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By Thapelo Molefe
The Financial and Accounting Services Sector Education and Training Authority (FASSET) is ramping up efforts to address a critical challenge facing the sector, the incomplete and declining Workplace Skills Plan (WSP) and Annual Training Report (ATR) submissions.
In a decisive move to rectify this trend, FASSET hosted its WSP Research Summit in Johannesburg on Monday and will continue the meeting in Durban on Tuesday and in Cape Town on Friday.
As the statutory body responsible for overseeing skills development in the financial and accounting services (FAS) sector, FASSET plays a crucial role in shaping a workforce that meets the evolving demands of the industry.
By facilitating training and development programmes, it aims to enhance the competencies of professionals in accounting, auditing and financial services, ensuring that the sector remains competitive and sustainable.
The summit brought together key stakeholders in the FAS sector to explore ways of strengthening data collection and ensuring skills development initiatives were aligned with industry needs.
The decline in WSP/ATR submissions has led to gaps in the sector’s understanding of workforce trends, impairing efforts to craft targeted training programs. The Seta’s leadership is determined to reverse this trajectory.
“The role of data in driving skills development cannot be overstated,” said FASSET acting CEO Makabongwe Siziba.
“WSP/ATR submissions are not just an administrative task – they are a vital tool for shaping the training and skills development programs that benefit the entire sector.”
The submission of WSP/ATR reports is a fundamental part of its mandate to develop the Sector Skills Plan (SSP). These reports provide a critical understanding of current skills shortages, emerging industry trends and necessary training interventions.
However, dwindling employer participation has resulted in incomplete datasets, which in turn hinders the effectiveness of FASSET’s skills development programmes.
At the core of this issue is a growing need for more detailed, reliable and representative data.
Its research team is using the meetings to present and validate key findings from the upcoming SSP 2025-2030, offering insights into critical industry changes, including digital transformation, the Fourth Industrial Revolution and the continuing rise of environmental, social and governance imperatives.
One of the most pressing challenges identified in the research was the urgent need for digital skills development. As financial services become more technologically driven, traditional roles are being reshaped.
Skills such as data analytics, automation and artificial intelligence integration are no longer optional but essential.
“Digital skills are increasingly becoming as fundamental as traditional literacy and numeracy,” Siziba told Inside Education.
“In our sector, where accounting, auditing and financial services are rapidly evolving with technology, having a digitally skilled workforce is no longer a luxury, it’s a necessity. Employers need employees who can navigate digital tools, analyse data and adapt to new technology. As these digital tools become more integrated into the workplace, we must ensure that our workforce is prepared for this shift to remain competitive and relevant.”
FASSET is calling on all levy-paying employers in the sector to attend the summits and participate in shaping the future of workforce development.
It aims to boost the number of WSP/ATR submissions, ensuring that interventions are data-driven and accurately reflect the industry’s needs.
“Our goal for the WSP Research Summit is to raise awareness among employers about the importance of these submissions and to foster greater participation,” Siziba emphasised.
“By doing so, we can ensure that our Sector Skills Plan is based on real, actionable data that reflects the current and future needs of the FAS sector. This summit is also an opportunity to showcase the key findings from the SSP 2025-2030 and highlight the need for upskilling in emerging areas.
Ultimately, we aim to create a more accurate and comprehensive skills development strategy that aligns with the demands of the sector, ensuring we have the talent to drive future growth and innovation.”
With the SSP 2025-2030 findings highlighting high-demand roles such as external auditors, accountants in practice, accounting technicians, accounts clerks and tax professionals, the Seta is urging the industry to take decisive action to close existing and future skills gaps.
It has appealed to industry leaders, training providers and stakeholders to seize this opportunity to influence policy and ensure the sector remains competitive in the face of rapid technological and economic change.
INSIDE EDUCATION