OUR STRATEGY
PERFORMANCE AGAINST STRATEGY
How we performed against key metrics to measure performance
Our reward and incentive structures are directly linked to both individual and business performance. The tables below illustrate how we performed against key metrics to measure performance.Targets Exceeded
Targets Achieved
Below Targets
New Measure Targets
The overall CSI score has risen to 88%, indicating a significant improvement. This increase can be largely attributed to a higher satisfaction level with the Fund’s Products within the overall CSI assessment. However, there has been a slight decline in the Brand's image compared to the previous year. This is notably reflected in the brand equity index, which now stands at 71% from 74% the previous year. The decline in brand equity is primarily driven by a decrease in brand engagement, which has seen an 11% decline. This is primarily linked to how members perceive the brand.
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Providing world-class service to our members |
WEIGHTING 30% |
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| Objectives | Key Measures | Target | 2021 | 2022 | 2023 | Outlook for the year ahead - 2023/2024 |
| Improve customer satisfaction | Customer satisfaction index score | 85% | 86% | 82% | 88% | 95% |
| Improve brand image | Tonality score | 80% | 83% | 95% | 79% | 90% |
| Brand Health Survey Rating | 75% | 71% | 74% | 71% | 75% |
Our total assets grew to UGX 18.56Tn, which was 2.3% mainly due to heightened market volatility, particularly impacting the performance of our Equity Portfolio. An additional contributing factor was the performance of the Kenyan shilling in relation to the US Dollar. This dynamic created a notable impact on our overall return on investment for the duration of the fiscal year.
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Achieving competitive returns and sustainable growth |
WEIGHTING 30% |
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| Objectives | Key Measures | Target | 2021 | 2022 | 2023 | Outlook for the year ahead - 2023/2024 |
| Increase contributions | Average Monthly Contribution Collections | 135Bn | 114Bn | 125Bn | 144Bn | 160Bn |
| 1 Month Employer Compliance rate | 52% | 51% | 55% | 57% | 60% | |
| Increase income earned | Gross Target return on investment | 11.52% | 15.91% | 11.52% | 8.11% | 11.52% |
| Improve cost efficiency | Expense ratio | 1.16% | 1.06% | 1.18% | 1.03% | 1.08% |
For more than a year now, aided by the NSSF Act amendment, the Fund has had the capability to develop and pay new types of benefits as specified in ILO convention 102. However, the regulatory framework pertaining to some facets of the revised Act is yet to be finalised by Parliament. A definitive action plan has been formulated and we believe that by harnessing advanced operational methods and cutting-edge technology (supported by our core system OctoPAS) in conjunction with a robust branch network, once the regulatory framework of the Act is finalised by Parliament, we shall be able roll out several new products to our members.
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Increasing efficiencies to improve service delivery |
WEIGHTING 20% |
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| Objectives | Key Measures | Target | 2021 | 2022 | 2023 | Outlook for the year ahead - 2023/2024 |
| Improve data quality | Data Quality Index | 100% | 98% | 101% | 100% | 100% |
| Improve service delivery | Benefits processing turnaround time, days | 9 days | 8 days | 12.3 days | 11.9 days | 7 days |
| Improve governance, compliance & risk mgt | Governance and Compliance Index | 100% | 100% | 100% | 100% | 100% |
| Increase value-added products and services | Number of new products and services | 2 | 0 | 2 | 1 | The focus will be on ensuring that all regulations for the NSSF Act are finalised to provide a framework through which new voluntary products will be delivered to our members |
| % uptake of new product/ service | 30% | 10.5% | 100 | 0% | ||
| Enhance technology impact | % completion of milestones for the deployment of the new Pensions Administration System | 100% | 92% | 96% | 70% | Full deployment of supporting digital infrastructure |
Even though we saw a reduction in our staff satisfaction index, the Fund remains committed to future readiness by offering ongoing training and development for employees to adapt to evolving needs and technological advancements. Employee engagement and wellbeing remain priorities, with assistance programmes and mental health support to tackle emerging risks. Diversity and inclusion initiatives will be fortified to align with societal shifts, aided by addressing unconscious biases in HR processes.
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Becoming the employer of choice |
WEIGHTING 20% |
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|---|---|---|---|---|---|---|
| Objectives | Key Measures | Target | 2021 | 2022 | 2023 | Outlook for the year ahead - 2023/2024 |
| Enhance performance culture | Staff satisfaction & engagement index | 90% | 94% | 92% | 86% | 95% |
| Enhance talent management | Talent Development and Management Index Score | 85% | 92% | 92% | 97% | 95% |