Koser explains. ‘There is a lot of room to play in the African haircare market particularly, as it’s often overlooked by the major FMCG companies.’
The Silvertree MD also sees increasing room for innovative natural home cleaners as consumers become increasingly environmentally conscious. ‘Until now, it was all about the well-known cleaning products the major chemical manufacturers put on the shelves. Now, there’s increasing space for new, exciting entrants.’
2. New beverages
‘Locally-sourced ingredients and an earth-first mindset will also play an increasing role in the consumer beverage market. Add to this the fact that major soft drink manufacturers will struggle to produce drinks for increasingly health-conscious consumers. They’re often just not quick enough to adjust to changing consumer tastes – particularly the tastes of millennials. Think less about a standard fizzy drink, but rather one that’s kind to the body, with natural ingredients. Non-alcoholic: water plus, say, cucumber, or another indigenous ingredient. The market for this will grow.’
3. Ethical snacking
Plant-based, vegan, ancient grains, ethical, protein-rich snacks – these are just some of the trends Koser sees dominating in the snack segment in 2019 and beyond. It’s about unique, tasty, functional foods that cater to the modern, time-starved consumer, Koser explains.
4. Buy, sell and compare online
In the technology space, marketplaces, e-commerce sites and classifieds will all gain momentum in 2019 and beyond. This encompasses aggregators as well as more unusual online businesses, which are increasingly able to find and reach consumers interested in niche products and services.
‘Consider an online ice-cream business. Once, something like that would have been unthinkable,’ Koser explains. ‘But as consumers demand greater choice, room for niche products like this grows.’
Yet, dabble online and seamless execution and delivery become make-or-break factors. ‘Many South African consumers use services such as Google, Amazon, Uber and Spotify daily – world-class products that function on a global scale. You can call an Uber and wait for just two minutes before getting a ride,’ Koser explains. ‘It’s quick and totally seamless. Consumers have come to expect that level of service across the board. Aligned to this is the fact that the millennial wave is currently hitting Cape Town right now, and Joburg secondarily, meaning a number of opportunities are opening up. Go after products and services in the right space and consumers will follow.’
5. Reinvent the wheel – and make it better
The final type of business entrepreneurs should keep an eye on is those that currently have low Net Promoter Scores. ‘This means that very few people like them, or the services they provide are of very poor quality,’ Koser explains. ‘Think of postal service providers or telecoms companies. With any monopolistic or oligopolistic structures, the service is often terrible because the heavyweights hold so much power. There’s a huge gap here.’
An allied approach for entrepreneurs is to assess opportunities for automation, or cutting out the middleman with technology. ‘Once, many markets – such as real estate were opaque, meaning you needed a middleman to help you transact. However, as the capabilities of technology have grown, markets have become far more transparent – making it easier for buyers to match with sellers safely. Today, a lot of this is easy to automate services – think about connecting a homeowner to a prospective renter through a digital solution where renters can be qualified, for example, in terms of their finances, personal information and criminal records. Quick and simple. And no middleman.’
The biggest opportunities here centre around where consumers spend the greatest amounts of time and money, Koser notes. ‘Housing and rent are always major costs. In terms of where consumers spend their time, on the other hand, much of it is, on a mobile phone, or PC.’
However, entrepreneurial success is never down to any one magic formula, Koser emphasises. Nor does Silvertree invest in prospective entrepreneurs solely on the basis of the product or service they offer. ‘It’s about passion, perseverance and tenacity as much as it is about the quality of the product.’
Silvertree Internet Holdings is an investment growth partner who aims to understand, grow and scale business, consumer and digital brands to unlock the brands’ exponential growth.
What To Watch For In Tito Mboweni’s First Budget Speech
By Rob Cooper, tax expert at Sage, and chairman of the Payroll Authors Group of South Africa.
Finance Minister, Tito Mboweni, delivers his first Budget Speech on 20 February at a difficult time for the South African economy. Even though President Cyril Ramaphosa has done much to restore business confidence in his first year in office, GDP growth remains weak, government finances are in relatively poor shape, and renewed load shedding is hurting business confidence.
Judging from his Medium-Term Budget Policy Statement in October last year, I expect Minister Mboweni — backed by the team in the National Treasury—to deliver a relatively cautious budget. Much of the focus will be on refinancing the state-owned enterprises and putting them back on to a sustainable footing.
We probably won’t see much in the way of radical thinking since the room for manoeuvre is so limited. Click each header below for an indepth video on the upcoming topics.
Renewal of the country’s public healthcare system with a mandatory health insurance fund and free healthcare at the point of need has been the ANC government’s policy for years, but progress has been slow to date. There isn’t much money in the country’s coffers to fund something as ambitious as NHI, yet the government will want to show that it is advancing the concept ahead of the elections.
With an NHI bill to be tabled in Parliament soon, we could learn more about how NHI will be funded in this year’s Budget Speech — it’s still not clear whether we will pay for it through payroll taxes, VAT increases or other fundraising measures. As an initial step, we could see medical aid tax credits reduced (or at least not adjusted for inflation) to free up some funding for the NHI.
