Old Mutual answers call for job creation
While the economy is shedding thousands of jobs, it is heartening to see job creation initiatives stepping into the breach to alleviate the plight of the unemployed, particularly those in the peri-urban and rural areas.
Last year Old Mutual’s Masisizane Fund and its partners created 2 804 jobs in businesses ranging from agriculture, manufacturing to transport services and clothing retailing.
This was revealed with the release of Old Mutual SA’s Corporate Citizenship Report (CCR) for 2008, which showcases the wealth management company’s investments in sustainable development initiative, and features the value it has added to many communities and individuals across the country.
Masisizane is a Section 21 company that was created following the closure of the Old Mutual Unclaimed Shares Trust, with the objective of contributing powerfully to the economic transformation of South Africa.
“Job creation and making a dent in unemployment remain key economic challenges for South Africa, and we are pleased that our enterprise development initiatives are starting to bear fruit,” says Crispin Sonn, Director of Corporate Affairs at Old Mutual (South Africa).
“Given the severity of the global economic crisis and its impact on the domestic economy – which shed more than 200 000 jobs in the last quarter – we aim to accelerate our economic transformation initiatives to help the country achieve its stated objective of halving unemployment by 2014,” adds Sonn.
As the first company in the financial services sector to present a corporate sustainability report, Old Mutual has demonstrated its contributions to South Africa’s transformation each year since 2002.
“The success of these initiatives should deliver several national benefits: wealth for entrepreneurs, an enlarged national tax base, improved access to education and training, and re-investment into marginalized areas of the economy,” says Sonn.
Development comes in many forms.
- In 2008, Old Mutual became the founding member of the Makhaya Ntini Cricket Academy. It is an initiative through which the South African cricket hero, Makhaya Ntini, in partnership with Old Mutual, is able to share his passion for the game with children from the Eastern Cape and provide advancement opportunities for gifted players.
- The Old Mutual Foundation’s support for secondary education is addressing the shortage of students who pass mathematics and science with university exemption.
- Through the Ilima Trust, Old Mutual has deployed some of its retiring senior executives and managers to municipalities around the country to help with the upskilling and knowledge transfer of critical skills to ensure local governments have the capacity to deliver efficiently. Ilima has also taken on work from the Department of Social Development and is assisting in skills development in this crucial area.
“These milestones are examples of the efforts taken by Old Mutual to give meaning to the phrase “What is good for South Africa, is good for us,” says Sonn.
“Old Mutual is committed to playing a meaningful role in the economic transformation of South Africa through enterprise development, and skills and capacity building,” concludes Sonn.
