Members’ confidence increases
The Institute of Retirement Funds Africa (IRFA) represents the interests of its member funds, service providers and other interested stakeholders in the broader retirement arena.
The institute forges strong partnerships with thought leaders, retirement funds, service providers, members and local and international industry bodies so as to deliver maximum value in the retirement space.
Surveying member and industry requirements has always been important to the IRFA as it continues to seek ways to provide the right services and knowledge to sustain best practices in the industry. The third of these studies was administered electronically to over 4 000 potential respondents in March this year, and findings will be used for the purposes of strategic review and programme planning.
The study was conducted by external research partners to ensure confidentiality and objectivity. The survey itself is comprehensive and all results have been filtered by demographic variables to ensure targeted and focused service delivery.
While the full research report is available on request, this is a brief snapshot of key findings.
Core elements of the IRFA’s strategy are knowledge and information transfer, developmental initiatives, focused research, and member and industry support. Consultation and collaboration with all stakeholders remain priorities for the institute.
One of the key findings from the survey shows that the membership base and broader industry requires more from the IRFA regarding navigating the future. Industry requirements from the IRFA have increased on average of 7% in terms of each of its core functions since last surveyed in 2013.
Members and industry rating of the IRFA’s product and service package indicates that the institute is moving in the right direction.
In terms of the top three service ratings, the provision of industryrelated information, the provision of legal and technical information, and the provision of research into industry standards, trends and practices rank the highest in this battery. This is a pleasing ranking for the institute, as 2016 saw IRFA release two of its first research studies at the annual conference.
Industry and member perceptions as to the value of research and benchmarking in both the perceived role of IRFA as well as delivery of research in 2016 was gratifying and continued focus will be placed on this service.
Industry requirements from IRFA in terms of knowledge and skills transfer remain high and the organisation will continue to partner with industry to provide information, learning and developmental opportunities.
Clearly industry perceives IRFA to contribute to industry standards practices and knowledge, and its perceived contribution has increased since 2013.
Many suggestions have been provided by stakeholders on how this contribution could be built upon and these suggestions will be taken into account when planning programmes, content and services.
The IRFA modelled the research battery on reputation around the following definitions and criteria: “Reputation is the sum of impressions held by an organisation’s stakeholders. Reputation is in the eye of the beholder. It is not what leadership insists, but what others perceive it to be. Reputation is a dynamic phenomenon; it is subject to change and it emerges as an effect of bi-directional processes,” TBZT 1SPGFTTPS $IBSMFT 'PNCSVO PG the Reputation Institute.
It is also important to note that in modelling the survey questions, IRFA was aware that the reputation of the institute is determined by the perceived delivery and behaviour of all of its representatives, from management board through to staff, and anyone who represents the IRFA in the public and industry domain.
While the IRFA’s ratings remain sound according to the research, Wayne Hiller van Rensburg, president and chairperson of the IRFA emphasises that the institute will continue to work on delivery and innovation.