As stakeholder needs and opinion are crucial to the overall strategic direction of the Institute of Retirement Funds Africa, in July and August the industry body undertook an engagement and reputation monitor, employing the services of an independent research partner to maintain confidentiality. Findings were compared to the previous industry engagement and service studies conducted by IRFA in 2017 and 2019 so as to track core sectorial needs, trends and performance.
Engagement and perceptions research is a vital tool for industry bodies. It not only helps in understanding and meeting the needs of stakeholders but also drives strategic decisions, improves communication, measures impact, and fosters innovation. By prioritising this research, industry bodies can ensure long-term success and sustainability. In short this type of research is crucial for any industry body aiming to contribute towards a thriving and sustainable sector.
According to IRFA President Geraldine Fowler “the research findings provide valuable insights into how IRFA’s stakeholders view and interact with the Institute, which will significantly impact service delivery and contribution as we move forward.
Understanding stakeholder perceptions helps us tailor services and strategies to better meet the needs and expectations of members and the retirement sector at large. By analysing how different stakeholders perceive IRFA we are able to identify areas for improvement and opportunities for innovation.“
Importantly the research process is also regarded as a two way communication mechanism by the IRFA Management Board who believe effective communication is key to maintaining trust and transparency between itself and the retirement sector at large.
Fowler continues, “most importantly analysing the findings from the study have enabled us to measure the impact and effectiveness of our initiatives and programmes, and identify the role the sector wishes IRFA to play.”
In terms of research process and findings, the methodology was rigorous and the survey itself was conducted online. Invitations to participate were not limited to IRFA members but the retirement sector at large, including legislators and service providers.
Both quantitative and qualitative response was requested and all critical dimensions in the research model comprehensively tabulated by the relevant demographic variables to establish significant deviation and specific stakeholder group needs from IRFA.
The research model developed for the process was as follows:-
The study was extensive and IRFA will be communicating more as it works through the findings in detail.
According to Fowler, “Our role as we move forward is clear, the retirement sector has told us so”
Additional suggestions from survey participants surfaced in the qualitative battery indicate that the sector would like IRFA to:-
- Provide legal and technical expertise that assists the law makers and drafters as well as regulators.
- Engage regulatory authorities in one voice – very important.
- Provide forums/platforms for cross-sharing of learnings and experiences (domestic and international) – very important.
- Provide more platforms for networking – member to member/ service providers to members.
- Provide platforms for policymakers and regulatory bodies to engage and convey information and update members.
- Focus on thought leadership and education.
- Enable the coming together of various industry players to create a single hub of expertise accessible to all members.
Although the results were gratifying in terms of the Institute’s reputation, the Management Board assures the sector that it will continue to enhance these ratings through service and delivery.
We have provided only a very brief overview of findings in this article. Watch this space for more on the research and the strategies and programmes arising from these.