Nedbank welcomes 3315 YES recruits
Published - 2 May 2019
Nedbank Group today hosted President Cyril Ramaphosa and several captains of industry as the bank welcomed and inducted 3315 previously unemployed youth who are beginning their 12-month Youth Employment Service (YES) journey with Nedbank and its sponsored implementation partners.
Nedbank announced last Friday at a CEO Pledge ceremony in Tembisa, east of Johannesburg, that it had signed on to give these young people a first work experience as part of its commitment to the YES initiative, nation building and delivering on its purpose of using its financial expertise to do good.
YES, which was born out of the CEO Initiative, was officially launched in March 2018 by the President as a joint initiative between government, business, labour and civil society. It was set up to be part of a collective effort to address the youth unemployment crisis facing our country. To date, about 18 000 recruits have been placed at different companies through YES initiatives, with 3 315 starting at Nedbank and its implementation partners this week.
“We are excited to be welcoming the youth intake and walking this new journey with them as they use the opportunity of a first job to develop their skills and experience to become leaders and inspiring, job-creating entrepreneurs,” said Nedbank Group Chief Executive Mike Brown. “We are certain that the experience gained over the year they will spend with us and our placement partners will be vital in affording them better opportunities in the future. Youth and SMEs are the backbone to driving inclusive economic growth and unlocking job opportunities.”
Brown and other CEOs reiterated their commitment today to playing their part in fostering improved job creation for the country’s unemployed youth and helping drive a more sustainable and inclusive growth environment. Recent statistics have put South Africa’s youth unemployment rate as the highest in the world at 52,2%.
"Heeding the call to tackle the issue of youth unemployment is more than just providing jobs; it’s also about doing good for the communities in which we operate," said Brown. "As a bank, we understand that the success of our business is inextricably linked to the success of the communities in which we operate and serve. We embrace our role in society as a change agent, as a contributor to nation building and an enabler of higher levels of inclusive, transformative economic growth."
President Cyril Ramaphosa, speaking at the induction ceremony, commended Nedbank for being the single biggest contributor of the YES initiative. "It troubles me and keeps me awake at night to know that there are millions of unemployed youth who have embraced a tertiary education but haven’t been able to find jobs. It is encouraging that a number of companies are now responding to this urgent need. But more companies need to come on board to help unlock the potential for energetic and ambitious young people."
He said government was looking at setting up a Youth Commission, which the President would chair, to give youth a voice and address their most pressing issues.
Addressing the YES recruits, he said their 12-month stints as part of the programme doesn’t have to be an end to their career aspirations. "You should use this opportunity provided to you through YES and companies like Nedbank to take up other opportunities, open new doors and rise to greater heights."
Supporting entrepreneurship
In 2018, Nedbank – in partnership with YES and Afgri – invested R5,9 million to launch a new urban farming aquaponics and hydroponics facility in Tembisa. "It’s a fascinating set up; the intention being to develop an ecosystem that will create a range of commercial opportunities for the youth who are growing a range of fresh vegetables and farming fish in Tembisa using cutting edge and innovative production technology," said Brown who toured the YES Tembisa Kago Hub last week.
Brown added: "It was an inspiring and humbling experience walking around the hub and interacting with the entrepreneurs we are sponsoring, the youth being trained in modern farming methods and getting a taste of the vegetables and herbs being grown on the property. These crops are being sold to the local community to encourage and create awareness of healthy eating and living, as well as supplying some top restaurants in Gauteng."
President Ramaphosa acknowledged and praised the Tembisa Kago Hub, saying these hubs will become "an oasis for growth and development" in townships and other communities. "These business-sponsored entrepreneurial hubs must be replicated throughout the country, so the youth have a platform to learn, build strength, network with companies and other youth, and hone their entrepreneurial spirit," explained the President.
Investing in a sustainable future
As its commitment to YES, Nedbank will, from the first quarter in 2019, invest about 1,5% of its three-year average SA net profit after tax per annum based on the terms set out in Gazette 41866 from the Department of Trade and Industry. This investment will provide employment opportunities to just over 3 300 youth who Nedbank has placed internally and with sponsored implementation partners.
"As a responsible business that is committed to playing our part in building a sustainable future for our country, we know that nothing is more urgent than giving our people hope of a more positive future – this is the glue that binds successful societies," explained Brown. "At Nedbank, we believe we are uniquely positioned to play our part to assist in ensuring that our economy works for every South African. We have embraced our role as change agents and active contributors to building a thriving society and are extremely proud to welcome more than 3300 YES recruits today."
Speaking at the induction ceremony, YES CEO Dr Tashmia Ismail-Saville said that she was humbled by the response of Corporate SA to the clarion call to reduce youth unemployment. "By giving the youth these first job opportunities, it creates a pathway of economic freedom and independence for themselves, their families and communities in which they live. We urge companies to join this movement. If every business offered just one or two work opportunities, the country would look very different tomorrow."
While YES has created over 17 000 jobs in the first four months of 2019, Ismail-Saville added that there was still more work to be done. "We have a database of 85 942 youth registered with YES, 61% being female. These young people are awaiting employment opportunities and we encourage more corporates to follow Nedbank’s example and sign up to YES," she said.
The 3315 Nedbank recruits inducted today would receive training to ensure they are equipped with skills to help enable them to enter the job market or become entrepreneurs once the one-year programme has been completed, concluded Brown.
