Sifiso Skenjana: Standard Bank, SABC and more – why SA must mind the labour force gap | Fin24
Standard Bank last week announced that they will be retrenching about 1 200 staff and closing 91 of their branches – this is on the back of increasing digital banking usage among the banked population.
How can we better make sense of these the driving forces behind the growth in retrenchments that we see in the market? And thirdly, the economy is structurally constrained from absorbing and continuing the retain the labour force based on current skills composition.Oftentimes it appears that the fourth industrial revolution is viewed similarly to the Y2K and its 'apocalypse' frenzy.
Engineering is one of the critical skills required if we are to meaningfully and competitively participate in a global marketplace. To illustrate the labour challenge facing the country, the department of labour found that SA only has one engineer for every 2 114 citizens. If the growth agenda suggests that agriculture, for example, will in future be a massive contributor to the GDP, the agri-colleges would need to be front and centre of the education and curriculum strategy. As it stands,It also holds unambiguously true that the local economy is creating jobs for the labour force it wishes it had, not for the labour force it currently has.
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