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

  • 📰 News24
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 80%

Business News News

Business Business Latest News,Business Business Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

South Africa: Big Business Embraces Ramaphosa Peace EffortsOrganised business in South Africa has hailed President Cyril Ramaphosa's peace mission to Ukraine and Russia, saying the war is already hurting African economies.
Source: allafrica - 🏆 1. / 99 Read more »

Business Talk – BLSA CEO Busisiwe Mavuso discusses the future of South AfricaIn this Business Talk interview, BLSA CEO Busisiwe Mavuso discusses her projections for South Africa for the next five years.
Source: BusinessTechSA - 🏆 24. / 61 Read more »

Afrimat surges 12% after inking R1bn deal for Lafarge South Africa | BusinessMining and building materials group Afrimat has inked a roughly R1 billion deal to acquire the SA unit of the world's largest building materials group Holcim. The group's shares surged by double-digits, with one analyst describing it as a 'sweet deal.'
Source: News24 - 🏆 4. / 80 Read more »

Competition Tribunal hearing into the SAA-Takatso merger underway | The CitizenDay one of a two-day hearing into the merger between Takatso Aviation Consortium and South African Airways (SAA) is underway at the Competition Tribunal in Pretoria. 👨‍⚖️👨‍✈️ Here's what happened TheCitizenNews
Source: TheCitizen_News - 🏆 6. / 75 Read more »