"You have to value skills and not just degrees. You have to have new education models and new pathways to get people retrained and back into the workforce". – Ginni Rometty, Chairman, President and CEO of IBM Corporation
The country has witnessed that the Fourth Industrial Revolution is causing a huge decline of the human touch in many financial roles. Most of their functions have become redundant or automated especially in the banking sector, which has been replaced mainly by online banking and mobile apps that can be used anywhere in the world to process transactions.
Mkhabela (2020) reports, “Education is and will remain critical for promoting inclusive economic growth and providing a future of opportunity for all. But as the technologies of the Fourth Industrial Revolution create new pressures on labour markets, education reform, lifelong learning and reskilling initiatives will be key to ensuring both that individuals have access to economic opportunity by remaining competitive in the new world of work, and that businesses have access to the talent they need for the jobs of the future”.
FRTC, through professional interaction as a training service provider with financial stakeholders understands the preferences and needs of consumers in the sector. Therefore, the Institution has prioritised upskilling and re-skilling through piloting QCTO qualifications with individuals employed in the financial sector. The QCTO Occupational Certificates such as Compliance Officer, Insurance Claims Administrator: Insurance Claims Assessor, Insurance Agent: Insurance Underwriter, Organisational Risk Practitioner, Bank Teller and the new qualification, Financial Advisor, addresses the current and diverse needs of the financial sector.
These QCTO programmes embraced with FRTC’s strategic teaching and learning process aligned to the expected outcomes of the financial industry, provides the following upskilling and re-skilling benefits to current and future stakeholders in the financial sector:
The South African Critical Skills List 2020 identifies a need for more financial skills that is in demand by all sectors (Kwach: 2020).
Hubbard (2019) explains, “For African finance departments, the challenges presented by the fast-changing world of work are being compounded by existing skills shortages as well as the departure of highly skilled finance professionals (often referred to as the “brain drain”)”.
In response to the demand of financials on the job market ,FRTC has invested in the upskilling and re-skilling revolution to ensure that the QCTO programmes produce graduates that meet the current and long-term needs of the financial sector, hence creating more business and employment.
FRTC’s education and training system is equipped to meet the skills needed in the financial sector for social and economic development by contributing to the reduction of:
Bernadette Felix advises, “Through skilling, upskilling and reskilling individuals via an effective education and training programme, the financial sector can become more attractive and captivating as a career choice for school leavers and graduates that allows them to compete within various sectors of the economy.