Our People
Message from our Group HR Executive, Masenyane Molefe
From a human capital perspective, 2023 brought unique challenges. Of special note was the extensive change management process required to operationalise our new five-year strategy. This involved fundamental changes to our organisational structure. While this was disruptive, we managed the process within the context of our purpose- and values-driven culture, one in which an empowered workforce is inspired to continuously improve PPS’s value proposition to members, advisers and other stakeholders.”
Our human capital philosophy
At PPS, we aim to attract, develop and retain select employees who are committed to and capable of delivering on our Member Value Proposition (MVP). This has always been our primary focus and will remain so as we move into a new era.
Therefore, our human capital philosophy and management practices are informed by a well-defined and robust Employee Value Proposition (EVP), which expresses the value we place on our employees and the kind of working environment we aim to create and sustain. We also actively foster a purpose- and values-driven culture based on the principle that how we treat our employees ultimately defines how they treat our members.
Our culture
Building and maintaining a strong leadership and organisational culture is an essential focus for us, which is why this is one of our eight strategic themes (See the 2023 PPS Integrated Report for more details about our eight strategic themes). Our organisational culture drives results and supports caring, learning, development and a sense of belonging.
Our formal recognition programme, the Dream Protector Awards, recognises staff achievements. The awards acknowledge our employees’ hard work and dedication in protecting and furthering our members’ dreams. Our broader cultural journey further ensures that all our staff continue to receive training related to our values programmes, which include the Values Factor, Working the PPS Way and Communicating the PPS Way.
We are now offering comprehensive training on environmental and social issues to complement our existing governance training. This aims to thoroughly familiarise our employees with ESG principles and lean management concepts.
Our demographics
In 2023, our total headcount increased to 1 599 (from a total of 1 490 in 2022). This reflects organisational growth and the gradual filling of vacant positions due to a recruitment slowdown during and immediately after the pandemic. The local staff profile is majority black and two-thirds female.
|
Nationality |
2022 |
2022 (%) |
2023 |
2023 (%) |
|
South African (African, Indian, Coloured) |
1 106 |
74.2% |
1 202 |
75.2% |
|
South African (White) |
344 |
23.1% |
353 |
22.1% |
|
Foreign |
15 |
1.0% |
15 |
0.9% |
|
Namibian |
25 |
1.7% |
29 |
1.8% |
|
Total |
1 490 |
100% |
1 599 |
100% |
|
2022 |
2022(%) |
2023 |
2023(%) |
|
|
African |
656 |
45% |
738 |
47% |
|
Coloured |
266 |
18% |
278 |
18% |
|
Indian |
184 |
13% |
186 |
12% |
|
White |
344 |
24% |
353 |
23% |
|
Total |
1 450 |
100% |
1 555 |
100% |
|
Gender |
2022 |
2022 (%) |
2023 |
2023 (%) |
|
Male |
517 |
36% |
559 |
36% |
|
Female |
933 |
64% |
996 |
64% |
|
Total |
1 450 |
100% |
1 555 |
100% |
The organisation benefits from fresh thinking and innovative problem-solving, as 44% of our workforce is younger than 36. This balance complements the knowledge and experience of our older staff members.
|
Age |
2022 |
2022 (%) |
2023 |
2023 (%) |
|
20 to 25 |
105 |
7,0% |
113 |
7,1% |
|
26 to 35 |
516 |
34,6% |
591 |
37,0% |
|
36 to 55 |
786 |
52,8% |
806 |
50,4% |
|
56+ |
83 |
5,6% |
89 |
5,6% |
|
Total |
1490 |
100% |
1599 |
100% |
In line with our youthful staff profile, two-thirds of employees have been with the organisation for five years or less. A considerable number, nevertheless, have much longer tenures, effectively balancing youth and innovation with skills, experience, and rich institutional knowledge.
|
Tenure |
20 - 35 |
>35 |
Total |
|
0 to 11 months |
247 |
101 |
348 |
|
1 to 5 years |
329 |
267 |
596 |
|
6 to 10 years |
117 |
236 |
353 |
|
11 to 20 years |
11 |
264 |
275 |
|
21 to 30 years |
0 |
23 |
23 |
|
>30 years |
0 |
4 |
4 |
|
Total |
704 |
895 |
1599 |
|
Percentage (%) |
44% |
56% |
100% |
Human capital management in 2023
We face rapid, disruptive change, talent attraction and retention, cost control pressures and employee engagement challenges. Despite this, we are excited for the future, preparing for digital transformation and growth to meet the demands of the future workplace.
