*Missed the live Masterclass? You can now watch it on demand here
In the latest episode of the Top Empowerment Masterclass Series, in partnership with Nedbank, the spotlight fell on the challenging task of attaining Level 1 B-BBEE status in a manner that goes beyond simply just complying with standards — it’s all about sustainable transformation.
A great example to zoom in on, Nedbank’s transformation approach supports both national and business priorities and its strategic intent is linked to its purpose statement to use financial expertise to do good. The financial organisation is further guided by some key principles and a robust governance structure to ensure execution in line with its agenda to lead transformation. Key principles include transformation transcending compliance beyond the codes, contributing to a sustainable future for all, and adopting an integrated and not a transactional approach to transformation.
Hosted by Ralf Fletcher, Topco Media CEO, the Masterclass welcomed the expertise of guest speaker Kershini Govender, Executive Head: Transformation & Strategy at Nedbank Group Ltd., as the two business professionals engaged in critical conversation on the principles of sustainable transformation and achieving a Level 1 B-BBEE status. Pivotal to the agenda was addressing common challenges around improving your scorecard, key data and case studies from Nedbank’s Transformation Journey, and the 5Cs to drive strategy development.
Key takeaways from this Masterclass include:
- Your transformation journey matters! Transformation needs to be a catalyst for the higher levels of inclusive growth that our country needs right now.
- We must avoid ‘narrow-based’ empowerment as it only benefits a small group of people. Broad-based empowerment is the way to go as it challenges everyone to aim higher and be more inclusive.
- How are you employing and integrating your capital? This is the big question. Transformation and Growth are positively correlated – your bottom line and earnings will see a massive improvement as a result of organisational transformation efforts.
- Doing good is not just about words or complying; doing good should be a principle that you live by on a daily basis which deliberately contributes to making a great difference in society.
- The transformation journey is filled with many dips and challenges that will need to be overcome before one actually achieves some level of transformational change; these include fear, skills gaps, business model issues, and even resistance to change.
- The 5Cs for success are clarity of purpose, commitment from leadership, culture change, creative compliance, and communication & connection.
- Tip: For change to happen in any organisation, especially where empowerment and transformation is concerned, a guiding coalition is needed. It won’t help to receive buy-in from the top; everyone, at every level, needs to be committed to the same goal. Everyone must truly believe in the mission!
- A great strategic framework for transformation includes: integrity, respect, accountability throughout the organisation, a client-driven approach, and adopting a people-centred culture.
- What is your organisation’s ‘Purpose Statement’? Transformation needs to be positioned as a ‘key strategic enabler’ within your framework if you’re going to achieve Level 1 status.
- B-BBEE is still relevant. However, there needs to be a drastic shift and pivot to accommodate the new world and new ways of working.
Kershini Govender is currently Executive Head: Transformation & Strategy at Nedbank Group Ltd. Her experience over the past 24 years has been in the disciplines of Strategy, Business Analysis, Project Management and Business Transformation. She previously worked at Promat (Transnet) and JSE Securities Exchange South Africa. Kershini currently represents Nedbank at the Banking Association of South Africa on the Financial Sector Charter Workgroup, is on the Board of Trustees of the Nedbank Community Trust and is also a qualified coach through the International Coach Federation (United States of America). She graduated from the University of Natal with a Bachelor of Commerce (Business Finance & Business Logistics) degree and also completed her Masters in Science (Behavioural Change and Coaching) through Henley Business School, with distinction.