FFG Fast Tracks Growth with BEE Deal and New Name, New BrandSubmitted by Kisha Reader
Health Care & Employee Benefit specialist company FFG Risk Solutions is changing its name to The People Company, co-inciding with a new BEE deal which will see the Siyakhula Sonke Empowerment Corporation (Pty) Ltd (“SSC”) acquire a 35% shareholding in the Company. The deal with SSC, a diversified level one black-owned, operating, minerals and investment company, together with the company’s existing black employee shareholding of 6.6% has increased the black shareholding in The People Company to 41.6%.
“SSC brings a wealth of management expertise and experience to the table as well as a substantial network of businesses and new opportunities for the expansion of our business,” says MD Paul Kempff. “We believe it is a strategic partnership for both companies that will lead to accelerated growth and increased value for all stakeholders.”
Kempff continues: “SSC’s plans for future growth aligned very well with ours, and the partnership made business sense for both parties. More importantly, from our first meeting we realised that the two companies shared the same values and business principles and we knew that there would be a good cultural fit.”
The new BEE deal presents a great opportunity for FFG to reposition itself under The People Company, which provides consulting services on Health Care and Employee Benefits to small, medium and large corporate employers. “We believe we are now ready to take on some of the bigger Employee Benefits intermediaries in South Africa as we have a compelling value proposition with our focus on education, creating peace of mind and of course a very personal service to employees.”
The company’s Health Care department has contracts with 13 medical schemes, various short term insurers, occupational health benefit providers as well as providers of Wellness and Employee Assistance Programmes. The Employee Benefits department has contracts with most of the major retirement fund administrators and group risk insurers in South Africa as well as a number of smaller, niche service providers that enable them to offer the full spectrum of employee benefits services to clients.
He says that the structuring of the remuneration package and benefits of an employee is increasingly becoming an important bargaining tool and organizations with comprehensive, well-structured benefits are able to attract the best candidates and retain their services and loyalty for longer. “We often encounter employers where benefits have been poorly structured, administration expenses are too high, investment performances are not well managed and employees generally have very low levels of understanding of what they have and very low levels of satisfaction with the benefits they have. This presents a great opportunity for The People Company.”
With regard to the name change, he says the timing was right. “We felt our old name FFG Risk Solutions did not really tell people what we do, or what we are all about. We believe it is important to stay relevant and prepared for opportunities presented by our industry and therefore we decided it was time for a new, fresh, and re-energized brand.”
“The People Company’s focus is on people – our people and the people (employees) of our clients and all benefits we manage for employers are ultimately about the benefits to the people of the organisation.”
Kempff says that the People Company’s focus is on ensuring that the structuring of benefits are optimal, costs are kept as low as possible, benefits and plan options truly suit the specific needs of the employee and that a higher level of understanding by employees is created as to what their benefits mean to them.
“The result is a more personal service focused on the wellbeing of the people of the company,” he adds. “Everything is underpinned by our overriding ‘We take the needs of our clients personally’ approach.”
About The FFG Group: It was founded 26 years ago in Potchefstroom by entrepreneur Herman Klopper and has become known as an entrusted partner to many individuals and organisations over the years. From a small brokerage in Potchefstroom the FFG Group has grown into a substantial organisation today employing more than 150 people with branches throughout South Africa. FFG Risk Solutions, was started in 2008 as a subsidiary of the FFG Group to provide Medical Benefits, Retirement Fund and Group Risk advice and solutions to organisations for their employees. While the FFG Risk Solutions subsidiary has now changed its name to the People Company, the FFG Group will continue trading under its existing trusted name and brand.
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