An elite group of top finance leaders got together at a CFO Dinner to delve into issues such as youth unemployment, skills shortages and the transformative impact of technology on the role of the CFO.
Nestled in the scenic hills of Westcliff with a view of the Johannesburg skyline, the Four Seasons Hotel housed an intimate group of South Africa’s top financial minds for an exclusive dinner. They pondered key issues affecting the country and how they, as CFOs, could play an important role in helping to solve them.
Attendees delved into issues of youth unemployment, skills development and the changing role of the CFO.
“Youth unemployment is my biggest pain,” said one CFO. “The amount of qualified people with no experience sitting at home is very worrying.”
“How do we solve youth unemployment?” another asked.
The question hung in the air for a silent moment as the group slowly thought it over, while faint music echoed softly in the background.
“I believe that solving youth unemployment is the primary objective of every business. Our country should not have desperate poverty. However, large cooperatives cannot be the only ones who create jobs, but so should SMMEs and the government,” responded another CFO.
“Everything should be focused on reducing youth unemployment. If there is one thing we can do right, it should be just that!” he added.
Embracing technology
Another CFO expressed her concern at the lack of skills being taught at educational institutions, saying that in most cases, the youth is indeed educated, but unskilled.
“Many of them are not capable of entering the job market because they do not have the skill needed by the job market, “ she said.
The conversation then turned to the impact of technology in the finance space, where another CFO expressed a common fear of the increasing use of technology and artificial intelligence, motivated mostly by the need to adapt in order to evolve the business.
“So, could we then say that for us to move forward, we’ll need to embrace technology and AI, but that also poses a challenge on employment because machines are in a way replacing humans?” he asked.
“That is the painful, but truthful reality,” answered another CFO.
And because of this, the role of the CFO is now changing and it is no longer focusing only on accounting matters, but instead it dabbles and works hand-in-hand with the communication, marketing, IT, human resources and even advertising departments, was another sentiment.
This, he said, was simply because the CFO is the one who makes sure that the business is running at full steam. “It is no longer just about the number, but owning the strategy and consulting different perspectives. You have to end up wearing different hats in the organisation,” he said.
Filling the AI, human gap
“That’s why you need to have the right people and the right systems in place in order to have the opportunity to govern,” another chimed in.
Another CFO explained that she and her business are running a big drive to find the right people who have the right skills that are needed, because as business evolves, she said, needed skills are changing because of the use of modern technology.
“I don’t know if education is changing along with technology to suit that and the skills needed by business. I think it's all about the education and upskilling of the youth, defining the gap between humans and machines and knowing how to fill it.”
The CFOs settled on the notion of being proactive and knowledgeable and understanding what is happening on the ground, as well as understanding different elements of the business in order to work on improving the business so that it succeeds in the future.
“You can’t only be forward looking without monitoring your current. Look ahead and keep your base thriving. As we look towards the future, we embrace its possibilities, but also keep a tight rein on the basics.”
The dinner was hosted in partnership with SAP.
Those in attendance were:
1. Alexej Huebert – CFO, SAP MEA
2. Darrel Orsmond – industry head financial services, SAP
3. Deon Viljoen – group CFO, Discovery
4. Matshidiso Nyembe – CFO, Rand Water
5. Mike Davis – CFO, Nedbank Group
6. Nazia Pillay – MD (Interim), SAP
7. Roxane Leita – CFO, Investec Life
8. Tebogo Moraka – CFO, CoJ
9. Thobeka Ntshiza – CFO, Zeda