We have made extensive changes to ensure PPS is agile and responsive to shifting needs in the graduate professional market, economic challenges, and evolving competition.
Organisational restructuring
Introducing our new five-year strategy prompted an evaluation of our organisational effectiveness and market entry strategies. Collaborating with a global consulting firm, we streamlined our structure and established a Mutuality division for a comprehensive brand experience. We integrated advisory and distribution functions to offer lifelong financial management. This transitioned us into a financial services group focused on holistic solutions, prioritising member outcomes.
We managed staff impacts and updated our EVP to reflect our enhanced focus on mutuality.
Talent attraction and retention
The talent market remains highly competitive, with many financial services companies attracting scarce talent through higher salaries, unique benefits, flexible work options and long-term incentives. At PPS, we strive to be an employer of choice, guided by three principles: #WeCare, #WeConnect and #WeThrive.
Our remuneration is market-aligned, with ongoing employee evaluation. Development and recognition are key components of our processes. We recruit through traditional and social media, and applications are managed with a digital system. Our interventions support the holistic employee experience, focusing on wellness.
We also prioritise succession planning. Read more about these initiatives under the heading The PPS Training Academy.
Employee wellness
We maintain our focus on employee wellness through our partnership with Reality Wellness. Among employees, the top five reported risks include anxiety, adjustment to change, family and relationship issues, and acute stress. In line with our holistic approach, tailored interventions are designed to address these concerns.
Furthermore, we offer additional wellness benefits such as a newly launched gym at our Johannesburg head office, Group-wide and divisional events held throughout the year and monthly in-person social gatherings. These initiatives facilitate personal contact among employees, many of whom work on a hybrid basis and foster connections with colleagues.
Employment equity and Transformation
The Employment Equity Amendment Act (No 4 of 2022) came into effect on 14 April 2023, bringing significant amendments to the Employment Equity Act of 1998. In particular, it introduced sector-specific employment equity targets and PPS is well within the numerical range specified for the financial services sector.
As always, we remain committed to meaningful transformation. A new Transformation Forum is elected at the end of each year to serve for the following year. This forum oversees all issues relating to organisational transformation.
We go beyond the legislative requirement regarding transformation and work on broader diversity and inclusion issues that employees may experience.
Rewarding performance
Rewarding exceptional performance is a cornerstone of our human capital management practice and this is done using several different mechanisms. Firstly, all employees undergo a biannual performance review to complement ongoing performance management. The outcomes of the performance reviews are considered during the annual remuneration review, which takes place in January every year.
Retirement and disability benefits
Retirement benefits are naturally a vital component of our EVP.
Another notable offering is our disability benefit, which provides employees with a salary should they be unable to do their work, either temporarily or over a longer period.
Risk management
Due to the high risk of fraud and theft in financial services businesses, we conduct an annual Fraud Week in May to raise awareness of this risk among employees. Online safety awareness programmes and simulations are also conducted throughout the year to keep staff informed of the growing sophistication of cybercrime and its associated risks.
Our human capital management system
Our human resources management system is consistently enhanced to improve employee self-service, performance management, disciplinary procedures, employee onboarding and staff development and termination records.
PPS Training Academy
The PPS Training Academy aims to improve the professional skills of our staff. In 2023, the focus areas were leadership and culture, digital expertise and innovation, distribution, and service.
For leadership and culture, the Leading the PPS Way programme develops leaders at all levels. At the same time, the Young Leadership Forum offers a rigorous three-year journey focusing on Harvard ManageMentor content, strategic projects and internal mentorship.
In digital proficiency and innovation, we integrated digital tools into daily work to optimise efficiency and collaboration. Our company’s digital citizen programme, Race to 150, is designed to enhance our employees’ knowledge and skills in digital technologies. The programme's four phases are intended to move our staff from digital citizenship to the status of digital collaborators, then digital creators and, ultimately, digital competitors.
In distribution, weekly Did You Know? sessions targeted independent advisers, and in service, a culture of excellence was cultivated through learning journeys.
The Academy surpassed key goals in 2023, demonstrating its dedication to excellence and ongoing development.
Staying competitive through people
At PPS, we regard our MVP and EVP as complementary and believe they offer a unique competitive advantage. In line with this and our Vision 2027, we will continue to assess and adapt our human capital practice in response to our staff and local and international best practices. This commitment benefits our staff, our members and our independent financial advisers.
https://www.pps.co.za/human-capital-management