Innovation and free flow of ideas are nurtured
AS a significant contributor to job creation and economic development for over 70 years with a structured talent management strategy, the Industrial Development Corporation (IDC) qualified for Best Employers certification, among other things, because it recognises and rewards excellence while encouraging innovation and the free flow of ideas.
Such is the focus on innovation that the self-funded parastatal with an annual turnover of R10,4 billion, has ensured that every department has its own Innovation Ambassador. They, in turn, are supported by an Innovation Steering Committee.
To foster innovative development, a six- step process known as the Innovation System has been instituted Step one is ideation, the platform for creativity.
Strategic areas for creative initiative are defined by the innovation and strategy team. Employees are encouraged to develop solutions to specific challenges as this stimulates creativity.
To assist the creative process, the organisation has constructed four innovation rooms. These are colourful and unique discussion areas where the conceptualisation of trend watch events, as well as idea and solution development, takes place.
The implementation of a highly convenient cashless canteen system and the establishment of an IDC alumni group on LinkedIn are examples of recent innovations and the company is in the process of developing a variety of business related concepts for implementation across a number of strategically selected areas.
The organisation looks to fund initiatives which fall outside of the scope of mainstream financing institutions due to inter alia their higher risk. All projects are based on sound economic principles, and must contribute to sustainable job creation, regional equity and growth of sectoral diversity. They must also promote the growth of Small to Midsize Enterprises (SMEs) among other development outcomes. Funding is provided for projects across all major industry sectors.
CEO Mvuleni Geoffrey Qhena says talented employees with sought-after industry expertise put IDC in a different league from other financial institutions. “The corporation is known for its good reputation and credibility. And those who work for us have the opportunity to make a difference, which can be a rewarding and fulfilling experience.”
Talent management and development within and outside the IDC has long been a top priority, he assures.
The strategy makes provision for staff ’s continued tertiary development through various bursary schemes. Learning and development opportunities that support employees in their specific roles are offered. Development of management and leadership is nurtured at all levels and extensive mentoring and coaching support is provided.
Through the IDC Academy Programme newly qualified chartered accountants and engineers are trained to become deal makers. This ensures a sustainable channel of professionals for the organisation. Professionals from within the company are recruited to become fulltime trainers, who facilitate the programme to ensure that it fits the IDC’s profile.
He says the knowledge-based organisation depends on the intellectual capacity of its people.
“To encourage knowledge sharing and cross pollination of ideas, we conduct knowledgesessions with key staff members during their tenure and upon termination. This information is captured and shared with their fellow employees.”
The corporation, he assures, is focused in its approach towards talent acquisition, development and retention. One of the company’s most critical interventions is the Succession Management and Development Programme, which identifies and develops a future leadership pipeline.
Moreover, the diverse nature of the economic sectors in which the IDC operates allows for the growth and development of employees in many different facets.
A comprehensive rewards and benefits package includes life, dreaded disease, accident, vehicle and household insurance. Employees are also entitled to provident fund and medical aid cover. While a specific set of practices, policies, programmes and philosophies empower employees to attain success both at work and at home.
IDC is a proponent of quality of work life. Staff members have the option of working flexitime or half-day, depending on their individual circumstances. There are generous leave benefits for vacation, illness, maternity (four months' paid), study and family responsibility. A childcare facility, gym and canteen are available to staff at a nominal, subsidised fee.
Rewards and recognition are aligned to performance.