Fasset, the finance, accounting, management consulting and financial services Seta, has made enormous progress in driving the national skills development strategy in its sector.
During Fasset’s first effective year of implementation and roll-out, a number of important achievements were reached. Its most notable achievement includes the 280% increase in participation by employers, which were predominantly small, medium and micro- enterprises (SMMEs), says Cheryl James, Fasset’s CEO. “This has been through key focus projects and a specific drive to our SMME sector,” she says.
“The registration of more than 2 790 learners in the second year, leaps ahead of our five-year target of 3 000 learners by the year 2005, is another major milestone for Fasset that has been achieved in a short time, and we are set to see a number of learners qualify at the end of this year,” James says.
“We approach big business and SMMEs quite differently with targeted interventions to meet specific needs and have been actively supported by both sectors.”
Fasset is an accredited education and training quality assurance (ETQA) body and has already registered 11 official learnerships. These are targeted at the formal, public and SMME sub-sectors and range from National Qualifications Framework (NQF) levels five to seven.
“While some Setas may have experienced difficulties in releasing the levies collected, Fasset has provided R24-million in skills development grants against claims, timeously and accurately submitted,” says James.
Fasset’s social projects absorbed about R13,5-million. Following the success of these projects, Fasset has approved funding of R8,8-million for 2003, which will extend the projects, improve the content and facilitate an increased number of candidates.
Other successes include the awarding of grants for learnerships and the continuous professional education initiatives.
Contributing to Fasset’s healthy position is its stringent corporate governance. As a public entity, Fasset is governed by the Public Finance Management Act and is committed to ensuring that the recommendations of the King reports are adhered to. A comprehensive set of policies and procedures have been designed and implemented in accordance with the Fasset constitution and in support of the sector skills plan and business plan. These policies contribute towards the effectiveness of corporate governance strategies and are in accordance with the Act and King reports.
Fasset also operates under the close scrutiny of its audit committee, meeting at least twice a year to review accounting, auditing, financial reporting and internal control matters, which include critical risk areas.
Striving towards its vision to influence the effective operation of the labour market, so as to ensure the appropriate supply of competent labour necessary to compete in the global economy, Fasset still faces some challenges.
These include overcoming the uncertainty of the VAT position around Setas, the need to further increase the number of employers submitting workplace skills plans, and the design and implementation of unit standard-based qualifications.
“Challenges can only be addressed through accountable delivery and with the support of a dedicated management team, management board and broader stakeholder community,” says James.