FOCUS effort to work in and create opportunities to give back through staff volunteering. Staff who want to participate can choose if they want to give of their time, or they can give from their paycheck. To honour their contribution, Old Mutual then matches that amount at the end of the year and distributes it to the relevant communities. We also make funds available for our staff members who have been working on community projects. This is our Staff Volunteerism programme where Old Mutual will donate up to R20 000 to a project if our staff are supporting it with their time. This obviously gives back to the community, but it also allows Old Mutual to honour and support our staff who give of their time through a meaningful cash donation.
injury or illness, so the need to have insurance is definitely out there. However, there is a big educational need, which is why we went on a journey with our Financial Education which offers the public information on money management as well as financial workshops, and also employ facilitators to train communities, clients or stakeholders. Even if we don’t bring any business from these workshops and initiatives, they have a wider micro economic benefit, and this impacts on the macro economy, so we see it as an important project. However, once you start speaking to people it’s a whole new world and they suddenly realise they have been wasting money for a long time that could easily have been used to protect or build their financial life. It’s important to us to help people who aren’t earning much to realise their dreams and to reach their goals. What we aim to bring to the attention of our clients is the fact that, when it comes to your finances, if you make a mistake you won’t pay for it now – instead you really pay for it in 10 to 15 years time. Unfortunately a lot of people wake up too late and suffer financially. This is also why it’s critical to get out there to the young workforce in particular, because if we can help people to start out with the right decisions and products from the start of their career it will make a tremendous difference to their financial future.
What is different about how you do your business?
With our Mass Business unit we pay our advisers salaries, not commission. We find that salaried staff are better able to offer the correct service to the public and that distinguishes them from commission earners who are, perhaps understandably, motivated by their commission. By paying them a salary we believe it allows them to really look after the client and to build trust as a financial adviser, not just a sales person. Our advisers are then better able to sell a client what they need and what they can afford, not what the salesperson wants in terms of their commission. Our aim is to provide that really good service because then we start to build a good relationship with the client and they will then hopefully want to seek our advice for their other future needs. We see it as really caring for their wellbeing and then going on a journey with the client, and by seeing them as a person. We’re also very passionate about our people our clients and our staff – and if you walk into our business you will get the sense for how they care. That spirit has really helped to make us successful.
How else does Old Mutual give back to the community?
We are passionate about giving back to the communities in which we work, so we make an
WESTERN CAPE BUSINESS 2017