The ETI Act came into effect on 1 January 2014; as a fan of this incentive, I was delighted that President Ramaphosa announced that it will be extended for 10 years another decade in his state of the nation address. However, I have also long argued that the scheme is not performing to its true potential because it is so complex for payroll managers to administer.
The introduction of the national minimum wage adds even more complexity— until and unless the ETI Act is amended, SARS is of the opinion that the National Minimum Wage will not qualify as a “wage regulating measure”. I hope the Budget Speech will announce steps to align the ETI with the national minimum wage and take other measures to simplify administration.
I don’t expect any major increases to corporate or personal income tax this year since the taxpayer doesn’t have much more to give. I think the top 45% rate will remain unchanged, while tax bracket creep relief (to compensate for inflation) will be limited to lower income earners. It seems unlikely that the Minister will increase VAT again this year, given last year’s increase.
That means the Minister is likely to look at ‘moral’ taxes (sin and sugar taxes) to raise more money; we can expect another steep increase in the fuel levy. Perhaps we’ll also hear about efforts to improve SARS’ revenue collection after several years of under-performance. The agency seems ripe for a turnaround strategy, with high-powered team looking for a permanent chief to take the reins at SARS.
Follow us on @SageGroupZA on 20 February 2019 for LIVE expert insights from the annual Budget Speech.
For more information about Sage’s annual tax seminars, please visit: https://get.sage.com/PRL_19Q1_C4L_ZA_EVCU_NPS_AnnualPayrollTaxSeminar2019
Top SA Entrepreneurial Competition Praises Sector Optimism And Calls For 2019 Entries
Entrepreneurs interested in entering the competition can enter online here.
Even in the face of ongoing sluggish growth, exacerbated by widespread allegations of corruption and muted domestic economic activity, South African entrepreneurs remain overwhelmingly optimistic. This was revealed in the Real State of Entrepreneurship Survey 2018, which found that the vast majority of over 1000 business owners surveyed feel very positive about the business climate and outlook for the 12 months ahead.
It is these resilient individuals who will have their deserved time to shine in the 2019 Entrepreneur of the Year® competition sponsored by Sanlam and BUSINESS/PARTNERS, says Kobus Engelbrecht, spokesperson for the competition, who says entries for the renowned competition – now in its 31st year – are officially open.
Entrepreneurial competitions of this nature, however, serve a greater purpose than just celebrating South Africa’s spirited self-starters, notes Engelbrecht.
“Credible platforms such as the Entrepreneur of the Year® competition also act to inspire the next generation of budding entrepreneurs, who have the potential to drive real economic growth at a time where the country needs it most.”
Engelbrecht refers to the World Bank’s recent downward revision of South Africa’s projections for economic growth in 2019 to just 1.3% – 0.6% lower than the South African Reserve Bank’s earlier prediction of 1.9% in November.
“Despite these challenging economic conditions, year on year we still find exceptional entrepreneurs who continue to identify gaps in the market and transform these into viable businesses.
“It is our aim, through this long-standing competition platform, to continually recognise, encourage and support the hard-working entrepreneurs who continue to do well despite the challenges they are faced with. We use the competition to convey our appreciation for the role they play in inspiring others to venture into the world of business,” he says.
In addition to offering valuable mentorship support, networking opportunities and national media exposure, Engelbrecht says that the2019 Entrepreneur of the Year® competition, sponsored by Sanlam and BUSINESS/PARTNERS, offers prizes valued at over R 2 million, which includes cash prizes of R 70 000 for each main category winner, and R200 000 for the overall winner.
“All South African businesses are eligible to enter this competition, and prizes will be awarded across six categories, namely: Overall Entrepreneur of the Year®; Emerging Business Entrepreneur of the Year®; Small Business Entrepreneur of the Year®; Medium Business Entrepreneur of the Year®; Job Creator of the Year; and Innovator of the Year.”
Entrepreneurs interested in entering the competition can download entry forms online at www.eoy.co.za as well as interact with fellow entrepreneurs and entrants on the competition’s social media platforms www.twitter.com/@EOY_SA and www.facebook.com/EOY.SA. The closing date for the competition is 31 May 2019.
Lessons Learnt2 weeks ago
The Daily Schedules Of 10 Famous Business Billionaires
Self Development1 week ago
10 Secrets To Finding A Job You Love
Performance & Growth4 days ago
How Matt Brown Quadrupled His Business By Becoming A Niche Player
Branding1 week ago
How A Strong Brand Protects Your Business
Entrepreneur Today3 days ago
Entrepreneurs Organisation Crowns the Winner of the Global Student Entrepreneur Awards
Marketing Tactics1 week ago
An ‘Outside-the-Box’ Approach to the e-Commerce Unboxing Experience
Business Landscape1 week ago
4 Tips To Create A Great Conference / Workshop / Event In 2019
Hiring Employees1 week ago
Are You Hiring A Cultural Fit? Do You Actually Want To?