Source: Mennonite Economic Development Associates (MEDA).
Waterloo, ON – Mennonite Economic Development Associates (MEDA) is again breaking ground in international economic development with the launch of a new program to take senior-level corporate human resource expertise to microfinance institutions (MFIs) around the world.
Long known for its innovations in microfinance, MEDA will host six participants from around the world Nov. 30 to Dec. 3 for the first Human Capital in Microfinance Fellows Program.
“Microfinance is one of the most effective tools for poverty alleviation in the developing world,” notes Julie Redfern, MEDA’s director of microfinance, “but it is only as strong as its people. Fledgling MFIs have passed their infancy; to mature and reach the next level, they need to invest in their human capital, their people systems, and enhance their capacity so they can continue to grow with the MF market. It’s part of the natural business cycle.”
Through MEDA’s extensive consulting work in human resources with MFIs worldwide, it has identified some basic challenges that impact the quality and reach of MFI services, including a lack of fundamental HR systems and a dearth of management skills. But beyond that, the microfinance sector also faces a shortage of skilled consultants to address these challenges and a lack of broad knowledge sharing within the industry.
“The MF Fellows Program will provide HR professionals with specialized training and practical skills to work directly with leading MFIs and help them improve their HR functions so they can continue to deliver highly needed financial services to poor and underserved clients in Africa, Asia, Latin America and elsewhere,” notes Redfern.
“Essentially,” says Redfern, “the creation of the Fellows Program follows MEDA’s usual practice of taking the best of the business world and using it to alleviate poverty around the world.”
Applicants undergo an initial screening and interview process, followed by an intensive program of pre-workshop learning assignments and a four-day onsite series of seminars. They are then required to successfully complete a short-term pro bono consulting assignment under the direction of a senior MEDA HR consultant.
Mark Alexander will be part of the first class of MF fellows. Mark brings 30 years of human resources management experience to his Fellowship – as a vice president with John Labatt Limited and Bell Canada and organization development manager with Air Canada, and as a faculty member at Saint Francis Xavier University.
“I look forward to the opportunity to collaborate, network and exchange views and ideas with other HR professionals,” says Mark. “After many years in the corporate world, I want to put my human resources experience to work for the poor. By helping to strengthen MFIs, I can assist them in meeting the increasing demand for small loans that can help raise poor people out of poverty.”
MEDA is now planning deployments for its first MF Fellows graduates to Cambodia, Pakistan and Haiti. Based on current demand, a new group of fellows could receive orientation each year.
Seed funding for the HR Fellows Program was provided by MEDA’s Sarona Risk Capital Fund. Funded by both private investors and donations, Sarona invests venture capital in innovative companies with a high potential for social and financial return.
The 2008 Fellows candidates are available for interviews and photos Dec. 1-3.
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