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South Africa’s labour market needs urgent reform

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Statistics South Africa has announced that South Africa’s unemployment rate rose to a record high 35.3% in the last quarter of year 2021. This was an increase of 0.4 percentage points from the previous quarterly unemployment rate. The expanded definition of unemployment rate is at 46.2%.

The socioeconomic costs of structural unemployment

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According to the Global Peace Index for 2020 by the Institute of Economics and Peace (IEP), violence costs South Africa about 13% of its gross domestic product (GDP) per year. South Africa ranks as the 26th most costly in the world, totalling $97.4 billion, or $1,971 per capita (in PPP terms).

Foreign nationals and digital labour platforms under the spotlight

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The Employment Services Amendment Bill (ESAB) and the National Labour Migration Policy (NLMP), which are open for commentary, will have a material impact on workforce strategies and design. The reason for this lies in the fact that the Minister of Labour will be empowered to set quotas for representation of foreign nationals after having taken scarce and critical skills into account and based on the SA national labour market goals which include employment creation and skills development.

2022 – a year of recovery? Reasons for optimism

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A few weeks into 2022, an underlying investment theme started to emerge, that of a continued, broad-based recovery with strong economic performance across the globe. Evidence of this recovery was noted in the U.S. Federal Open Market Committee (FOMC) January 2022 statement.

Embracing a fit for purpose economy

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Statistics South Africa has published the Quarterly Labour Force Survey (QFLS) for Q3 2021, showing how continued lockdown restrictions, load shedding, and the July riots impacted jobs in the country. The results show that the number of employed persons decreased by 660,000 in the third quarter of 2021 to 14.3 million.

Meeting the need for multi-skilled workers in South Africa

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Temporary employment opportunities are on the rise in South Africa, and with many global enterprises seeking to outsource certain business processes, the South African labour market is becoming increasingly attractive. While many local businesses also have a need for certain skills, that need is not ‘full time’.

When women do better, economies do better

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As we reflect on Women’s Month in South Africa, it is essential to acknowledge women’s contribution to society, the economy and unpaid care work – raising children, families and communities. Despite their massive contribution, women continue to face considerable challenges.

Impact sourcing – the power to transform business and uplift communities

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With South Africa’s BPO industry voted the most favoured offshore CX delivery location in 2021 in the annual Ryan Strategic Advisory BPO Omnibus Survey, the burgeoning sector is well positioned to play a critical role in ‘Impact Sourcing’. 

Post-pandemic inflation: now you see it, now you don’t

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Last month, US headline inflation recorded its biggest single jump in 13 years with a 5% gain from May 2020. In the wake of the global pandemic, rising vehicle prices, flight tickets, car insurance and hotels reflect a recovery in travel and higher oil prices.

Learning the lessons of a year of COVID-19

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A year ago, reality started sinking in that the new coronavirus from Wuhan would not be contained to China. No fewer than 25 countries had confirmed cases, and the first deaths outside China were being reported. On 11 February 2020, the disease caused by the new coronavirus was named COVID-19.

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