South Africa has a skill-deficit of more than 50 percent in many areas of business, one being technology. Michael Shapiro, CEO Synthesis, therefore explains why development of skills is crucial for financial achievement. This is a major development challenge for younger people.
The problem is compounded by the understanding of the need of digitisation by South African banks, which in fact will not endanger the institution.
Change rates are also a major factor. The result is that people just don’t have time to train for the required roles. According to Alpheus Mangale, Chief Information Officer, his company struggled in particular to fulfill posts that did not exist a few years ago–like cloud technicians. In consequence he said that when such skills are found, the banks can expect to pay a’ 20-30% premium.’
The good news is that there is no panic between the banks and other financial institutions. These companies should also change their thinking and see outsourcing in conjunction with worldwide trends as a solution to this dilemma. Synthesis Software Technologies ‘ strategy has seen increasing numbers of companies and finance companies over the past two decades.
The benefit for them is that the talent pool is continually advanced, can leverage important abilities in the sector and provide the best of race abilities with low entry barriers and minimum overhead. The banks ‘ teams can easily co-source special requirements.
Technology companies make an important contribution to the training, up-to-date and mentoring of the broader talent group in terms of the industry as a whole.
In fact, it will undoubtedly increase the pressure on more established Tier 1 banks with the launch of Discovery, TymeBank and others. However, I feel that an outsourcing of skills is an elegant and sensitive option rather than panic and trying to ‘ take ‘ whatever skills come.
This does not mean that companies like Synthesis have an endless choice for trained employees. Quite the opposite. At Synthesis, we know very well that many of our team may have abilities in some fields of technology, but not in others. This is not enough in today’s competitive, sophisticated environment.
We expect our team to be able to interact efficiently and to understand ethical norms easily from a “tech” setting to a financial institution’s setting. This is why education mentoring and coaching are a major component of culture and not an addition. We know that few have this ability. We have launched a Synthesis Academy that offers results-based on-site training, larger than internal capabilities.
Facilitators are among the leading technical experts in the region. We also provide our clients with practical skills and social forums for debate and mentoring in classes in addition to theory.
Cloud, Artificial Intelligence (AI) and Machine Learning technology specialists alter your business ‘ way of operating, innovating and reacting. All of which are available at the Academy.
A lack of skills and unemployment in South Africa presents the solution as well as the challenge. While we can not resolve domestic conflicts ourselves, at Synthesis we trust ourselves to create a distinction. One individual at a moment.