Topic 1: The Evolution of Women in Finance
On the 1st of August 2023, as a way of inspiring and empowering the next generation of women leaders, Thenjiswa Mbewu and Ropfiwa Sithubi-Buthelezi joined the Bagaka Team to share their journeys and wisdom.
Background of the Speakers
Ropfiwa Sithubi-Buthelezi is a partner in Financial Services at KPMG, a multinational firm, and has had full time experience in Academia, through lecturing in the University of Cape Town’s College of Accounting.
Thenjiswa Mbewu is a Co-founder and current Director of Maptte, an insurance company that started its operations in 2018. To give advice to clients on product selections, whether life insurance medical aid and investment decisions both local and offshore. Their vision as Maptte is to become part of the community and to educate as many people as possible about the industry. The inspiration stemmed from the failure of family business, where key lessons were picked in running a sustainable business.
Lessons Learnt
The challenges facing the financial industry include a lack of participation by women, as the sector is still male dominated, this coupled with the pay gap parity in the industry poses a huge challenge for women wishing to enter and grow in the industry. Research has proven that it would take 267 years for the gap to be closed. For women to navigate through challenges within Financial Services space, the following are some of skills that women would need to develop:
- Willingness to learn and to adapt; this ensures that changes are embraced, in some cases a change can be as small as formalising an informal business.
- Building networks; business revolves around relationships, it is important to build and maintain relationships, to have those who advocate for the work in the absence of the owner. Another way of building networks is through affiliations to organisations that may fast track the growth.
- Work ethic: women should strive to be dedicated, even when not being recognised, it always pays out at some point of the career journey.
- The ability to change your personality, a lot of women hang on to their natural personality; “I’m not outspoken” or I’m shy”’, to move some barriers, personalities may need to change.
- Ability to navigate using work-life integration, women wear different hats, and harmony must be found in the many hats that are worn through integration, not necessarily balance.
- The art of negotiation, where more is deserved there should be a platform to negotiate, women.
Women lead differently as they are born nurturers, the leadership question for women should always consider integrity, transparency and empowerment. It is important for women leaders to have a set of values that advocate for them even in their absence, this can be achieved when integrity and transparency principles are upheld. Women leaders should be able to empower so as to ensure long term sustainability and impact. Women leaders should create a circle of accountability system, all round, from below (where the focus is on growing the next level of women leaders), from peers from the top (where the focus is on empowering and growing to the next level as a leader). Leaders must be willing to receive feedback, as one of tools that can grow.
There are numerous changes facing the industry that require women to be positioned to grab such opportunities i.e. 4IR and the NHI Bill which will greatly impact the financial services sector. This changes may require going back to the basic principles i..e ensuring that accounting records are prepared. As a way of getting prepared for the upcoming changes women must also consider aligning with similar organisations in their industry, this makes it easier as the funders understand industry complexities that an ordinary funder may not be previewed to. Upcoming leaders must consider collaborations to grow and make big dreams possible, and be able to start even when intimidated, “Do it scared”.
