As the world of work changes, CFOs need to rethink their skills and the talent that they bring into business.
In 2018, Dineo Molefe went from being the CFO of T-Systems South Africa to the company’s managing director. Having been out of the CFO role for two years and then stepping back into it when she joined MTN South Africa in 2020, Dineo says that she doesn’t believe the role has changed that much in that time. “It has simply elevated more and more into a business role as opposed to a finance role.”
During a CFO South Africa podcast, sponsored by Sage, she explains that, in the world that we operate in today, CFOs are the people who are creating, protecting and increasing value in their businesses. “This calls for a deep understanding of the business and a partnership with the CEO and the other commercial leaders of the business.”
According to Dineo, CFOs need to ensure that the talent they have is diverse and offers a lot more than only traditional finance skills. “Some of the traditional roles that we have today won’t exist in the near future or will be replaced by different types of roles. It’s important that finance leaders reimagine the skills as we have traditionally known them.”
Dineo says that CFOs need skills that are outside of the traditional finance role, because some of the functions will, if they aren’t already, be performed by robotics. “I don’t think finance can operate in this new world of work with only accountants. You need a mix of skills, like data scientists, IT specialists, actuaries, and more, which can enable you to be that effective business partner and value creator for the business.”
She adds that being a thought leader in the business doesn’t come out of just intent and that it needs investment. “Each of us is responsible to invest in ourselves and in our own growth and developments. We all have ambitions and aspirations to achieve great things, but it won’t happen accidentally. It will require sacrifice, discipline and intentional investment.”
You can find out more about how Dineo, and Mars South Africa CFO Sam Hopwood have had to pivot as CFOs during Covid-19 in the latest CFO South Africa podcast.
