Deloitte SA Blog

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What is Data Privacy Day and what does it mean for your clients?

HandcuffsData Privacy Day highlights that privacy concerns exist in organisations wherever personal information is collected, processed and stored – in digital form or otherwise. Data Privacy Day relates to the Protection of Personal Information Act (PPIA) which creates duties and obligations on organisations to manage personal information in a manner that is compliant with global privacy standards.

Did you know that if organisations deal with third parties who are not PPIA compliant, they will be liable as a result? How can your clients protect their stakeholders’ personal information from all sides?

Promote client dialogue about third party outsourcing relationships and PPIA.

Click here to learn more about how your organisation can protect stakeholders’ personal information when using third parties. Watch the video about outsourcing relationships and the PPIA.

If you would like a more detailed discussion, contact Daniella Kafouris (Associate Director at Deloitte Risk Advisory) at dkafouris@deloitte.co.za or on +27 (0)11 209 8101

Major challenges likely to affect organisations and their directors in 2015

directors alert 2015

Deloitte recently published Director’s Alert 2015, a publication which examines global trends and developments in order to identify major challenges likely to affect organisations and their boards of directors.

The report, which applies to all C-Suite executives and non-executive directors, draws from the experience in a range of jurisdictions (including South Africa) and aims to assist directors to identify issues of importance to their organisations.

It also helps promote boardroom discussions around the strategies and options management has put forward to address current and future challenges, mitigate risk and to seize opportunities that lie ahead.

Click here to read Director’s Alert 2015

If you have any questions or require a more detailed discussion on content introduced in the report, feel free to contact Johan Erasmus at jerasmus@deloitte.co.za

How do you get your HR function to lead you through a VUCA world?

HR Partnering Approach

VUCA – an environment of relentless Volatility, Uncertainty, Complexity and Ambiguity. How do you get your HR function to lead your organization through a VUCA world?

For a decade now, HR has been undergoing a process of transformation. For many organisations however, this process has increasingly failed to produce the results expected of it. During these times of rapidly changing economics, HR is faced with a stark choice. It can either evolve and make a significant contribution to the business or be diminished and dispersed into the business and other functions.

Introducing the HR Business Partnering Model. In South Africa, many organisations have implemented the business partnering model which is seen as key to accelerating the evolution of the HR function. Most organisations are however struggling to understand how HR Business Partners should contribute to the business.

HR Business Partnering: A Custom Approach looks at the key challenges for HR Business Partners as trends associated with organisations that have implemented successful HR Business Partner models.

Click Here to read HR Business Partnering: A Custom Approach.

Feel free to contact Gareth Evans at garevans@deloitte.co.za to learn more about VUCA.

How to make sure you have the most capable people in your insurance company

Group of college students outdoors studying. Image shot 11/2007. Exact date unknown.

Recruiting beyond the risk averse: Modernising graduates’ perception of insurance is a report based on a survey which explores the aspirations, goals, and motivation of business students looking at careers in insurance. In an environment of relentless Volatility, Uncertainty, Complexity and Ambiguity (VUCA), the report aims to uncover underplayed strengths and address weaknesses in order for insurers to better attract talent.

Globally, the findings show that insurance is not a popular career destination for business students and that the industry may not be attracting talent with the creative or innovative skills to safeguard its future success. In South Africa, insurance is more popular with business students than in most other countries surveyed. However, its popularity is falling and is much less popular than other business sectors.

To attract graduate talent, insurers should do better at exploiting their strengths, which they currently underplay. Understanding the mind-set of business students and their attitudes to insurance is a first step, and this report explores these issues.

The key findings of the survey include:

  • Security is sought more than innovation or exciting products
  • Insurance-inclined students want to develop and be experts
  • Work-life balance declines in importance, but still the top career goal
  • International opportunities provoke little interest amongst the job security-conscious insurance-inclined
  • Seeking friendly colleagues, but not team-work
  • Financial strength, prestige ranked ahead of ethics and social responsibility

Read the South African report

How do you make sure you have the most capable people in your organisation?

BLD085269

Graduate Recruitment in Banking: Facing the credibility crunch, explores what banking-oriented students want from their career and how banks measure up to those expectations. What stands out from the research is that globally, banking has been usurped from its position as the number one career choice for business students. The findings also dispel a few preconceptions about what students want out of a career in banking.

In South Africa, banking has been a consistently popular career choice among business students over recent years, and has not suffered the reputational challenges faced by other countries worst hit by the 2008 global financial crisis. This could be because South African banks have been one of the most innovative in the world. A fact that’s been recognised by students. Although banking as a career has increased in popularity compared to last year, it is still below its 2010 peak.

Other key findings from the global report include:

  • Banking has been toppled from its position by FMCG as the most popular career choice
  • The software and computing services sector is continuing to rise in popularity among business students
  • Work-life balance remains the most popular career goal
  • “Professional training and development” topped the list of attributes that students found attractive in an employer
  • The banking sector was viewed by business students as less likely to offer a friendly work environment than the average employer

The findings from this report are a wake-up call for banks, whose popularity has fallen sharply since the global financial crisis. There is also a growing gap between banks’ image as employers and their needs in an environment of relentless Volatility, Uncertainty, Complexity and Ambiguity (VUCA). The banks’ only advantage may be their people. This survey highlights the need for banks to respond positively in order to attract the best talent.

Click here to read the South Africa report

Headstart: A new approach to leadership development

vuca3 VUCA – an environment of relentless Volatility, Uncertainty, Complexity and Ambiguity. How do you set the tone at the top in a VUCA world?

