Weekend Argus (Saturday Edition)
Give youth opportunity to learn
Industry has crucial role to play in empowering and creating employment
IT IS often said that the earlier you get into property, the better.
But in a sector where access to networks and capital are two of the most critical things needed to succeed, it is extremely difficult for most young property entrepreneurs and employees to enter and make a meaningful impact, says Monedi Lefakane, chairman of the Youth in Property Association (Yipa).
“I believe more can be done to empower and include youth in the management and ownership of the property sector from an early stage.”
Lefakane says the South African property sector in 2015 was worth R5.8 trillion, and remains one of the largest key economic indicators in the country. As such, it has the potential to play a critical role in the economic empowerment of the country’s youth.
Citing the Youth Wellbeing Index, produced by the International Youth Foundation and the Centre for Strategic and International Studies, he says although young people were found to be the healthiest members of society, they were the weakest when it came to economic opportunity.
“Young people need to be integrated fully and at all levels of the economy.”
For this reason, Lefakane says it is of “vital importance” for property stakeholders to:
Start looking at the ability of youth to participate as entrepreneurs, investors and beneficiaries of the economy and, in particular, the property sector.
Consider youth economic empowerment because youth unemployment rates in South Africa have risen by 1.6% to 38.6%, with 58% of unemployed people aged between 15 and 34.
“For too long the value of youth in the economy – and the property sector particularly – has been seen only as employees and interns under- studying their older superiors. Young people should be given the opportunity to learn alongside older experienced individuals as opposed to just under them.
“This way the youth are truly integrated into the management and leadership of organisations where they can add value with new and innovative ideas.”
By way of example, Lefakane says Johann Rupert, chairman of Swiss-based luxury group Richemont, and Bernard Arnault, chairman of LVMH, the world’s largest luxury goods company, are two individuals who seem to “truly understand the impact and value of youth empowerment”.
“Both of them invited their sons, both under the age of 30, to sit at board level and assist in defining digital strat- egies and technology within their companies.”
This is a stance he encourages South African property industry stakeholders to take. He says by incorporating youth as board members and involving them in decisions and policy-making, govern- ance and all other activities of the board, companies can groom a new generation of young, well-experienced and effective leaders to ensure the future success of South Africa.
Quoting former UN secretary general, Kofi Annan, Lefakane says: “Just imagine what solutions might be found if young people are given the space and encouragement to participate and lead.”
In addition, he says awareness of the sector and professions within it has historically been very poor, particularly among black people, so estate agencies need to start thinking about getting more young black estate agents with creative ideas selling homes in Clifton, Camps Bay and Stellenbosch, alongside 65-year-old white mentors.