OUR BUSINESS
OPERATING CONTEXT
Internal Environment
During FY 2022/23, the Fund underwent a series of activities that highlighted its resilience and dedication to its core principles of transparency and accountability. In addition, the expansion of the Funds mandate to include all private entities and the informal sector necessitated alignment of the Fund’s business model, but also the development of new products to cater for the unique needs of the new membership.Here are the key internal highlights:
Navigating Challenges and Embracing Change
The internal operating context was characterised by unprecedented challenges and opportunities. The Fund underwent investigations by various oversight bodies. Our robust processes and people enabled seamless support during this time. The Fund is committed to ensuring that the concerns raised are addressed and is dedicated to continuous accountability and transparency to all stakeholders. The Fund has taken time to reflect on lessons learned, and a crucial aspect of our sustainability lies in clear, transparent communication with all key stakeholders. We believe in innovative decision-making, and we shall ensure visibility of our direction with all our stakeholders to be part of this transformative journey.
Re-Organisation: Adapting to the New Landscape
A pivotal achievement during the year was the successful implementation of the new organisational structure. With the introduction of the NSSF Amendment Act 2022, it became imperative to revamp our internal framework to respond to the changing demands of our stakeholders effectively.
This restructuring initiative created approximately 30 new positions, and more than 120 employees transitioned to new roles within the organisation. These changes were driven by the need to align our workforce with the evolving landscape, marking a significant milestone in enhancing our operational capabilities.
Review of the Business Model: Forging Strategic Partnerships
In our pursuit of sustainability and growth, we piloted a new business model emphasising collaboration and partnerships. This model focuses on forging strategic alliances with apex bodies, including various ministries, to expand our reach and coverage.
Through these collaborative efforts, we have achieved remarkable results, with a 40% increase in the companies registered. This strategic shift underscores our commitment to adaptability and responsiveness to the changing needs of our members and stakeholders.
Reskilling for the Future: Empowering Our Workforce
We recognised the importance of empowering our workforce with the necessary skills and knowledge to successfully execute the agile structure and implement the new business model. Thus, the Fund initiated a comprehensive reskilling programme, equipping our employees with Insurance, Customer Acquisition, and Financial Advisory certifications.
Over 150 employees participated in this programme, gaining valuable expertise that aligns with our new business model. This investment in our personnel has been instrumental in facilitating the transition and deployment of employees into the newly created positions, ensuring a seamless adaptation to the new operating environment.
New products: Smart Life
Smart Life is a life-style-oriented ecosystem of products and services targeting voluntary savings. It includes tenor-based saving and investment products, and insurance services. This product is under development, and it is specifically targeting our voluntary membership.
Change Management: A Continuous Journey
Change is a constant in today's dynamic business environment, and our approach to managing it has been systematic and continuous. While we have implemented a change management plan, it is essential to note that this is an ongoing process, mainly as our new business model is still in the pilot stage.
Our People and Culture team has established a dedicated change section to facilitate this process. This team closely monitors the various aspects of our evolving business landscape, enabling them to develop initiatives that support a successful transition while preventing employee burnout.
In conclusion, the financial year was marked by challenges that have propelled us to innovate, adapt, and transform. Our commitment to ensuring business continuity and sustainability remains unwavering, and our strategic measures have positioned us for a future of growth and resilience.