RESILIENT AND RISING: THE SOUTH AFRICAN WOMAN’S INCLUSIVITY JOURNEY

South African women have made great strides in ensuring a more inclusive future. This ?article looks at the journey of South African women through JA’s three pillars in entrepreneurship, work readiness and financial health. We take stock of some of the progress made and also reflect on where there is room for improvement.

Work Readiness : Work readiness refers to the possession of skills, knowledge, and personal attributes that enable individuals to effectively navigate and succeed in the workplace. These include not only technical or job-specific skills but also a set of essential soft skills, such as communication, problem-solving, teamwork, adaptability, and time management. Work readiness is crucial for young women as they enter the workforce, as it equips them with the soft skills required to succeed and advance in their careers. The recently released Statistics SA 2024 second quarter reports a substantial increase in employment for women, rising to 55.8% compared to 50.9 % of the same quarter, ten years ago. This is an important development especially in light of the multiple roles women play in households and speaks to the narrowing gender gap in the labour force, across educational backgrounds. The irony of this progress is that women experience a lower labour absorption rate compared to their male counterparts, possibly due to the the multiple roles they have in the household. Despite these dichotomies there is some reprieve. Organizations like Junior Achievement play a crucial role in bridging the gap between education and employment.The Junior?Achievement work readiness programs are designed to equip young people with the skills they need to thrive in today’s competitive job market. According to Dr. Zwane on Determining the influence of Entrepreneurial Interventions On The Entrepreneurial Intention, young women who participated in work readiness programs are 45% more likely to secure employment within six months of completing a work readiness program. The study further notes that 44% of JA South Africa alumni account pursuing?tertiary eduaction thanks to?JA work readiness program and JA’s flagship Company of the Year, Enterprise program.? Through these initiatives, we have successfully empowered thousands of young South Africans to take charge of their professional futures, thereby contributing to the broader economic growth of our country. As of 2023, women make up 58% of all university students in the country. This is a testament to the increased access to education and the emphasis on empowering women to pursue academic and professional careers.

Financial Health: Financial literacy among South African women has also seen progress. According to a 2022 survey by FinMark Trust, 69% of women reported that they have a good understanding of basic financial concepts, up from 62% in 2019. According to JA’s 2023 Impact report 50 % of JA financial literacy beneficiaries regularly save money, compared to 32% of non JA alumni. ?The study on the impact of JA South Africa’s ?entrepreneurial intention, Dr. Zwane, argues that 72% of participants felt more confident about making financial decisions, and 65% reported a reduction in financial stress levels after attending financial literacy training sessions .Financial literacy programs significantly increase women’s confidence and capability in managing finances. However, there is still a gap when it comes to advanced financial knowledge, which is crucial for long-term financial planning and entrepreneurship.

Entrepreneurship: The entrepreneurial landscape for women has been growing steadily. Women-owned businesses now account for 34% of all small and medium enterprises (SMEs) in South Africa. Moreover, support for female entrepreneurs has been bolstered by initiatives like the JA Youth Enterprise Development Program (YEDP). Sixty percent of JA YEDP program participants are female. The six month program is proving to benefit female youth not in employment education or training.

Despite these gains, access to funding remains a significant barrier, with only 8% of venture capital funding going to women-led startups in 2023. As we commemorate this women’s month, Junior Achievement South Africa appreciates that a shift in mindset is imperative to changing the trajectory of South African women.

The above listed milestones are testament to the strides South African women have made but also highlight the hurdles women continue to face.??Their ability to thrive and transform their communities goes a long way in impacting the South African economy.References: JA 2023 Impact Report ; Determining the influence of Entrepreneurial Interventions On The Entrepreneurial Intention and Statistics South Africa