Skills remain key to unlocking property sector

28th April 2015

  

Font size: - +

Whether government’s ambitious R813-billion infrastructure programme spend over the next three years can be realised without tackling the shortage of key skills in the region, remains to be seen, says Nedbank Property Finance human resources head Portia Muyunda.

One of the biggest challenges the country’s property industry faced was that of skills development, with Department of Higher Education and Training figures pointing to a shortage of 46 000 artisans.

This shortfall was a major concern, as indicated in PwC’s Construction 2014 report, which stated that more than two-thirds of CEOs in the construction sector were most anxious about access to key skills.

“The sustainability of the country’s property industry, which includes the construction and the financing thereof, rests more on its people than it does on property. The reality is that without access to a healthy pool of qualified and skilled talent, the local property industry faces a significant structural risk,” Muyunda said in a statement on Tuesday.

“As such, the importance of developing those who are already working in our industry, as well as training the next generation of skilled property industry employees, cannot be overemphasised. The onus is, therefore, on all stakeholders within the industry to recognise and accept the responsibility they have to add to the talent pool,” she added.

BRIDGING THE GAP
Recognising this need to equip new entrants into the industry to enhance their skills and expertise in the broader property industry, Nedbank Property Finance partnered with the University of the Witwatersrand short course management body Wits Enterprise to form the Nedbank Property Finance Academy, which was endorsed by the South African Property Owners Association.

Over the past seven years, the academy produced 269 graduates from Gauteng, KwaZulu-Natal and the Western Cape who had completed a ten-month, eight-module programme. This included lectures and assignments on property economics and law, financial calculations and statements, finance and investment, structural defects and town planning.

Other highlights included tours to various properties funded by Nedbank Property Finance. The academy had also been successful in prioritising the development of previously disadvantaged employees.

According to the South African Institute of Black Property Practitioners, transformation within the property sector had made slow progress.

“Even after almost 21 years of democracy, it is evident that more needs to be done as the issue of skills scarcity cannot be separated from the need for effective transformation. The risk of increasing competition for available talent can, and should be, addressed via the transformation imperative,” Muyunda noted.

The local property industry had significant potential, particularly with government’s stated support through nearly R1-trillion in funding; but it was vital that the threat of skills shortage and lack of skills development were prioritised, to ensure that the industry could truly benefit from existing opportunities.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION