Most SA companies looking at cost-cutting measures, study reveals
Business Live has reported on a survey by Willis Towers Watson, which reveals how three-quarters of businesses in South Africa are considering cost-saving initiatives such as redundancies and salary freezes as they navigate the economic crisis brought about by the COVID-19 outbreak.
According to the survey, 72% out of 412 South African businesses that were quizzed said they were already looking at cost-saving measures, with almost half of those saying they would stop the process of hiring new staff.
Clement Manyathela spoke to Willis Towers Watson SA director Melanie Trollip to find out more.
Apart from all of the cost-saving activities that companies are now implementing - that is an immediate reaction to the impact of the lockdown and COVID-19 but as far as the future of work is concerned - I think the whole employee-employer model is going to change.Melanie Trollip, Director - Willis Towers Watson SA
Organisations are definitely going to look at it; if they have a recruitment freeze, they are going to look at servicing their resource requirements to free agents, artificial intelligence and automation and so on.Melanie Trollip, Director - Willis Towers Watson SA
Click on the link below to hear the full conversation....
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