31 August 2021
WOMEN'S MONTH FEATURE
Female talent a critical must-have for companies to survive and thrive MoneyMarketing speaks to Zanele Ntulini, CMO at life insurer FMI (a Division of Bidvest Life Ltd). Numerous studies show that the performance of companies improves when their leadership is diverse regarding gender. Do you agree that women bring a different perspective to business? Yes, I absolutely agree. Female leaders bring important leadership behaviours, qualities and skills that improve organisational performance such as people development, expectations and rewards, role modelling, inspiration and participative decision-making. Men and women bring something different to the table, so instead of trying to suppress our
“If you work hard, and are passionate about your job, the quality of your work will speak for itself”
femininity in the workplace, we should embrace it because that is where our unique value proposition lies – and we should own it! Do companies in SA work hard enough at attracting and retaining female talent? I think there’s a growing realisation among South African businesses that female talent is not a ‘nice-to-have’, but a critical must-have for companies to survive and thrive – customers and stakeholders expect it and some even demand it. We’re increasingly starting to see organisations stepping up to the plate to attract and retain women, but we have some way to go.
industry, we have a vital role to play in helping consumers protect their incomes in a tight and unpredictable economy. An income isn’t just a monthly salary – it’s the biggest factor that supports our lives, ambitions and dreams. Tell us about some of the women who have inspired you along your journey to success. My mom, who was a business owner her whole working life until her retirement,
FMI is one of the leaders in helping South Africans protect their incomes – do you think women today are sufficiently aware of the need to take out income protection policies? No – but it’s not just women that need a greater awareness of the need to protect their income first. The fact is, financial conversations are still treated as taboo in many South African families. As an
Women hardest hit by savings challenges
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ccording to the South African Reserve Bank (SARB) there are signs of a small reduction in household debt, while the household savings rate increased from 0.5% in the fourth quarter of 2020 to 0.7% in the first quarter of 2021. While these developments are encouraging, several studies have shown that South African women, and black women in particular, are struggling to save for reasons outside their control, as is evident from the TymeBank More Month Than Money study completed just before the start of the pandemic. What’s more, women have also been disproportionately affected by job losses caused by the pandemic. The National Income Dynamics Study Coronavirus Rapid Mobile Survey* showed that two-thirds of the three million South Africans who lost their jobs between February and April 2020 were women. Women who are employed still struggle to make ends meet. According to the TymeBank More Month Than Money study** 59% of women run out of money before the end of the month, compared to 56% of men. Black women are the most likely to do so, with 64% impacted. “The TymeBank study shows women are expected to shoulder the burden of household expenses while still facing disparities in pay when compared to their male counterparts. Two-thirds of women surveyed live in fatherless households and are financially responsible for the entire family, while receiving on average 27% less pay than their male counterparts for the same work,” says Linda Appie, Head of Marketing at TymeBank.
Managing money Encouragingly, the survey showed women are better budgeters, with 80% of those surveyed managing to stick to a budget falling into the 25 to 45 age category. “These are women who are taking control of their financial lives, despite the challenges they face. As a bank, we’re committed to supporting our female customers as they embark on their savings journey. We do what we can to assist, offering accounts with no monthly fees and a high-interest rate on savings,” says Appie. The bank has tried to make that first step as simple as possible with the TymeBank GoalSave product. Customers can earn up to 8% per annum on their savings, which is highly competitive relative to the market. GoalSave allows immediate access to the money saved without any penalties and customers can create up to 10 different savings goals and easily keep track of progress.
“Women are expected to shoulder the burden of household expenses while still facing disparities in pay when compared to their male counterparts”
Zanele Ntulini, CMO, FMI (a Division of Bidvest Life Ltd)
remains my biggest inspiration in everything I do. Her ‘nothing is impossible’ way of tackling life, excellence in everything she does, her brave and fearless spirit and being a mighty prayer warrior inspires me. I have three older sisters and we are complete opposites but complement each other well. They are phenomenal women who have taught me so much about carving my place and owning my space. What advice would you give to young women looking for a career in the financial services sector? If you work hard, and are passionate about your job, the quality of your work will speak for itself. But if I have one piece of advice to young women in the sector, it’s to get a mentor. That’s because mentors have ‘been there and done that’, they help you keep things in perspective and help you keep your eye on your goals. They help you build the networks and social capital that are critical for success in any sector. Most of all, they have invaluable guidance and practical advice around how they dealt with challenges and took opportunities.
Linda Appie, Head: Marketing, TymeBank
The offering also comes with a calculator accessible from the TymeBank website. Customers can insert the amount of money they want to save to realise their financial goals and the timeframe for achieving this. It then gives a view of the benefit of compound interest. “One of our values at TymeBank is to give customers the confidence they need to realise their goals. Insights from the More Month Than Money study remain relevant in helping us to understand the challenges facing South Africans and to design financial solutions that deliver on what matters to them,” Appie adds. *The National Income Dynamics Study – Coronavirus Rapid Mobile Survey (NIDS-CRAM) is a broadly nationally-representative panel survey of South African individuals, https://cramsurvey.org **More Month Than Money Independent study commissioned by TymeBank, https://bit.ly/3wMUcgB
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