Strategic knowledge exchange is key to meeting 4IR corporate challenges

Kershen Pillay, CEO of The Graduate Institute of Financial Sciences, says strategic knowledge exchange is key to meeting the corporate challenges presented by the Fourth Industrial Revolution

Pillay believes that organisations need to mentor meaningfully and sustainably with innovation and socio-economic progression in mind. GIFS-powered initiatives such as the IIG Academic Programme transfer employable skills to school-leavers

One of the foremost thought-leaders within the Financial Services Industry has cautioned that to sustainably address the challenges posed by the Fourth Industrial Revolution (4IR), the sector needs to find innovative ways to transfer knowledge and skills.

Dr Kershen Pillay, CEO of The Graduate Institute of Financial Sciences (GIFS), believes strategic knowledge exchange initiatives are critical to unlocking fresh opportunities and new perspectives to address the changing dynamics of the modern workplace.

Speaking at the GIFS headquarters in Sandton this week, Pillay explained that, with new disruptive technologies gaining ground, we are faced within an increasing number of ‘unknown unknowns’. “If you consider the added challenge facing the Financial Services Industry i.e. an ageing workforce on one hand, and a record number of new entrants on the other, who are suitably qualified but lack industry experience, the need for strategic, reciprocal knowledge-exchange is paramount. However, with the multi-faceted challenges posed by 4IR, it is no longer enough to simply offer mentorship programmes. We need to mentor meaningfully and sustainably with innovation and socio-economic progression in mind.”

While GIFS takes its corporate responsibility towards positively shaping national conversations seriously, under Pillay’s leadership, the financial services education powerhouse has morphed from being a conversation catalyst to a conversion catalyst – mobilising the power of education to tackle 4IR challenges head-on to can create a better Africa for all. “We genuinely believe that by weaving innovation with strategic mentorship, and by empowering talent with employable skills and industry insight, we can accomplish this and much more,” says Pillay who was named TYI Top 100 Young African Innovator of 2018.

Leading the way in ground-breaking mentorship measures, GIFS powered four national programmes that offered a unique brand of skills and knowledge exchange in 2019, with plans to roll out further initiatives next year. In Gauteng, GIFS harnessed the grassroots influential capacity of community radio stations Kasie FM and Thetha FM to elicit social and economic change. In partnership with insurance giant, Constantia, the LIT initiative empowered 30 school-leavers with employability by providing them with a one-year, accredited short-term qualification.

The IIG Academic Programme saw the selection of 13 school leavers for an intensive one-year programme formulated by GIFS. Formally structured, fully SAQA-compliant and 4IR-responsive, the NQF 5 programme spanned a year, after which GIFS facilitated employment placements for all 13 students at some of the country’s top insurance organisations.

Pillay believes that the future of the insurance industry lies in the hands of agile, globally-connected role-players who are armed with the relevant knowledge, skills and foresight. These are individuals who are not afraid of challenging existing mindsets, setting trends and blazing trails. However, these future game-changers need to be identified and nurtured for the Financial Services Sector to reap the benefits later. Hence, it is imperative that while involved in levelling the socio-economic playing fields, corporate South Africa also take the lead in fuelling sectorial growth, which he believes, involves channelling innovation through mentorship.

Programmes such as The Insurance Apprentice (TIA) that nurtures existing aspirant talent within the insurance industry and Learn, Progress, Ignite 2019 (#LPI19) are examples of this GIFS mindset in motion. Both TIA and #LPI19 are classic mentorship-driven initiatives with a modern twist. They nurtured millennial talent by providing them with access to some of the finest minds in the industry. “What became clear very quickly in both these programmes is that successful knowledge exchange is a two-way process. As much as the seasoned professionals impart key learnings, wisdom and insights from their personal journeys, they themselves benefited from the millennial mindset i.e. a different, perspective of the world which, undoubtedly, is what’s needed to step-change the Financial Services industry.”

Pillay’s passion for transformative education and mobilising untapped potential to elicit significant, relevant and impactful change earned him a place as a finalist in the Top Young Executive of the Year as well as in the Fast Growth Business of the Year categories at The National Business Awards last month, his third nominations in as many years. He was also nominated for The Driver of Change Award and The SMME Change Award at the Vision 2030 Awards last month.

“Imparting key skills and knowledge to empower young individuals who are passionate about the insurance industry is a great way to encourage mobility through ideas and innovation,” explains GIFS CEO, Kershen Pillay. “At GIFS, we are deeply committed to using education to positively transform individuals and communities, and we believe there is no greater change-agent than impactful youth education. After all, what good is knowledge if it isn’t shared?”