FirstRand Bank – and its subsidiaries First National Bank, Rand Merchant Bank and WesBank – chose to work with CIPS to enable staff to take up training and development opportunities, with internationally recognised qualifications and standards. Its objective was to establish a high-performance culture within the organisation that attracts and retains top talent.
The dedication, discipline and drive to achieve excellence were in evidence throughout the programme, which began in August 2011.
Among the successes to date are R800 million in cost savings over two and a half years (against a R1 billion target over four years); improved working capital management; increased procurement-related innovations and improved practices in the sustainability sphere.
Indrasen Naidoo, chief procurement officer at FirstRand, believes that having competent staff is integral to achieving the cost and risk management key performance indicators in a sustainable manner.
He said: “As testimony of the value of the programme and our commitment to professionalising procurement, we have commenced a second cohort and are planning a third.”
Originally published in SM Magazine April 2013