Old Mutual will be sponsoring the Transformation & Empowerment Award at his year’s ‘Oscars of Finance.’
Calling for more businesses to heed the call to transform their policies for the betterment of their work environment, and to empower their communities, Old Mutual Corporate will be sponsoring the Transformation & Empowerment Award at the 2024 CFO Awards.
“We are proud to sponsor a platform where such companies can be applauded for their efforts in transformation and empowerment, so that other organisations may be inspired, challenged and motivated to emulate the efforts of the nominees for this award,” remarks Blessing Utete, managing executive of Old Mutual Corporate Consultants.
Blessing says he has seen how businesses that are transformed and diversified produce better results. “They are able to drive solutions that serve broad customer needs and can contribute to providing access to markets for small businesses and promote social cohesion,” he mentions.
Pushing for a client-focused approach in business
“There are a number of ways that CFOs can assess the social impact of their transformation and empowerment initiatives. For example, a review of the impact of development funding that’s been made available to businesses is key to understanding if the organisation’s intentions are thoroughly expressed through their actions.”
Blessing highlights that CFOs can also take a critical review of their business’s products/offerings and ensure that these provide tangible long-term benefit to customers. He notes that this ensures that both companies and clients enjoy a mutually beneficial relationship.
“At Old Mutual Corporate, we take care to offer solutions that are member-centric and are practical to the everyday needs of communities across the length and breadth of South Africa.”
Blessing says their Right Track solution is an expression of this, as well as their recently launched Old Mutual Health Solutions.
Right Track is intended to assist employees in resolving their financial debt and maintain financial stability, while Old Mutual’s Health Solutions provides tailored solutions for corporate companies looking to improve their employees' health and wellness.
Old Mutual also helped to establish the Masisizane Fund in 2007 in consultation with the National Treasury of South Africa.
“Masisizane Fund, which is a non-profit funding entity that provides enterprise development to small, medium and micro enterprises in South Africa, is able to provide meaningful support to entrepreneurs that are committed to driving transformation, employment opportunities and economic development,” Blessing shares.
Creating opportunities for change internally through innovation
It is critical not just to practise charity at home, but also to consider how the programmes being implemented will enhance the work experience of present and future employees, he says, explaining that Old Mutual supports learning and development by financing education through their bursary programmes and in their investments into the education of their employees.
“CFOs can assess if the learning and development investment in employees is yielding the organisational resilience necessary to ensure that businesses can stay focused on the transformation and empowerment initiative,” Blessing says.
Furthermore, in light of the societal shifts impacted by younger generations, he emphasises the importance of CFOs working closely with the human resources department.
“This will ensure that businesses foster conducive intergenerational workforces and develop sound as well as unique employee value propositions to help them win the raging war for talent.
“While financial metrics are important, however, it is important to take a holistic view and incorporate some of the metrics mentioned above for a more honest and authentic review of impact,” he adds.
Mutual understanding and collaboration with young minds
Old Mutual also has a young board in finance that mirrors the finance exco. “The young board has its own set of challenges to gather around and tackle, providing valuable input to the finance exco on how to resolve key issues,” Blessing says.
“A focus on knowledge transfer must be placed by the CFO, both through formal and informal mentoring, in order to empower and develop the next generation of finance leaders.
“Young and incoming leaders often bemoan the territorial tendencies of older leaders, yet transformation requires an openness to transitions facilitated by the transfer of knowledge.”
Furthermore, Blessing advises incumbent leaders to view knowledge transfer as bidirectional and to take advantage of opportunities to learn from younger generations, who frequently have conflicting but complementary perspectives that can spur innovation and forward-thinking.
Working side-by-side with communities for a better tomorrow
In an increasingly complex and dynamic regulatory landscape – combined with an increased focus on sustainability and empowerment – Blessing says CFOs must be at the forefront of ensuring the governance of their organisations is faultless and complies with broad and industry-specific requirements.
“The ‘G’ [governance] of ESG is increasingly gaining interest and attention, thanks to older investors who are concerned about the world they will leave behind and incoming generations, led by Gen Zs, who are vocal about the kind of world they want to live in.”
When addressing critical challenges, Blessing recommends CFOs to be conscious of communities’ expectations of corporations and to advocate CSI initiatives that drive genuine environmental and social impact.
“This is particularly stark in South Africa where there is an abundance of need,” he says. “CFOs must provide the business support needed to drive initiatives that not only help communities in need, but show the business’s genuine consideration for members of society.”
