Innovative approaches are needed to tackle high levels of youth unemployment, keep South African businesses on track with evolving developments in digital and ICT technologies, and use local talent rather than importing much-needed skills, says Old Mutual.
Evolving developments in digital and ICT have intensified the need for employers to source, hire and retain talent to capitalise on disruptive digitalisation opportunities, says May Govender, Acting Group CIO of Old Mutual. A starting point, she says, must be addressing youth unemployment.
What makes reducing youth unemployment vital is the Stats SA finding that of the 40 million working-age people in South Africa (Q1: 2022), at least 51.6% were aged between 15 and 34. Hidden within this statistic is that 66.5%, or more than nine million young people, are not employed, being educated or undergoing formal training. Also disturbing is that 32.6 % of young people clutching newly-earned diplomas and degrees will find their hopes of employment dashed. ” Within this challenging employment and educational environment, South African businesses face the task of developing and maintaining multi-talented, multi-skilled workforces that meet digital workplace demands and respond well to the rapidly evolving world of work. “The hard reality is that demand for IT skills far outstrips supply in South Africa. Traditional paths are not addressing this demand quickly enough, resulting in much-needed jobs being outsourced and being advertised offshore.”
“Given the present unemployment statistics and high levels of graduate unemployment, Old Mutual is focusing on retaining its competitive positioning by strengthening its position as an employer of choice. Simultaneously, as part of our commitment to achieving this objective, we are creating opportunities for the company to capacitate students and graduates for a future in the financial digital services arena. ” Amongst these key initiatives is the two-year Old Mutual partnership with CapaCiTi. The programme, supported by the National Treasury Jobs Fund, seeks to provide a critical development and experiential pathway for young South Africans by helping to bridge the digital divide.
Old Mutual, through the CapaCiTi programme, is committed to accepting 100 young, unemployed graduates as interns. To date, the company has supported the drive by offering 50 unemployed youth work and IT training opportunities. On-boarded at the CapaCiTi campus in Braamfontein, Johannesburg, the students were welcomed to Old Mutual by Old Mutual Group IT, including the Digital Data and Analytics department’s leadership team and software development engineering interns already employed within the company. “During our 24-month partnership with CapaCiTi, 100 young people will spend 12 months with Old Mutual and be exposed to data analytics and full-stack development while actively working within our IT areas. “To prepare them for the world of work, they will also be offered programmes that include communication, building business confidence and work readiness skills before joining their colleagues in Old Mutual IT,” says Govender.
“We are passionate about contributing to employment equity in South Africa, which involves building sustainable futures for our country’s youth through a process aligned to our corporate values. We believe that people will always be the heart of our technology,” says Govender. “Our drive to be included in partnerships with the likes of CapaCiTi, reflects our intention to be part of pioneering initiatives to reduce youth unemployment and improve livelihoods for young graduates. This initiative is part of a broader value proposition that old mutual technology has embarked on for embracing and developing future-oriented skills that are central to national economic growth.”
