Just as the beauty of a garden does not lie in a single plant or flower, neither does the success of a thriving business lie in the work of one kind of person. Fortunately, South Africa is home to an array of diversely different people. Whether a distinction can be made based on gender, race, ability or age, there is no shortage of talent in this remarkable country and it is a privilege to ensure that when it comes to acquiring talent, that this can be achieved equitably and in a manner that ensures success for not only the business, but for the people who work there. Lula is committed to building a diverse workplace and strives to employ people from all walks of life and ability and is leading the way for the fintech industry to follow suit.
Diversity is just the start, however. Lula is not only committed to building a diverse team of people, but to building an inclusive team, and has been recognised internationally for its efforts according to the 2020 Inclusive Fintech 50 list. If diversity is the same as being invited to a party, inclusivity is like being asked to dance. Inclusivity speaks to the culture of the workplace and means that everyone, regardless of difference, can produce meaningful work within a team that recognises and actively celebrates the unique contribution that every person brings.
The commitment to inclusivity at Lula stretches across the entire company. Newly-appointed board chairperson, Buhle Goslar, whose personal passion includes driving inclusive economic growth, states that the decision to join the Lula team was “an easy one” because of the alignment of this core value. She believes that developing solutions that work for the majority and not just the few is the way to ensure businesses that can withstand the storms of the current economic climate. And creating inclusive teams with diverse members has a direct effect on this.
In order to achieve equitable talent acquisition, data analytics is crucial. As Lula’s Head of Talent Anthea Williams explains, talent acquisition at Lula is strategic and is based on the results of a thorough gap analysis in the business, where areas for talent acquisition as well as development are identified. This allows for applications to be assessed for skills and for the right inclusive culture fit of the company. Whether promotions and appointments are made internally or externally, candidates are guided through the same procedures that help them understand the values of Lula and determine whether their skills and approach are a fit for this forward-thinking and flexible fintech firm.
Flexibility in the way Lulas (employees at Lula) are able to structure their days and weeks, a hybrid working environment, and group risk cover, are just some of the innovative ways in which Lula makes working there attractive to a range of different people. The business fosters an environment where staff are able to be their best selves at work, and outside of work, seeing to their professional and personal responsibilities with ease.
Career progression is more than just a policy document at Lula. Lulas have access to growth plans for training, and an education sponsorship budget if they would like to improve their skill set. Internal mobility is encouraged and fostered in a tangible way, and inclusion is at the centre of this. Within the past 12 months, half of the internal promotions to positions assigned to leadership have been awarded to women, and even though the company has grown by 54% in that time, the gender split has remained at 50%.
Finding diversity in the fintech sector, however, has proved challenging. In the historically white male-dominated industry, Lula is pioneering efforts to encourage diversity in the field. Because of focussed attention to promote diversity, the representation of employees from designated groups has increased by 10%, and the number of female employees within Product and Engineering has doubled in the past year. Even though Lula has taken strategic steps to create an environment that represents the diversity of South Africa more equitably, there are plans to make even more of a difference. Lula collaborates with other tech houses to fill acquisition gaps, and provides real opportunities for Lulas to grow and progress in the field. Collaboration with other companies in the fintech space at conferences is part of creating awareness by showcasing the success stories of a range of people in the industry. Lulas are also encouraged to build their professional networks in order to recruit other great talent to the company, because “good people know good people”, as Williams notes.
At the end of the day, acquiring the right talent for the right opportunity in a company is a key part of a thriving organisation’s success. There is strength in diversity, and as the African proverb states, a single bracelet does not jingle. It is not just about having more opportunity, but room for difference. Inclusion is fundamental for resounding success for employees and businesses alike, and this can only continue to build a healthy economy for South Africa.
