FASSET ANNUAL REPORT

employable in a new world of work dominated by remote and digitalised employment. Accordingly, the skills development environment in SA needs to adapt to labour demand influenced by these changes and trends. The persistent challenges experienced in the sector are underscored by the impact of the Covid-19 pandemic and the advent of the 4IR. The sector is plagued by persistently low numbers of learners obtaining the NSC with Mathematics and Accounting at school level, which is a major impediment to supply in the sector. Output from the TVET colleges is still relatively small and pass rates remain low. Following the pandemic, matters such as remote learning and online training highlight the lack of infrastructural resources, such as access to the internet and technological devices, for many in the country. To facilitate transformation in the sector, estimates for the 2020 period indicate that the Black demographic (Black African, Coloured, Indian) together occupies 63% of jobs in the sector, while the White demographic occupies 35%. The Black African group occupies 42% of jobs in the sector. However, this obscures the continuing equity challenge that the sector still grapples with in terms of transformation. Whites continue to occupy most managerial posts (49%) and a disproportionate number of professional (40%) and technical (38%) posts compared to other race groups. The Black demographic together occupies only 48% of managerial positions, 58% of professional and 60% of technical positions. African Black people occupy the majority of lower-level occupations. Equity and transformation in the FAS sector The FASSET Transformation Report of 2020 provides clear evidence that the sector has transformed over the years.

The transformation agenda in the FAS sector is propelled by legislation such as the EEA and B-BBEE. Added to this, the efforts of professional institutes such as SAICA and SAIPA, business and employers are enabling transformation. FASSET’s strategy FASSET’s strategy aims to maximise the enduring impact of its work on the lives of individuals and the wellbeing of society. It’s ultimate goal is to enable skills development in the financial and accounting services sector hinging on two pillars: placement (direct placement into employment, including learnerships and internships) and academic support (supporting learners to complete their degrees, professional qualifications and/or designations). FASSET recognises that it needs to build a robust and sustainable skills pipeline; a cohort of finance and accounting practitioners of the highest order, primed to step into positions, take charge and be influencers at all levels of the economy. The drivers of value in the SETA’s are performance areas that benefit employers or learners and include mandatory grants, discretionary grants, research, learner professional development programmes and lifelong learning interventions. Our business enablers include our people, intellectual capital, systems and processes, information technology (IT), and partnerships with a range of stakeholders. Our funding model In the year under review the skills development levy income stream was disrupted a four-month period (May 2020 to August 2020) due to a payment holiday granted to employers to alleviate the economic effects of the Level 5 Lockdown of ‘non-essential’ skills based economic activity.

FASSET Annual Integrated Report 2020/21

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