Turning hindsight into foresight
Foresight is the ability to predict what will happen in advance so that we can ‘future proof’ ourselves and the world around us to mitigate any potential (future) negative impacts. This is not that simple because we operate in a world where regulatory reform is accompanied by mass uncertainty. Employee Benefits as an industry exists to the extent that South Africans are employed and are contributing to retirement funds.
Insights from the 2017 Member Qualitative study:
- "My idea of retirement simply means not working for a corporate any longer. Doing my own thing now is my version of retirement" Part-time MBA lecturer and Independent Consultant, age 45
- "Before I started working I had this dream, I want to retire when I am 30 that means I am 1 year away from retirement. So I am thinking another 11 more years in the industry until I am 40. Then maybe doing something on the side line, opening a business or doing some consulting on the side." Credit Analyst, age 29
- "It gives me peace of mind that I have a decent retirement nest egg. When I reached the R1 million mark it was a huge achievement for me." Operations Manager, age 35
- "In my career there is no one in particular that inspires or motivates me. I believe that this is just a point in time in my career path that will lead me to the next 5 years." Researcher, age 25
- "I am not currently making provision for post-retirement medical aid and this is a concern for me." Risk Managing Officer, age 44
- "If I don’t have enough money in retirement I would have to get a 2nd career, worst case scenario I would have to go on a lower medical aid plan i.e. one that I can afford." Senior Inventory Controller, 38
- "Simply put, I can either increase my income or reduce my expenses. So in retirement, my hobby (woodwork business) can potentially cover medical aid contributions for me and my wife." Distance Learning Lecturer, age 47
- "We often say that we want to reach a certain level of replacement ratio. We want to eat down that capital to zero on the day we die. I ask why can’t we just let that thing keep growing? Instead of what we’ve done? We’ve brought future consumption forward, we’re making it tomorrow’s problem." Investment Professional, age 32
Sanlam Benchmark 2018
Dates and Venues
- 16 May - Durban
- 23 May - Sandton
- 29 May - Cape Town
- 30 May - Cape Town
View the 2017 Benchmark Research Summary Report.
Consulting views which challenge industry boundaries.