Willis Towers Watson survey paints a grim picture of job cuts and wage freezes for SA firms
48% of South African companies have ruled out new hires as they navigate an economy set to be ravaged by the coronavirus outbreak
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, according to a survey by one of the world's biggest insurance brokerage and advisory firms.
Willis Towers Watson said 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 completely halt hiring new staff. Almost a quarter said they considered making selective redundancies while 41% said they’d stop the payment of bonuses. Only four out of 10 business are pressing ahead with pay rises.