My journey in the insurance industry began with the IIG’s Roots & Wings Programme in 2017. Since then, I’ve had the privilege of joining the IIG International Trip and now serving on the IIG Executive Committee. When I say my life and career are rooted in the IIG, I mean it – it’s where I found my purpose.
But for many women, especially Black women, the path to leadership isn’t as straightforward. According to McKinsey’s Women in the Workplace report, for every 100 men promoted to manager, only 81 women make the same leap, and only 54 Black women. This isn’t just a statistic; it’s a silent crisis with ripple effects, influencing salaries, quality of life, and ultimately, wellbeing.
As part of Discovery’s Strategy and Analytics team within Corporate and Employee Benefits, I see firsthand how employee wellbeing is top of mind for employers. It’s a broad concept – encompassing physical, mental, and financial wellness – but often, the signs of strain are deeply personal and painful.
A UCT study revealed that 92% of South Africans who need mental health support don’t receive it. One life insurer reported that most members retire with less than R250,000 – despite working for over 40 years. That’s all they have to sustain themselves for what could be 10 or more years of retirement, assuming they live to the average life expectancy of 75.
Behind these statistics are real people – you, me, and the loved ones we’re trying to protect. According to EOHCB, 57% of South Africans say financial stress has significantly impacted their mental health, contributing to depression, panic attacks, hypertension, and heart disease. By addressing financial wellbeing, employers can improve the overall health of their people and their businesses.
So what do we, as women, do with this reality?
There’s an African idiom that has always stayed with me: “Tshwara thipa ka bohaleng” – a woman holds the knife by the blade. It speaks to the quiet strength and sacrifice of women who carry immense responsibility, often at great personal cost.
But resilience doesn’t mean suffering in silence. Here’s what I’ve learned – not just as an actuary and strategist – but as a woman determined to see others thrive:
- Ask for Help: Without Shame
You don’t have to carry the load alone. Many employers offer Employee Assistance Programmes (EAPs) for mental health and financial counselling. Ignore the stigma. Forget “batho ba tla reng” – what will people say – and prioritise yourself.
- Live Smart: Use the Tools Available
I’m a proud Vitality Money ambassador. Through smart behaviour and better financial habits, I now receive 50% back on groceries at Woolworths and Checkers – and 70% off flights booked via the Discovery Bank app. As one of my lecturers once said: “Study hard so you can shop at Woolies.”
- Equip Yourself with Knowledge
Often, we pay more in interest, penalties, or taxes simply because we didn’t know better. Understanding things like compound interest, early debt repayment, or tax-deductible retirement contributions can be life-changing. Read up. Ask questions. Stalk people on LinkedIn 😊.
- Show Up: You Belong in the Room
Attend IIG events. These are not just networking opportunities – they are safe spaces to learn, to grow, and to build lifelong friendships. Surround yourself with those who uplift and challenge you.
The glass ceiling isn’t just about women in leadership – it’s about access, empowerment, and wellbeing at every level. And as we chip away at it, one thing is clear: we’re not doing it for titles or accolades – we’re doing it to make people healthier, wealthier, and more hopeful about their future.
References
Docrat, S. & Lund, C. (2019). SA’s 92% mental health treatment gap – UCT News
EOHCB. (2023). The impact of financial stress on staff wellness
McKinsey & Company. (2023). Women in the Workplace Report
Paballo Makupu | Divisional Manager – Discovery
