According to Lata Reddy, Senior Vice President, Diversity, Inclusion & Impact, Prudential Financial, Inc., “The LeapFrog Talent Accelerator transports that ethos to some of the world’s fastest growing emerging markets. Through our support, we are helping to develop a cadre of transformative leaders that are delivering innovative solutions to consumers in Africa and Asia, ultimately creating opportunities for financial security for more people.”
LTA is backed by U.S.-headquartered Prudential Financial Inc with an investment of $1.5 million to provide institutional training and education programmes in emerging markets where there is still low take up of formal degrees.
The LeapFrog Talent Accelerator was developed in response to tackle these unmet needs, and enable sustainable growth through investment in people. In Kenya, for example, only one per cent of the population have been awarded a university degree, compared to an equivalent figure of 32 per cent in the US.
“In seeking to solve the challenge of talent development within our partner companies, we commissioned a study that revealed no in-market programmes existed in the African and Asian markets in which we operate, that could address the concerns being raised by our CEOs,” said Vaughan Lindsay, Executive Director, LeapFrog Labs.
The LTA is designed to help bridge this gap and unlock significant growth for companies, markets and economies in the process. Research from the Boston Consulting Group demonstrates that companies with strong leadership and talent management training increase their revenue more than twice as fast and their profits one and a half times faster than those without access to skills programmes.
LeapFrog developed the LTA’s bespoke curriculum with EY. It sets a new standard for executive and managerial education in emerging markets by providing a tailored programme that mixes formal classroom and technology-based learning, with mentoring, coaching, sponsorship and peer-to-peer learning between participating companies over a 12 month period.
The three target populations who will participate in the LTA are: the CEO, C-suite (CxO) and middle managers. Additionally, the LTA will also offer services aimed at professional skills development; initially around actuarial and underwriting skills.
“We see investment in people as one of the most important elements of building commercially successful and impactful businesses,” said Andy Kuper, CEO, LeapFrog Investments. “Leveraging talent management to build enduring teams capable of a high level of operational efficiency benefits participating individuals, their organisations, and our investors.”
The first class of the LTA will convene 70 individuals from LeapFrog’s partner companies IFMR Capital in India, Magma Fincorp in India, Resolution Insurance in East Africa and UT Life in Ghana.