TECH & BUSINESS SUPPORT SERVICES COLLIDE!

TECH & BUSINESS SUPPORT SERVICES COLLIDE!

Technology keeps proving beneficial for the smooth running of businesses across SA

AN INDEPTH LOOK

According to the Quarterly Labour Force Survey (QLFS),South Africa witnessed an increase of 333 000 in the number of employed persons near the end of 2020. However, data collected also indicated a rise in the number of unemployed individuals, documenting that 701 000 individuals were without employment by the fourth quarter of 2020.

These changes heavily impacted all major labour market rates. South Africa’s unemployment rate, thus, soared from30,8% to 32,5% by the end of the year. This was the highest unemployment rate recorded since the start of the QLFS in2008. The employment-to-population ratio also increased from 37,5% to 38,2%, and the labour force participation rate increased from 54,2% to 56,6% during this period, indicating that more people are participating in the labour market.

This meant that many were battling to find employment throughout the lockdown period, putting major pressure on recruitment and staffing entities that experienced major shifts in acquiring new skills and talent, retrenchment and organisational strategies geared towards weathering the storm.

Despite a reasonable plummet in overall hiring activity throughout 2020, employment prospects are steadily improving for professionals in sectors such as: the business management, ICT and logistics sectors.