During an exclusive dinner in Johannesburg about the art of scaling in a rapidly changing world, the conversation shifted to how businesses are adapting to Gen Z’s in the workplace and in the markets.
When a group of South Africa's top finance leaders gathered for an exclusive CFO dinner at The Westcliff's Cellar Door in Johannesburg, the conversation started around - capital allocation, sustainable growth, and protecting value in uncertain times.
But by dessert, the table had moved on to a subject that clearly hit closer to home: their own children. During the dinner sponsored by Marsh, some of the country's most senior finance leaders found themselves dissecting a generation they're encountering both in the boardroom and at the breakfast table.
Some CFOs, who are parents to Gen Z children, say this generation is rewriting the rules. The question around the table wasn't whether to take Gen Z seriously. It was how to keep up.
They're resourceful in ways that weren't possible before
One CFO described how her 19-year-old daughter uses Facebook Marketplace to earn extra money: "Every now and then I get informed that someone's coming to fetch an old textbook. She's selling all her textbooks, selling all sorts of stuff that she doesn't use and she’s making money. I’m just the doorman," she added, laughing.
Selling preowned items online is one of many examples that showcases how young people are leveraging the internet to generate income, build audiences, and solve problems using tools that simply didn't exist when their parents were the same age.
“I think that they make better informed decisions because of the access to information and we don’t always give them credit for the quality of their decisions," said another guest. “My son is so much smarter than I was at his age.”
They research differently
One CFO pointed to how Gen Z approaches car ownership. Previous traditions of getting a license at 18, and working towards buying a first vehicle are no longer hallmarks of independence for Gen Z.
"They are not obsessed with buying a car or owning a vehicle. That's not something that they really want. They're happy to Uber. There's this whole generation of people not even having a driver's licence," one guest noted.
But when they are ready to buy, Gen Z is rather pragmatic about the process. “By the time a potential Gen Z buyer walks into a showroom - that is, if they walk in at all - they’ve already watched a minimum of 25 influencers, all reviewing cars, asking different questions, and they know exactly how much it costs and what they can expect to pay on fuel monthly," said one attendee.
The omnichannel reality of how Gen Z shops was put plainly: " They want to put the whole experience on Instagram and connect to Apple CarPlay or Android," said a guest.
“We now need to look at the motor vehicle market trends and decide how we leverage this now instead of sitting back and not acknowledging how the market is changing,” added another guest.
For industries built on loyalty and ownership, Gen Z presents a structural challenge. They’re gravitating towards a subscription-based model. "People want a car for Monday to Friday, and then maybe on the weekend they want a different car. Or they want a car for 11 months, but for one month only they might want a Land Rover so that they can go on holiday,” a guest said.
Some manufacturers are already responding. "Look at what Toyota is doing with Kinto and other brands are also looking into those things,” said one CFO. “Not everyone wants to go to Avis and leave their credit card details there, even though it's a good model for corporations,” he added.
They work differently too
CFOs discussed how well Gen Z had adapted to digital disruption, unlocking new opportunities while challenging traditional beliefs regarding work-life balance. "The gig economy is working perfectly for some of those guys. They can do joint development with someone in India for four hours of the night, and then play PlayStation during the day," one guest said.
Education is also shifting alongside it. "They’re not necessarily going for a four-year degree anymore like we used to. They will do a six-month project or a short course teaching high-impact skills - which means they’re now hitting a specific target for a specific goal, and then they move on to the next job. So it’s continuous learning," another guest noted.
In South Africa however CFOs noted the gig economy is more complicated. "The big difference here is unemployment. If you get retrenched overseas, you're probably going to find a job quite quickly afterwards. But for the majority of the workforce here - if you lose your job, you can go years without work,” said an attendee.
CFOs also noted that Gen Z’s aren’t loyal to a single employer either and have admitted that companies are having to work harder to keep this generation engaged.
Parental privilege
Several of the CFOs who are raising Gen Z children spoke about how they were introduced to completely new ideas and even sports, with one attendee saying his child abandoned conventional sports and began rowing. "I never even knew about this sport and here I am sitting at it every weekend. Where would I have known rowing in my life? But now I can tell you how it works. It's a privilege of parenting."
Another guest said his child took him by surprise when she showcased her study methods via video. "You think they are not studying and then the next thing they just give you a high-quality video of what they do," he said.
Gen Z's choices - from ditching car ownership to skipping four-year degrees - may look unconventional, but CFOs at the dinner were clear: this generation is neither aimless nor impulsive. Rather, their decisions are informed, pragmatic responses to the economic and technological realities they've inherited. The bigger question, the table agreed, is whether businesses can adapt fast enough to keep up.
Those in attendance were:
Daniel Smith, group CFO, Lesaka Technologies
Marlene Urquhart, industry leader, Marsh
Mmamodiane Nkadimeng, CFO, ARC
Mpume Zulu, industry leader, Marsh
Narissa Delport, senior writer, CFO South Africa
Nilisha Padayachee, CFO, Bidvest McCarthy
Nokuthula Shiba, CFO, Beyond InfraDev
Rebecca Pole, VP: Finance, NTT Data Southern Africa
Richard McDonald, CFO, Digby Wells Environmental
Roselyn Madiba, CFO and controller, Citibank
Sandi de Souza, CFO, SAP: South Africa
Tafadzwa Mika, CFO, Vunani
Thekiso Anthony Lefifi, community manager, CFO South Africa
Yvonne Dias, group CFO, Mint Management Technologies
