Insights
By: Reyneke Van Wyk
Increased diversity accompanies strong performance for SA business – Reyneke van Wyk
Our continuing commitment to achieving inclusive growth
Stonehage Fleming in South Africa has enjoyed its best few years since Stonehage merged with Fleming Family and Partners in 2014. “It is no coincidence that this has all been achieved while the business has been transforming to become more representative of the society it operates in”, says Reyneke van Wyk, Head of Stonehage Fleming’s Investment Division in South Africa.
According to Statistics South Africa, the country’s official unemployment rate reached 34.9% in the third quarter of 2021 – the highest rate since the quarterly labour force survey began in 2008 and the highest on a global list of 82 countries monitored by Bloomberg.
“As a firm, we are committed to achieving inclusive growth to help tackle the employment crisis”, says Reyneke. “While we recognise that there is still a great deal of work to be done, especially at senior level, we are proud to say that we are on the path towards economic growth that is distributed more fairly across society, creating opportunities for all”, he adds, citing key management information to explain where that increased diversity has been seen.
“Over the last five years (since August 2016), we have doubled the number of Stonehage Fleming employees in South Africa. Over the same period, the representation of people of colour within that workforce has gone from 17% to 35% – more than a third of our staff overall”.
From the point of view of gender parity, the statistics reveal another encouraging trend, says Reyneke. “Five years ago, only one of our senior management* team of 15 was a woman. Today, that proportion is over a third – eight out of 25 is female. And with women making up 55% of our work force on the ground in South Africa overall, this trend is set to continue. The benefits of a diverse workforce are clear. Not only does it help with employee retention but it undoubtedly improves our ability to better service our clients’ needs. In our truly client-centric culture, all high performing individuals are welcome”.
*employees at partner and director level