With the unemployment figures out tomorrow (30 September 2020), the expectations look bleak. This is an article done on the figures published in the first quarter of this year. If you are currently employed, What is your contingency plan!!?
South Africa’s unemployment rate rose to 30.1 percent in the first quarter of 2020 from 29.1 percent in the previous period and above market expectations of 29.7 percent. It was the highest jobless rate on record since quarterly data became available in 2008, as the number of unemployed people increased by 344 thousand to an all-time high of 7.1 million. Employment fell by 91 thousand to 16.38 million from 16.42 million in the prior quarter. Total employment dropped in 7 out of the 10 industries, with the largest declines recorded in the finance industry (-50 thousand), followed by community and social services (-33 thousand), agriculture (-21 thousand), transport (-17 thousand), manufacturing (-15 thousand), construction (-7 thousand), and utilities (-4 thousand). The expanded definition of unemployment, including people who have stopped looking for a work, was at 39.7 percent, up from 38.7 percent in the prior period.
The above diagram indicate the steady decline of our employemnt rate. Inadequate education and lack of productivity is costing jobs. Unemployment increases progressively with decreased educational levels; and the education system is not producing the skills for the labour market. Labour supply is affected by the increase in the number of job seekers over the years.
South Africans seem reluctant to start their own business. But our current economic situation might just have all employees to relook their future. Organizations like Empire 629 are becoming more and more vital to educate people in becoming successful entrepreneurs. Business coaches and mentors, for example, Lester Philander are starting to play an integral part in coaching employees and even current business owners to success with eradicating unemployment as the end goal