Some of South Africa’s top CFOs - and their mentees - got together at a CFO Dinner to discuss how older and younger generations of finance leaders can build future-ready businesses for their employees.
What will businesses of the future look like, and what are current CFOs doing to prepare for the next generation of finance leaders? Under the theme Getting business ready for the next generation, top finance minds got together during a CFO Dinner, in partnership with Old Mutual, at the Ruby Room at Tryn restaurant on the picturesque Steenberg Wine Estate in Cape Town to tackle these, and other related questions.
As the sun started setting on a balmy day in the Mother City, attendees got the ball rolling with an ice-breaker while they waited for their choice of scrumptious starter to be brought to the CFO long table. The burning question: what is your biggest fear? Snakes and a fear of heights came out tops, while others included bad coffee, ending up as a jail bird, needles, public speaking and cats!
One of the CFOs kicked off the discussion by describing his company’s transformation journey. “We didn’t have the right teams, or the right structures,” he said, adding that half the time, “people working for me, I didn’t know what they were doing”. He went on to elaborate how the company set out to fix a complex set of financial processes, and then address the culture.
“I wasn’t getting through to people,” he said. They then decided to appoint a young board, which changes every year, to address the culture issues and bring about a shift. This young board became instrumental in breaking down silos, he added, as well keeping the tone of company communication in check.
The robust conversation continued with discussions on the resilience and sensitivities of the younger generation, and if the older generation was not maybe a bit too rigid and set in their ways.
One attendee pointed out that within the workplace executives are dealing not with just two, but four generations, from the Baby Boomers to Gen Z and millennials. “You have to be able to deal with all the generations.”
There was also a collective sentiment that “it has become less attractive to be an accountant”, so how to attract that talent and then retain it is key.
“You have to remember that you’re dealing with a young person much more clued up about what they are looking for,” one said. Another quipped: “People do not stay in jobs for 20 years any more.”
The younger generation also speak their mind, another attendee said. “They ask the questions you’re not brave enough to ask.”
The current finance structure was also likened to a military style set up, with a general at the top, and instructions filtering down. The overall sense was that this needed to be broken down.
The other hot topic round the table focused on graduates entering the workplace. Many felt there was a disconnect between what is learnt and the reality of the workplace. And, also, some students study accounting for the sake of having a qualification, without knowing what the job entails.
“On-the-job training has become far more important,” one said. Another felt that it was the company’s responsibility to teach fresh graduates as they enter the workplace. “How do they perform once you have trained them? Companies need to take the basics further.”
There was also a strong sense that the actual accounting career path conversation needs to take place earlier.
A round of decadent desserts signalled the end of a delightful dinner, with the collective takeaway that there is no right or wrong in the generations debate. The key is how to work together, with mutual respect going both ways – and a call to never stop being curious.
“Encourage people to just be curious. That is what we must instil in the younger generation,” was the consensus view around the table.
Those in attendance were:
- Asanda Mazizi, junior accountant, Future Growth
- Ashley Gray, director - head of finance, Cipla
- Ashley Pretorius, lead business analyst, Old Mutual
- Barry Wren, CFO, Cipla
- Bonga Mriga, senior finance manager, Old Mutual Wealth
- Casper Troskie, CFO, Old Mutual
- Danya von Scheliha, CFO, JobJack
- Essie Moses, senior writer, CFO South Africa
- Georgina Guedes, executive community director, CFO South Africa
- Megan Houston, senior consultant, Old Mutual Corporate Consultants
- Morongwa Mametja-Sithole, CFO, Old Mutual Corporate
- Shai Makgoba, director: risk compliance and relationship, University of Cape Town
- Shaista Hendricks, executive: finance performance, Oceana
- Suraya Pretorius, associate director: lead corporate accounting and tax, Cipla
- Trevor Hulley, principal consultant, Old Mutual Corporate Consultants
- Vincent Motholo, CFO, University of Cape Town
- Zaf Mahomed, Group CFO, Oceana
- Zanli Botes, Financial Accountant, JobJack