Market perceptions of leaders move share prices and the Deloitte publication, The Leadership Premium: how companies win the confidence of investors, reveals just how much. The report puts a hard metric on the “intangible asset” of leadership, revealing that, in some sectors, good leaders can account for more than one-fifth of equity value.  In interview after interview, analysts told Deloitte that the quality of senior leadership helped decide the long-term potential of a stock. The gap between the value of an effectively-led and ineffectively-led company could, says the paper, be as much as 35.5 percent. So how do analysts judge leaders—and how can companies bridge that gap?

The past few years have seen a greater focus on leadership and leadership development than ever before. But investment in leadership programmes, leadership retreats and e-learning tools doesn’t seem to be paying off in tangible and sustainable results.  This is according to a report released by the Deloitte LEAD team titled Head start: A new approach to leadership development. How do you ensure leadership development programmes benefit organisations in the long term? How do you sustain behavioural change? The answers, says the Deloitte LEAD team, lie in understanding leaders’ minds.

Click here to read The Leadership Premium: how companies win the confidence of investors

Click here to read Head start: A new approach to leadership development

Contact us to learn more about VUCA

How do you future proof your organisation? Get fit for VUCA

vuca2

The rapid speed of change in business is no state secret. Military planners, amongst others refer to the current environment as VUCA. In this context volatility, uncertainty, complexity and ambiguity change the dynamics of engagement and in Financial Services, disruptors are intensifying, requiring a decisive focus on Human Capital.

  • How do you lead your people though change effectively?
  • How do you derive value from the hurdles of regulation?
  • How do you make sure you have the most capable people?
  • How do you set the tone at the top?
  • How do you get your HR function to lead you though a VUCA world?
  • How will your people make or break your expansion into new territories?

Do you have the answers?

How will you lead your people through ever-shifting change effectively?

VUCA1

VUCA – an environment of relentless Volatility, Uncertainty, Complexity and Ambiguity. In this world, financial services institutions need to guide their people through constant change effectively, while maintaining their relevance and ensuring their future survival.

How will you lead your people through ever-shifting change effectively?

Change is changing. The way organisations approach and manage it is changing. And the practice of strategic change should adapt as well if it is to deliver the results organisations should have to survive and excel. Deloitte has released three papers which unpack the key issues leaders must unlock in order to remain relevant in a VUCA world.

Create rapid and sustainable change using your own colour palette is a piece that introduces the concept of “People Adoption”. People Adoption is a deliberate process that enables all employees to understand the reasons for change, the expected results, how this change will impact them, how they will benefit from this change and what they need to do to sustain this change. Once there is understanding, people start to change their behaviour – incrementally at first and then gain momentum.

Riding the waves of change: building an internal change capability examines the five factors to building and institutional change capability. Whether due to globalisation, new technologies, regulatory factors, increased competition, changing consumer profiles or a host of other factors, organisations will typically have waves of change initiatives to drive new operating models, technology implementation, customer service, cost reduction and process improvement.

Change programs fail to deliver the outcomes their sponsors seek. The reasons are manifold, but a common thread is wasted effort and time. One of the most critical needs is to accelerate change programmes – to reduce the wasted time that ill-directed or ineffective measures can cost an organisation. In Organisation Acceleration: the new science of moving organisations forward, we unpack a new framework for strategic change, called Organisational Acceleration, which harnesses analytics to guide a business in a more timely manner and more efficiently.

Click here to read Create rapid and sustainable change using your own colour palette

Click here to read Riding the waves of change: building an internal change capability

Click here to read Organisation Acceleration: the new science of moving organisations forward

How do you future proof your organisation?

VUCA1

The world is changing, fast. We live and operate in a constant state of turbulence. Military planners (amongst others) have an official term for it. They call it VUCA – an environment of relentless Volatility, Uncertainty, Complexity and Ambiguity. In this state of VUCA, events coming at an organisation are increasing both in number and variety – at an unforgiving speed. It is survival of the fittest and the triumph of the most agile.

The VUCA World of today means that events coming at an organisation are increasing in number and variety and organisations need to respond quickly to these events in order to survive in the future. The South African Financial Services Industry is hurtling towards a VUCA World in a new way. Barriers are being eroded, competitors are emerging from non-traditional sectors and global players are here to stay.

You may be asking: how do I future-proof my organisation in a VUCA world?

In the next six weeks, Deloitte will help you answer six key questions that will enable you to not only future-proof your organisation, but triumph in this new world. Keep the human in Human Capital and thrive in a VUCA world is the first in a series of articles which will examine the building blocks of building a Human Resource capability that will enable your organisation to thrive in a world of constant volatility and change.

It’s time for organisations to step away from traditional paradigms around managing people, and focus on how to mobilise them towards organisational success.

What should you do now?

Click here to read the full article.

Contact us to learn more about building your HR capability for a VUCA world.

Failure to develop leaders is one of the biggest threats to global business growth

Leadership image

Deloitte ran a global human capital survey in October 2013 in which 266 South African organisations across all industries participated. Based on the results from the survey, Deloitte has published a Human Capital Trends report for South Africa. This communication introduces the first trend which is Leadership.

Leadership remains the number one talent issue facing organisations globally, with 89% of South African respondents rating the trend as urgent and important.

The challenge is to develop leadership pipelines that are global, broad and deep, reaching to every level of the organisation.

Click here for a summary of the highest ranking trend in South Africa which is Leadership

Click here to download the Global Human Capital Trends Report for South Africa

If you have any questions or require a more detailed discussion on your organisation’s leadership development requirements, contact Werner Nieuwoudt at wnieuwoudt@deloitte.co.za

 

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