SA business reports a 7% growth in employment
26 March 2007
Business Day
This is 4 percentage points up on last year’s EGI which only reflected a 3% growth as a result of hampered employment growth within the manufacturing sector. In 2005, the EGI showed a 6% year-on-year growth in employment in SA.
The EGI forms part of this year’s Grant Thornton International Business Report (IBR) and is determined by calculating the difference between increases and decreases in employment reported by the privately held businesses surveyed.
The survey reveals that 62% of privately held businesses in SA have increased their staff complement over the past twelve months. This is 9 percentage points up on last year. The global average for employee growth in this market is 57%.
12% of respondents reported a decrease in employment while internationally, 13% of respondents cut their staff numbers.
Those businesses that increased employment reported, on average, that they had 14% more employees. Those that cut staff lost an average of 11%. Overall there was a 7% increase in employment.
The major industry sectors in SA all reported an increase in employment. For the second year in a row, the construction sector has reported significant employment growth of 13%, up from 11% last year.
The manufacturing sector, which reported a 3% decline in employment growth last year, now reports year-on-year growth of 5%.The services and retail sectors reported year-on-year employment growth of 8% and 4% respectively. Last year the services sector reported a 6% growth and retail, 5%.
Says Leonard Brehm, National Chairman of Grant Thornton SA: "Growth in employment is the best news we could ask for. It appears that we are well past the years of jobless growth. Prospects for the next year are excellent as well."
On balance, +53% of all South African respondents said that they expected to increase their staff complement in the next year.
The country with the most positive outlook for employment growth for the year ahead is India which expects a +80% increase. Philippines and Armenia (new comers to the survey) rank second and third with an expectation of +70% and +67% growth respectively.
Note: Above are excerpts from the article. The full article appears here. Clarifications and comments by me are contained in {}. Deletions are marked by [...]. The bold emphasis is mine.
Business Day
The country with the most positive outlook for employment growth for the year ahead is India which expects a +80% increase. Philippines and Armenia (new comers to the survey) rank second and third with an expectation of +70% and +67% growth respectively.
THE latest Grant Thornton Employment Growth Index (EGI) reflects a 7% year-on-year growth in employment among medium to large privately held businesses in SA.This is 4 percentage points up on last year’s EGI which only reflected a 3% growth as a result of hampered employment growth within the manufacturing sector. In 2005, the EGI showed a 6% year-on-year growth in employment in SA.
The EGI forms part of this year’s Grant Thornton International Business Report (IBR) and is determined by calculating the difference between increases and decreases in employment reported by the privately held businesses surveyed.
The survey reveals that 62% of privately held businesses in SA have increased their staff complement over the past twelve months. This is 9 percentage points up on last year. The global average for employee growth in this market is 57%.
12% of respondents reported a decrease in employment while internationally, 13% of respondents cut their staff numbers.
Those businesses that increased employment reported, on average, that they had 14% more employees. Those that cut staff lost an average of 11%. Overall there was a 7% increase in employment.
The major industry sectors in SA all reported an increase in employment. For the second year in a row, the construction sector has reported significant employment growth of 13%, up from 11% last year.
The manufacturing sector, which reported a 3% decline in employment growth last year, now reports year-on-year growth of 5%.The services and retail sectors reported year-on-year employment growth of 8% and 4% respectively. Last year the services sector reported a 6% growth and retail, 5%.
Says Leonard Brehm, National Chairman of Grant Thornton SA: "Growth in employment is the best news we could ask for. It appears that we are well past the years of jobless growth. Prospects for the next year are excellent as well."
On balance, +53% of all South African respondents said that they expected to increase their staff complement in the next year.
The country with the most positive outlook for employment growth for the year ahead is India which expects a +80% increase. Philippines and Armenia (new comers to the survey) rank second and third with an expectation of +70% and +67% growth respectively.
Note: Above are excerpts from the article. The full article appears here. Clarifications and comments by me are contained in {}. Deletions are marked by [...]. The bold emphasis is mine.
Labels: Armenia - Economy
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