Old Mutual (South Africa)
Cape Town,
South Africa
http://www.oldmutual.co.za
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For over 167 years, Old Mutual has provided financial shelter and nourishment to people and businesses. It is the largest and most well-established financial services provider in Southern Africa. The prominent position held by Old Mutual in the industry is reflected in its strong operating performance across all its businesses, good balance sheet position, a strong financial flexibility with demonstrated access to international capital markets and diversity of business. The partnership with Nedbank and Mutual & Federal (M&F) - two sister subsidiary companies under the Old Mutual group banner in South Africa - enables Old Mutual to offer a variety of financial products and services. These span investment, life assurance, asset management, banking, healthcare and general insurance. The Old Mutual client base comprises of individuals, businesses, corporates and institutions. By providing products and services that are appropriate, affordable and accessible, Old Mutual South Africa aims to serve all sectors of the South African economy and elements of the African economy. Old Mutual's African Operations also report into OMSA and include operations in Kenya, Malawi, Namibia, Zimbabwe and Swaziland. According to employees, Old Mutual is also a great place to work, with a culture that is defined by high performance. The company’s vision is to be its customers’ most trusted partner by helping them achieve their lifetime financial goals. Because of this vision, it sees its employees as customers too.
Work for Old Mutual (South Africa)? Have your say!
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Add a Review-
"EMPLOYMENT REVIEW"
Added 19 May 2015 by a current employee
I find the company to have deviated from its original intentions of providing good products at competitive rates. Instead of being a market leader they tend to sit back and then follow.
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"Old Mutual Risk Dept"
Added 09 May 2015 by a current employee
It was a hue benefit to work for the Old Mutual group and allowed me to grow professionally. Although i was a contract worker and was with the Old Mutual Risk Dept for only a few months the lessons I learnt were valuable and the people i worked with were patient and professional. Working with the Risk Dept allowed me to contact and liaise with various other individuals from other departments and through the grape vine i discovered that most of everyone was very happy working for the Company. I would work for Old Mutual again given the right opportunity and conditions without thinking twice.
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"rewards"
Added 07 May 2015 by a current employee
Since a student and travelling by public transport pass Old Mutual i sais to myself thats the company i would love to work with and yes i did .I worked at Old Mutual Pinelands for 12 years and its most promising workforce in growth wealth and dreams .Omsa is the Coporate company that only strive to get the best out of the employees and hard working skilled staff .After Healthcare was retrenched in 2010 so was i and would give anything just to go back and work at Old Mutual again.
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"Review"
Added 06 May 2015 by a current employee
Innovative insurance giant in South Africa and now also beyond. Suggest name change to New Non-Mutual as old name is not applicably descriptive but rather an 'old' brand.
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"Old Mutual Review"
Added 06 May 2015 by a current employee
I worked for Old Mutual Group Schemes at the age of 17, right out of matric, starting Dec 1988. The management teams were progressive for that time and allowed people with initiative and drive to develop and grow within the organisation. My first promotion was at age 18 when I was afforded the opportunity to become a departmental secretary after giving up my lunch breaks and coming in early to learn the job as I knew the secretary was resigning. This faith in me by my manager fuelled my desire to learn and grow in every position I have held and I believe it is the foundation of my career. Today I am an Admin Manager within the insurance industry although sadly not with OM and I credit OM and my progressive manager at that time for helping me lay the foundation for a successful career. I would love to work for OM again and always pass on vacancy ads that I see to people I know who would fit what I believe to be the OM mould - strong, independent, forward thinking people.
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"Excell to full capacity"
Added 05 May 2015 by a current employee
I was privilege to have been employed by Old Mutual SA in both their Unit Trust and Personal Financial Advice divisions at different stages. I must admit that i have been empowered and educated to capacity. This company really takes care of their employees holistically. If i could turn back the hands of time, i would want to go work for Old Mutual SA all over. Anyone who wants to be employed by this company only needs to have a clear vision of what his/her goal in life is and Old Mutual SA makes it happen for you. Make no mistake, when this company offers you employment, grab it with both hands. You will never go wrong.
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"Working for Mutual"
Added 05 May 2015 by a current employee
Great company to work for!!!!
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"ADM"
Added 05 May 2015 by a current employee
Actuarial students gets MAJOR advantages, as do actuaries. IT Staff and CA's are seen as "blue collar" workers and treated as such. So if you study as an actuary, JOIN them, if not be very aware.
