The evolution of interim financial professionals in South Africa: insights from Grant Robson

Fifteen years ago, the idea of contracting flexible or temporary part-time financial experts was almost non-existent in South Africa. Nowadays, it has gained widespread acceptance and is increasingly favoured by businesses aiming to grow efficiently while retaining top-tier financial expertise, cost effectively.

Grant Robson, the managing director of The Finance Team, reflects on this transformation. “When I first got involved in this industry, the use of flexible or interim part-time professionals was a brand-new concept in South Africa. It was already quite popular in the US and Europe but still on a much lower scale than it is today. It really was very new here in South Africa. This was in 2010, so we’re talking 14 to 15 years ago. Things have certainly changed dramatically.”

The role of technology in financial services

The shift towards remote and flexible financial management has been greatly facilitated by technological advancements. “I think technology has made things a lot easier and the use of this technology was transformed almost overnight when COVID 19 hit in March 2020. People were thrown into the deep end of working remotely, and a lot of companies quickly realised that, in certain circumstances and industries, it’s a lot easier for people to work remotely using new technologies.”

Initially, tools like Skype led the way in virtual meetings, but businesses rapidly transitioned to more efficient platforms such as Zoom, Microsoft Teams and Google Workspace. These innovations have streamlined operations and increased the acceptance of remote financial executives, allowing them to work effectively without having to be physically present in an office.

The balance between remote and on-site work

Despite these advancements, Robson acknowledges that remote work isn’t a one-size-fits-all solution. “I don’t think it will ever completely take over the need for face-to-face meetings and workplace collaboration.. At the end of the day, manufacturing goods can’t be done remotely; that all must be done at the workplace. Because of that, a lot of the support functions around those core activities still need to be done at the coalface.”

While certain financial roles may be well-suited for remote work, industries like manufacturing, logistics and retail (FMCG) still require a significant on-site presence. However, the growing acceptance of flexible financial leadership has allowed businesses to optimize their operational costs and management structures.

The future of part-time Financial Executives

Robson notes a significant shift in business attitudes towards part-time financial executives: “clients these days are a lot more receptive to the idea that they don’t need a full-time Financial Manager (FM) or Chief Financial Officer (CFO). They simply can’t afford or can’t justify a full time financial executive. Whether that work is done remotely or on-site, businesses are seeing the benefits.”

This growing flexibility enables businesses to access top-tier financial expertise without the costs and commitments associated with a full-time appointment. Companies are increasingly leveraging interim financial executives to oversee compliance, strategic planning, and financial risk management without incurring excessive overheads.

The evolution

The evolution of interim and part-time financial professionals in South Africa has been driven by necessity, technological advancements and shifting workplace dynamics. Businesses are recognising that they can access top financial talent on an as-needed basis, optimising efficiency and cost-effectiveness. As companies continue to adapt to the realities of a more flexible workforce, the role of part-time financial executives will only become more integral to corporate strategy and success. Contact The Finance Team here to make use of these exceptional professionals.