Financial Sector Charter Ownership & The Road to 2008

Challenges for the Financial Sector Competing in the New Economy Competing through High-Performance Work Systems Competing by Meeting Stakeholders’ Needs Competing through Globalization

Intangible Intellectual Capital 75% of the source value in a company is intangible intellectual capital Refers to; Creativity, Productivity, and Service provided by employees Many companies are interested in developing Intellectual Capital to gain advantage over competitors

Increased Valued Placed on Knowledge President Mbeki’s Vision: FEDUSA CONGRESS 2002 “ This new worker will want to see Africa occupying her pride of place amongst the nations of the world as a developed and prosperous region … that the continent begins to develop the manufacturing and beneficiation capacities that will ensure that we export complete and high value products “

Knowledge Workers Knowledge workers are employees who owns the means of producing a product or service. Knowledge workers contribute specialized knowledge that their managers do not have, such as information about customers. Knowledge workers have many job opportunities; if they choose; they can leave a company and take their knowledge to a competitor If the Financial Sector intend to achieve it’s 2008 empowerment objectives then you must develop a management style that will empower your employees.

Empowerment: Knowledge Workers Empowerment means giving employees responsibility and authority to make decisions regarding all aspects of product development or customer service. Employees are then held accountable for products or services; in return, they share the resulting rewards and loses For empowerment to succeed, managers must be trained to link employees to resources within and outside the company.

Partnership & Co-operation Stakeholders in the financial sector should develop their sector skills plan to incorporate the ambitions of the knowledge worker. Such a programme will contribute to transform the financial sector.