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"wonderful experience and great opportunity to be part of that company"
Added 05 May 2015 by a current employee
I used to be this kind of a person who would do things slowly and I had little trust in especially when it comes to talking to other people. When I started working with old mutual I had to become a new person as my job included addressing clients and providing answers to their question. My job title was a secretary of a team consisting of 17 advisors each with more than 50 clients. I had to be time managing, to have a good memory especially when it comes to handling the clients problems. I had to remember them by names and be able to remember again their problems individually. I had a great time and I loved every bit of it. The part I enjoyed the most was the opportunity of dealing with clients of different ages, different race and of different gender. A bonus was being able to put a smile on their faces because old mutual is an insurance company and there is money involved and clients were always worried others mad and raising their voices because they do not know what is going on but being able to calm them down is a bonus. We managed to win a certificate in 2009 as the top achiever and well performed team for the year. I was so pleased with that company because being awarded for hard work is a cherry on top.
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"In the heart of OMSA"
Added 05 May 2015 by a current employee
Having bn employed @ omsa for almost 20yrs and being on the exco of the in-house union - OMREB i cn say unashamedly that i know a thing or two of the operations concerning the relationship and development of managment and employees. having bn developed into the managment line @ omsa without prejudice - i cn state up to 2008 - there existed a limited practice ito developing non-white managment - and management 's (exisiting) poor quality of managing the affairs at floor level - nepotism, unfair division of increases, grade promotions - lack of knowledge ito labor law etc .. (omsa always lost cases at ccma). the best of ideas being nurtured by employees themselves to take the company to higher heigths having been there for many years . the lack of paying per merit - whites always earned more then others!
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"Senior Applications Programmer"
Added 05 May 2015 by a current employee
Started 1983 - current: I found this the BEST company to work for
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"Review of Company 20 years ago"
Added 05 May 2015 by a current employee
Old Mutual as a company 20 years ago, was the company to work for. They have given their employees world class training and expected world class perfomance in return. The training I have received as first a Client services clerk and later, Client Support Specialist, I am still implenting in my daily life. Also, I am able to assist indivduals and orginisations in my community with these skills. As a former employee, who left the company about 18 years ago, I cannot comment on their current operations.
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"Transformation"
Added 30 Sep 2013 by a current employee
I joined Old Mutual Group and within the first month I discovered that they do not keep to verbal promises made. I had to take almost a 40% cut in my package as the person who made the offer was overseas on business and although they had a copy of my payslip, HR refused to even match my remuneration. If the HR department were a bit more responsive and in touch with the people, the company will be a much better place to work in. I find that senior management do not respond to emails - so you feel that you are not worth the trouble. One has to be part of the 'inside' to grow and be recognised.
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"Old Mutual IWYZE "
Added 15 Aug 2013 by a current employee
From all of the companies I've worked for, Old Mutual iwyze is by far the worst. the sales staff are treated as the lowest of the low in the company, even though these are the people that bring in the bulk of the business for the company. The management are slave drivers. As a new agent to this sort of industry, it is beyond tough. The stress levels are completely heightened. Especially since, there isn't really any sort of structure. Training was supposed to have gone on for 3 weeks, yet we had probably a total of maybe 9 days of training. After training, nobody knew what to do with the new recruits, the systems training left much to be desired and basically, if you want something done, you need to literally beg for it. The product itself is not the easiest to sell. I guess this environment is just not cut out for people like me who feel the need to have some sort of recognition.
