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South African Millennials Key To Enforcing King IV

The eyes of the world are again fixed on South Africa, as the country finds itself at a turning point in its democratic history.

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From state capture to large-scale corporate wrongdoing, 2018 will hopefully see the South African business society experience an age of ethical enlightenment, or run the risk of potentially alienating entire generation millennials (also known as Generation Y) and replacing the millennials, Generation Z.

While taking part in a King IV panel discussion hosted by Mazars in Johannesburg, Michael Judin, a notable South African attorney and member of the King Committee, stated that he believes millennials and Generation Z can play an integral role in ensuring local corporates apply a more ethical approach to corporate governance and comply with the King IV report. Judin was a member of the Task Team that wrote King IV released on November 1, 2016.

“The coming of age of millennials and Generation Z together with the rise of social media, have changed the global corporate environment. Businesses vehemently protect their image, by ensuring they adhere to strict ethical standards. When they are seen as having acted in an unethical manner, or have associated themselves with individuals or entities that are perceived to be unethical, more often than not, millennials Generation Z will demonstrate their disapproval,” he explains.

Judin uses the incident between Nestle and Greenpeace as a prime example of how public opinion can change a business. In 2010, the environmental organisation started a campaign against the world’s leading nutrition, health and wellness company for its use of suppliers that were responsible for causing deforestation in the Indonesian rainforest.

Related: 7 Bad Workplace Habits Millennials Need To Stop Making

“The campaign, commonly known as the Kit-Kat campaign, was so powerful that the food giant had no choice but to change its ways. This proves that corporates can no longer avoid embracing good governance while still expecting an unblemished image,” he says.

King IV – No longer a tick-box approach

“The King IV report on corporate governance has moved away from the previous ‘tick-box’ approach and towards an outcome-based method, which means corporates actually need to enforce King IV and prove that they have done so. This is exactly what millennials and Generation Z are looking for,” he says.

Millennials and Generation Z have evolved into a generations that want to associate themselves with brands and organisations that are ethical and environmentally friendly. “Corporates spend millions each year to ensure that they change their business to be more environmentally friendly, in order to attract millennial and Generation Z clients,” says Judin.

King IV has also simplified and reduced the amount of governing principles to just 17, from the previous 75, enabling millennials and Generation Z (and those not falling within those categories) to easily understand what good governance entails.

“The King Committee has gone to great lengths to simplify the Code in King IV. Not only is it easier to understand, but it fits onto ‘one page’, which will cater for the ease of use millennials and Generation Z are always striving for,” explains Judin.

King IV must be part of corporate DNA

He stresses that the only way South African corporates will experience an age of ethical enlightenment, is for businesses to make King IV a part of their DNA.

“Every single employee must have ethics at the heart of everything they do. It doesn’t matter what industry you are in, ethics and good governance should be the basis. Not only will it create an ethical environment in our country, it will also empower employees to stand up if they start seeing something that doesn’t completely adhere to King IV,” says Judin.

The King principles have always been at the heart of Mazars and products it creates for its clients, says Frank Burgers, Director at Mazars Berenschot Africa in Johannesburg.

Related: How To Avoid People Leaving Your Company

“We have a special relationship with the King Report, it has inspired us to further develop our services related to Good Governance. Like King IV, we didn’t develop a tick-box tool, but rather a guideline for a tailor-made approach for a client to assess their compliance with the King IV principles and outcomes. We start off by doing research (documents, media, interviews, etc) to understand the current status and then have interactions with the Governing Body to further check potential gaps and opportunities. It is very much a journey on which we embark with our clients,” says Burgers.

He adds that the perception in the corporate world is that King IV is just “another” requirement they must follow.

“Organisations should rather see it as an opportunity to improve their businesses. Our journey with our clients benefits them in three ways, firstly, they get a better understanding of the King principles and outcomes. Secondly, they can gauge their progress with regards to complying with the principles and outcomes. Lastly, and most importantly, they get more insight into how they can improve their businesses,” he explains.

Burgers is confident that 2018 should see a more ethical approach from corporates. “The media has done a great job in highlighting unethical behaviour in the industry and that is set to continue. This, in conjunction with the information available online, will see many more South Africans asking questions about doing business with unethical companies. Soon organisations will have no choice but to take an ethical approach in everything they do.”

Mazars is leading by example and is currently conducting its own King IV “audit” on itself.

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A Conversation With Yourself Could Change Your Life

Thami Buti is a 24-year-old South African actor. He is amongst the 46% of South Africans between 20 and 50 years, who have no savings at all. He’s probably one of 90% of people who will retire with less than 50% of their income.

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Except none of this is true for Thami, because he’s had a conversation with himself – at six different ages – in Sanlam’s new educational campaign.

