November 02, 2024
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The 'Great Resignation' is here to stay, says global employment firm
Africa-news

The 'Great Resignation' is here to stay, says global employment firm

April 04, 2022

The "Great Resignation" shows no sign of easing and a dwindling supply of workers may be here to stay, according to Randstad NV, a global provider of employment services. 

Fewer people in the job market, underpinned by a long-term demographic trend, is allowing talented workers to have more options and they’re going where their needs are met, said Sander van't Noordende, who took over as chief executive officer of the Dutch company.

"That is sort of a change today: Employees are more prepared to attach consequences to their unhappiness or not getting what they want," Van't Noordende said in a phone interview as Randstad revealed its latest Workmonitor report. "They’re prepared to quit their job if they’re not happy." 

The Great Resignation has been a boon to employees searching for better working conditions and higher pay. Economies bouncing back from the pandemic and work from home options have made it easier for employees to quit unappealing positions and look for alternatives, driving up wages. 

One-third of the participants in Randstad’s survey said they have left a job because it didn’t fit their personal lives. More than half of Millennials and Gen-Z respondents said they would quit a job if it prevented them from enjoying life. That compares with just over a third of those polled who identify as Baby Boomers.

Although 83% and 71% of those polled say flexible hours and workplace were important, respectively, most said they feel like they don’t have a choice of where to work, and two in five can’t control their hours, according to the report. 

"Employers really have to raise their game in terms of personalizing the work experience for every individual employee," Van‘t Noordende said.

With a decline in Covid-19 cases, companies are increasingly calling their employees back to the office, at least for part of the week. Still, apart from some financial services institutions, Van‘t Noordende said he hasn’t heard of many companies asking all employees to fully return to the office. 

"Most senior level executives understand that they can trust their people," in terms of flexible work arrangements, he said. "The role of the office is becoming more of a collaboration and meeting place than a place where the work gets done."-fin24

RCS acquires iStore, Takealot and Superbalist's online credit platform
Africa-news

RCS acquires iStore, Takealot and Superbalist's online credit platform

April 04, 2022

Unsecured consumer credit provider RCS has acquired Mobicred. The company, owned by French group BNP Paribas now gets a foot in the growing buy-now-pay-later market to fund retail purchases.

CRAN suspends awarding of new telecoms and broadcasting licences
Technology

CRAN suspends awarding of new telecoms and broadcasting licences

April 03, 2022

The Communications Regulatory Authority of Namibia (CRAN) has temporary suspended the awarding of new Telecommunication and Broadcasting Service Licences for a period of one year, with effect from the 1st of October 2022.

DBN offers TransNamib N$2.6bn loan despite liquidation threats
Companies

DBN offers TransNamib N$2.6bn loan despite liquidation threats

April 01, 2022

 The Development Bank of Namibia (DBN) says it carried out its due diligence on TransNamib before availing a joint N$2.6 billion loan with the Development Bank of South Africa (DBSA).

AfriTin in record production, ups Standard Bank loan by N$40m
Mining

AfriTin in record production, ups Standard Bank loan by N$40m

April 01, 2022

AfriTin Mining Ltd produced record annual tin concentrate from its flagship Uis mine.

Private sector credit up 2.8% in Feb
Finance

Private sector credit up 2.8% in Feb

April 01, 2022

Credit extended to the private sector grew by 2.8% y/y in February, compared to 2.7% y/y in January according to latest data from the Bank of Namibia (BoN).

Will oil, Green Hydrogen provide the boon for the South
Economy

Will oil, Green Hydrogen provide the boon for the South

April 01, 2022

The country’s Southern region is expected to benefit from a huge influx in investment inflows and increased employment opportunities following the discovery of oil and plans by the government to attract Green Hydrogen projects in the region, but concern is that the jobs may be temporary.

Nedbank Namibia awards top achievers
Finance

Nedbank Namibia awards top achievers

April 01, 2022

Nedbank Namibia held its annual Employee Top Achievers Awards 2021 ceremony where the bank recognised the high achievers who excelled in their respective fields.

Namibia2Go car rental launches hybrid vehicles
Tourism

Namibia2Go car rental launches hybrid vehicles

April 01, 2022

Namibia2Go has become the first car rental company in Namibia to add hybrid vehicles to its fleet.

Old Mutual Insure eyes more acquisitions and partnerships
Africa-news

Old Mutual Insure eyes more acquisitions and partnerships

April 01, 2022

This is likely to be a busy year for  Old Mutual's short-term insurance division, Old Mutual Insure. After buying 51% of underwriting management agency ONE Financial Services Holdings in January, Old Mutual Insure said it continues to investigate acquisition options and opportunities for inorganic business growth.

The insurer, which owns iWYZE, Mutual & Federal Risk Financing (MFRF) and Credit Guarantee Insurance Corporation (CGIC), published its integrated annual report on Thursday. In that report, the company said it has developed an acquisition strategy. It also has "comprehensive partnership plans" to help it drive growth in 2022 and beyond.

"OM Insure will continue investigating acquisition options and opportunities for inorganic business growth. Our current 9% market share gives us a lot of scope for upward movement, particularly in the direct channel," said the insurer's MD Garth Napier.

iWYZE is OM Insurer's direct short-term insurer, selling gap cover, home, car and other short-term insurance products to retail consumers. It also launched direct commercial insurance for small businesses in 2020. It is the smallest business in the OM Insure stable, with R1.14 billion of gross written premiums collected in 2021.

MFRF, the group's cell captive insurer that offers insurance to corporate customers like Guardrisk, is the biggest OM Insure subsidiary, with more than R1.7 billion in gross written premiums collected in 2021. CGIC, the subsidiary that provides trade credit insurance across the African continent, is the second largest.

OM Insure already commands a substantial market share in the specialist insurance space. It said CGIC's market share in SA rose to an estimated 80% in 2021.

But there's still a lot of room for growth in iWYZE. In 2021, iWYZE grew premiums by 12.9% from 2020, even though the direct retail insurance market is highly contested by larger incumbents that have been around before it, banks and new InsurTech players.

OM Insure said iWYZE is "steaming ahead" and has been growing its market share. It had approximately 158 000 at the end of 2021. OM Insure said extending iWYZE's product offering and partner network to continue gaining market share and making strategic acquisitions are its top priorities this year.

Last year, the company developed on-demand insurance for iWYZE, Comma Insure, which allows customers to activate cover as and when they need it. Since 2020, OM Insure has also entered into several partnerships to distribute its products through channels not owned by Old Mutual. One of those was the partnership with peer-to-peer InsurTech player Pineapple Insurance.

And as OM Insure chase growth through these partnerships and acquisitions, it said it is determined to not fall into the trap of trying to gain market share while shooting itself and shareholders on foot through selling inferior insurance products at discounted cost.

In 2021, OM Insure's underwriting margin rose to 4.9%, bouncing backing from a loss of 2.6% in 2020. That margin, which gauges the profitability of the business that insurers underwrite, was just 0.4% in 2019. The company's profit after tax of R729 million was also more than double what it reported in 2019 and even bigger than the R705 million recorded in 2018.-fin24

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