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"Old Mutual PFA Review"
Added 07 Aug 2013 by a current employee
I worked for this division of Old Mutual for three years, flat. The entry requirement was matric and I had a finance degree at NQF level 7, with an upper 2nd division pass, which is excellent. I thought I will get a promotion, not necessarily into Mgt, but into an area more challenging and utilising my education and training. Three years passed, no movement, the payment/remuneration system is the worst, commission only, no basic salary, plus claw-backs, etc. makes it virtually impossible to start up in the financial advice career and let alone stay in it. Some individuals I know who stayed behind, but are in management are now considering moving out to others, because they say the environment is increasingly getting difficult to make money. People come in and leave in numbers in this division each year. I started in a group of 15 and in 6 months there were just two people left. Management at branch level is selfish, often thinking about themselves only because they are paid more, depending on the number of people in their team who are productive. Hence, they will keep you in sales for as long as they make money out of you and make them rich. Growth is very difficult to achieve in OMPFA; Management is ruthless, because the design of the remuneration system by design, forces them to be. Lastly, in my third year, a young man in his 3rd year studying finance at UJ was brought in as a graduate trainee. Guess who went out in the field with him? me! and yet, I had a better degree pass in the same field having graduated in 2006 and we were in 2012. Later, this young man was sent to Head office in Cape Town, then the Investment group, while I, the graduate still stayed in the same place selling insurance policies, despite having served three years educating the company and giving it my best. I was there to lay the foundation doing a matriculants job for three faithful years, while some junior that I mentored and had not even graduated came to reap the benefits! They believe a good salesman makes a good sales manager and most of their sales managers are not educated & have poor people management skills. Stress and dissatisfaction are very high.
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"Good for some"
Added 31 Jul 2013 by a current employee
I worked for Old Mutual for over ten years of which I enjoyed, but to a certain extent. I was only considered for certain job opportunities, but not to grow into management. I stayed stagnant in one post for years and it demotivated me as I wanted to go further than being an admin clerk. That is a no-go to Old Mutual as they should think carefully how to inspire people to become better at what they can really do and improve on their management to stop the controlling of other people's lives.
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"Caveat to Candidate Financial Advisers"
Added 30 Jul 2013 by a current employee
Sharing some thoughts on a former employer: "The nicknamed, Green Machine. Internationally Renowned Licensed Financial Services Provider" - “A Caveat to all prospective candidate Financial Advisers of colour." This former employer of mine is perhaps unique in that it succeeds in obtaining ministerial exception to the Employment Equity Act on a yearly basis.This is done by formally approaching the relevant ministry each year and stating that their Financial Adviser staff turnover is of such a high percentage that it is impossible to adhere to the existing "affirmative action legislation." Why is the Candidate Financial Adviser staff turnover so high amongst entrants of all colours? Simply, because approximately 90% of all the new entrants find it impossible to achieve and maintain the unrealistically high numbers of the business targets set for them. Again, why? because this "Internationally Renowned Licensed Financial Services Provider," lost around a Billion Rands following their disastrous foray into the United States property market around 2008. This led to the replacement of the company's top hierarchy at HQ in Pinelands, Cape Town. Their new top management had to recoup their staggering loss by simply upping the then prescribed targets for their Financial Advisers. The current scenario is a nearly inhuman state of affairs for any new candidate Financial Adviser. Firstly, the person has to attend the in-house training course at the Academy whilst being aware that the targets are looming and already starting during the training stage. The next phase inevitably ends with the newly fledged Adviser not reaching these cumulative targets and then potentially being saddled with their Academy bill. The amount is approximately R40 000.00, if the novice resigns before the prescribed 2-years for which he/she has contractually bound themselves. Why does this "Licensed Financial Services Provider" concentrate on the mostly Caucasian/white market? For the simple reason that this is where the most money is still centered. Hence, the yearly mandatory approach for ministerial exemption to enable 'It' to continuously target the pool. This warning is specifically to all people of colour wishing to become Financial Advisers: "The chances of becoming a successful Financial Adviser are astronomically stacked against you, ask any of the surviving Financial Advisers."
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"Truth"
Added 26 Jul 2013 by a current employee
After all the places I have worked for in life, I can honestly say that Old Mutual was one of the best places to have been employed at. From day one, I did not feel like an employee, but part of the Old Mutual family, which for me is very important in order to achieve success. In essence, when employees feel happy, it means that everyday when we attend work, doing our daily routines, you would always give your best to make a difference.
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"Old Mutual Finance"
Added 22 Jul 2013 by a current employee
I recently joined OMF and can only say good things about it. The ethos is "Do great things" and everyone down to the cleaning staff are friendly. The CEO is down to earth and the managers are humble and encouraging. I love coming to work and am inspired to do my best.
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"Project Office Manager"
Added 18 Jul 2013 by a current employee
Good company and it employs a lot of people in the Western Cape. Good career opportunities if you align yourself with the right senior people. There is lack of freedom for free minded and creative people - you have to adapt to the status quo to survive in your career
Best companies to work for in the Insurance sector.
Old Mutual (South Africa)
