With the lack of skills still being a concern for the construction industry despite the announcement by Minister of Finance Nhlanhla Nene in the 2015/16 Budget Speech of R813-billion in infrastructure spending for the next three years, financial services company Nedbank Property Finance continues to partner with Wits Enterprise to form the Nedbank Property Finance Academy as a way to mitigate the challenge.
“The sustainability of the country’s property industry, which includes 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 South African property industry faces a significant structural risk,” explains Nedbank Property Finance head of human resources Portia Muyunda.
The Nedbank Property Finance Academy, endorsed by the South African Property Owners Association, has over the past seven years produced 296 Nedbank graduates from Gauteng, KwaZulu-Natal and Cape Town, who have completed a ten-month programme.
This includes lectures and assignments on property economics and law, financial calculations and statements, finance and investment, structural defects and town planning. Other highlights includes tours to various properties funded by Nedbank Property Finance.
“The academy has also been successful in prioritising the development of previously disadvantaged employees, as according to the South African Institute of Black Property Practitioners, transformation within the property sector has made slow progress.