In Sanlam’s Conversations with Yourself campaign, Thami gets transformed into a 20, 30, 50, 65 and 80-year-old (actor Hlumelo Mzimkulu plays the 10-year-old) called YOU. And over a series of conversations, these characters in their different age brackets sit and share wisdom on life’s ‘what ifs.’ Disrupting the traditional approach to ‘finance talk’, the central idea is this: what if you could learn everything you need to know about life, from yourself? What if 65 year-old you could tell you – at age 20 – to stop buying so many cappuccinos and to invest more into an RA? And 30-year-old you could ask you at 80 how many kids you have – and how you afford to give them the lifestyle and opportunities you want for them?

Sonja Sanders, Head of Marketing and Client Experience at Sanlam Personal Finance, says each of the seven Conversations with Yourself films uses humour and insight to broach a different topic – and presents the accompanying product solve. “For example, the Conversation on Life and Retirement tackles retirement in a completely new way. Planning for retirement is often not a priority when you’re young. But what if you knew only 6% of South Africans are able to cover their monthly expenses once they retire? And what if you could ask your 65-year-old self whether you are one of the 6%? Would 20-year-old you still take that year off? Would you at age 30 still buy that flashy car?”

Using banter to bring home the fact that today’s decisions will define life when you’re older, the script takes a notoriously low-interest topic and makes it relatable.

The same goes for the highly sensitive topic of death, which no one wants to talk about — undoubtedly a problem in a country with an average age of death that stands at 64 years, and where 40% of the workforce is more likely to have cell phone insurance than life insurance.

Sanders says, “Conversations with Yourself takes an idea we’ve all had to the next level: The wish to fast-track into the future to see if our lives worked out the way we expected. Ultimately, you are your own partner in life. Everything you do now either benefits your future or jeopardises it. It’s often too daunting to imagine one’s future-self. But Conversations with Yourself connects the future to the present, and makes the experience real and impactful.”

Related: How To Start Saving Money Today

South Africa’s problematic savings culture has been well documented. In the retirement space, Sanlam’s Benchmark research has identified millennials as the generation most at risk of having insufficient savings, mainly due to their DIY approach to money matters, their mistrust of financial service institutions and the fact that they don’t identify with retirement as a goal. It’s a generation known for overconfidence despite their poor financial literacy. Millennials prefer self-directed advice – so what better way to deliver it than through a ‘conversation with yourself’?

“As WealthsmithsTM, Sanlam wants to empower people with the knowledge and tools to enable them to make positive financial decisions today. This should set them up for success both now and into the future. Conversations with Yourself helps people to appreciate that the planning they do today has significant implications for their future self. Ultimately, the campaign uses progressive storytelling to share a story to which any generation can relate. The story of you,” concludes Sanders.

Visit Conversationswithyourself to watch the films and start your own conversation.

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10X-e Partners With Alphacode To Accelerate Five Top Companies In South Africa

South African Scale Up specialists, 10X-e, will partner with SA’s premier fintech incubator subsidiary of RMI, Alphacode to support SA’s top Fintech’s on their path to scale.

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This collaboration will initially see five of SA’s highest-profile fintech companies investing two years scaling up using 10X-e’s much lauded 10X program. 10X-e’s founder, Jason Goldberg, says that this accelerator program helps scale-up teams learn and apply the 12 disciplines for rapid and sustainable growth.

“We are delighted to be working with AlphaCode –  SA’s premier fintech support brand – to help some of SA’s top Fintech  entrepreneurs scale-up” says Jason.

The first five elite fintech businesses selected to join the program are Entersekt, Livestock Wealth, Click2Sure, Invoice Worx and Isazi Consulting.

“Globally leading mobile authentication and security specialists, Entersekt are set to be South Africa’s next ‘unicorn’ while Livestock Wealth is changing the investment landscape by offering the ability to own and manage your livestock via an app from Sandton (or anywhere), outsourcing all the dirty work to their specialist operators. Click2Sure was founded by Dan Guasco – the original founder of what became Groupon SA, and Isazi Consulting (who started already in late 2017)is led by one of SA’s leading teams of data scientists and artificial intelligence experts” Jason continues.

“Another accolade for this cohort is that three of the five businesses are majority black-owned tech ventures, and most certainly earned their place on the program on pure merit terms. We’re really proud to be supporting these globally competitive entrepreneurs.”

Related: Jason Goldberg Asks Are You (Realistically) Ready To Scale Your Business?

Jason notes that, even for elite entrepreneurs and ventures like these, specialist scale-up accelerators like the 10X Program can be the difference between scaling and failing.

“There’s no doubt that accelerators specialising in how to scale a business are invaluable for most entrepreneurs at this delicate stage in a business journey. Growth often kills when businesses cross a threshold of complexity not experienced before. Most great entrepreneurs are scaling a company for the first time. Fortunately, there is a defined ‘physics’ of rapid growth;  rightly applying the 12 Disciplines of 10X Entrepreneurs – the heart of the 10X Program – you can dramatically increase the rate and sustainability of growth,” he says.

“We are dealing with the ‘crème de la crème’ of South Africa’s entrepreneurs dealing with the most extreme growing pains, so the need for guidance from seasoned Scale Up leaders who’ve ‘been there’ is key to both the success of the business and to its contribution to our economy. We look forward to helping these Founders navigate the Bermuda Triangle of growth successfully” Jason concludes.

The partnership with Alphacode will see game-changing support provided to these businesses worth around R1million over a period of 2 years as they are hand-held by industry experts on the treacherous path to scale.

Related: Do You Have That 1 In 100 Business That Can Scale And Land An Investor?

About 10X-e:

Scaling – the Bermuda triangle of growth – is hard, and fraught with failure. Very few of even the top 1% of ventures succeed at scaling, mostly due to poor execution, due to lack of experience scaling businesses. The 10X Program brings the ‘Science of Scale’ and seasoned Scale Up Leaders to help founders navigate the Bermuda Triangle of growth

Our team has helped some of the Continent’s most exciting high growth businesses scale up through the most treacherous parts of the journey. We tailor make multiple workshops to the specific needs of you, your team, and your business. Our workshops serve to address the most pressing challenges that your business faces, helping remove the hurdles towards 10X growth.

For more information on the 10X Accelerator Program, visit: www.10x-e.com

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Chairman Of Futureproof, S’onqoba Maseko On Instilling New Ways To Accelerate Our Youths

In the near future, traditional employment opportunities will no longer exist. SA needs to prepare our children for the fourth industrial revolution, now.

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Futureproof is proud to introduce the chairman of our board, S’onqoba Maseko. S’onqoba received her Honours Degree from Wits University and is just three exams away from being a fully-qualified Actuary. The 31-year-old S’onqoba, originally from the banking industry, has previously filled several key roles at The First Rand Group, including; executive assistant to the Group CEO, Sizwe Nxasana and the head of the FNB Innovators Programme.

She is the founding COO of the Sifiso Education Group – a disruptor in the education space which also is the owner of Future Nation Schools. S’onqoba is also the Managing Director of an advisory and implementation consultancy for SMME’s called Perpetu8.

Naturally, combining her skills and experience with a passion for education and entrepreneurship has made her the perfect fit for Futureproof! S’onqoba believes that education is crucial. “It’s a game changer for the nation, the continent and the globe. It requires us to prepare children for an uncertain future in the best way we know how,”

“In a country such as ours, Futureproof instils the entrepreneurial qualities needed to not only run a business but to navigate through life,” S’onqoba continues.

Related: Futureproofing The Next Generation Of Entrepreneurs

The current education system does not cater to the needs of our local and global economy. In the time of innovation, our teachers are not equipped to deal with this change and soon enough, traditional employment opportunities will no longer exist. Speaking to this topic, S’onqoba says: “It’s not about only content – you can Google anything. It’s about skills such as critical and analytical thinking, creativity, communication, collaboration and technology”.

With the lack of skills available to prepare our country for the fourth industrial revolution, S’onqoba says that we need to find ways to unearth existing skills and to impart new skills that are more aligned to what industry and the country needs. “We need to reframe our thinking: we need entrepreneurs, technical specialists, technology whizz kids. We need creatives, thinkers and solution-orientated problem solvers”.

“We need to make school content and theory relevant to the current and future world. We need a curriculum, approach and a pool of skills that align to the world and the future predicted. Grade 1 learners this year will finish school in 2030. Are we teaching them what they will need to succeed?”

She believes that the high unemployment rate of our youth is largely due to a lack of skills. “We have so many job vacancies yet so much unemployment. We still have companies wich only recruit based on formal qualifications and see this as the only way to have the required skills. This is outdated, and the world is moving beyond it”.

With South Africa now in technical recession, S’onqoba stresses the need for the country to pull up its boot straps and get on with the hard work that needs to be done. “Our entrepreneurial ecosystem is not working as well as it should. It’s broken. We’re spending billions as a country whilst seeing very little impact and return of that investment”.

Caring for the needs of all stakeholders, S’onqoba believes that one of the reasons for Futureproof’s success and phenomenal growth is because the business simply ‘gets on with it’. “No excuses, no time wasting” she explains.

Related: How Are South Africans Feeling About The Work Environment?

As a flourishing entrepreneur in a tough economy, S’onqoba shares some of her key learnings and says that an entrepreneur cannot survive without grit, curiosity and EQ: “Set up a business for scale from day one – think of your end state and build your business with that in mind. Recruit people who ‘get it’ and then develop them to be the best version of themselves so that they can add great value to your business,”

“Fill your board with passionate, skilled specialists who don’t only look to monetary income but are driven by passion, community and purpose.  Manage your time like its money; in fact, it’s more precious”.

We need to build sustainable businesses that employ more people and grow in revenue and turnover. “We need businesses that embrace the future and technology to solve the problems we face in an efficient and customer centered way without legacy and an inability to innovate standing in the way.” she concludes.

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