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.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now