Tag: income inequality

In the rapidly evolving landscape of employee remuneration, the year 2024 marks a crucial juncture. The global dynamics are shifting, presenting both challenges and opportunities for organisations and their workforce. The remuneration climate is quickly and continuously changing, forcibly and consistently keeping us on our toes.

Small and medium-sized enterprises (SMEs) are the beating heart of Africa’s economies. According to the World Economic Forum, as engines of growth, SMEs are responsible for around 80% of the continent’s employment, ultimately helping to reduce poverty and income inequality, enabling the establishment of a new middle class and driving demand for new goods and services.

Progressively more articles are appearing warning that the South African economy is heading for a total implosion. The sentiment is incredibly bearish on the ground and South Africans are finding themselves between a rock and a hard place.

For us liberals, it matters little who makes a million dollars every other day, or how the world’s most endowed billionaires spend their wealth. As long as legitimate effort is exerted in an environment of free market competition; where entrepreneurship is recognised and rewarded on the basis of good business ethics and hard honest work.

The new world of work has created unprecedented challenges for human resource practitioners. This book prompts exciting conversations on the question of 'What is the role of job evaluation'.

James Meade, British recipient of the Nobel Prize in economics, reported in 1961 that Mauritius faced a bleak future. The country was reliant on a single crop (sugar), subject to weather and price shocks, threatened by over-population, had no potential alternative job opportunities, was multi-ethnic, had large income inequalities, and had experienced political conflict.

One year after COVID-19 was declared a pandemic, CEOs are voicing record levels of optimism in the global economic recovery, with 76% of global business leaders predicting that economic growth will improve in 2021. Coming off of a global recession (3.5% decline in world GDP) and a GDP contraction of 7% in SA, a record share of CEOs are optimistic about global economic growth this year.

In markets there is inequality of wealth because there is inequality of production. Some people produce more than other people. Not all labour is equally valuable. Structural inequality relies on politics. The state may put roadblocks in front of some people in order to benefit others. This sort of economic inequality relies more on political pull than on productivity.

In an emerging economy like South Africa, human capital development is central to the survival and growth of the economy. The economic system that is conducted in South Africa is a market driven capitalistic one, whose focus is on maintaining a sound financial system that is globally competitive.

Is 2020 the year when we finally let go of our unhealthy relationship with cash payments and usher in a new era of financial and digital inclusion? Widespread access to digital and financial services is a cornerstone of a healthy 21st century economy.