BL Premium reports that three quarters of businesses in SA are considering cost-saving initiatives such as redundancies and pay freezes as they navigate the economic crisis brought by the Covid-19 outbreak.  

This is according to a survey by global insurance brokerage and advisory firm Willis Towers Watson (WTW).  The results showed that 72% out of 412 SA businesses surveyed said they were already looking at cost-saving measures.  Almost half of those said they would completely halt hiring new staff.  Nearly a quarter said they were considering making selective redundancies, while 41% said they would stop the payment of bonuses.  Only four out of 10 business are pressing ahead with pay rises.  “Businesses are under intense pressure and are looking for ways to survive the pandemic and to protect their staff.  Pay freezes are never popular but it could mean the difference between someone keeping their job or losing it,” said Melanie Trollip of WTW SA.  The surge in joblessness across the economy will “darken the outlook of a jobs market that was struggling even before Covid-19”, Trollip warned.

• Read the full original of the report in the above regard by Ntando Thukwana at BusinessLive (paywall acess only)

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