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Already-downsized SA companies may not be able to cut more jobs amid economic storm | Business

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Something has to give: businesses are struggling amid load shedding, rocketing input costs and aggressive rate hikes – while demand for their products and services is faltering in a weak economy. | News24_Business

But many companies were already downsized during Covid-19, and they have limited options.For more financial news, go to the Something has to give: businesses are struggling amid load shedding, rocketing input costs and aggressive rate hikes – while demand for their products and services is faltering in a weak economy.But economist and director of Econometrix Azar Jammine believes many businesses already trimmed their staff count close to the bone during the pandemic.

South Africa still has 1 million fewer jobs than before the pandemic, says labour law specialist, Andrew Levy. Sharon Pearce, an HR transformation expert at Flux Trends, says many companies have frozen positions following resignations for much longer than before Covid-19. Some jobs have never been filled again or were replaced by contract workers instead of permanent positions.

 

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