South African Economy Creating Fewer Jobs In 2016
The South African economy has had a bumpy ride in 2016, market by volatility in politics, unstable foreign exchange markets and rapid adoption of new technologies. The impact of geo-political issues adversely affecting the economy has had a direct impact of the labor market. This impact is evidenced by reduced jobs numbers particularly visible within the Retail, Construction and Motor industries, where vacancy levels are over 45% lower compared to the same period last year
Not all is doom an gloom though, trending jobs for August 2016 include Mechanical Engineering, Financial Analysis, Logistics Management. These occupations saw a spike in jobs for the previous
month. In the 3 financial sectors mentioned above, as well as generally across the board. new vacancies activated offering higher salaries in Gauteng, with Western Cape coming second then Kwa Zulu Natal in third place.
Most Wanted Skills
This time last year, the Medical and Mining industries were big job creators, however in 2016 the same industries have lost many jobs, with the decline in the mining industry continuing. The medical industry is currently undergoing major transformation driven by technology which is replacing jobs that generally low-skilled and mostly characterized by repetitive work. Therefore the most wanted skills in 2016 are Software Development, Finance (Financial Accounting / Project Accounting) and Sales.
Top 5 Employment Sectors
In 2016, the Medical and Health industry is offering some of the best salaries in the market, even though new vacancies generated by the industry this year is lower than last year. This trend is expected to continue in 2017 on the back of rapid technology adoption, mergers and acquisitions. Information Technology, the top sector in 2015, takes 2nd place this year.
A new entry into the top 5 sectors this year is Design, Arts and Media. This could be attributed to the continued growth and maturity of the Television and Movie industry in South Africa, as well as explosion of online marketing creating many digital agencies. The music industry has also shown strong growth. The Engineering and Construction industries retained the top 5 positions again this year
It remains quite clear that the South African industry is undergoing major transformation in 2016 and beyond and that job seekers now more than ever need to have a wider skill set in order to keep up with the on going demand for jobs in a somewhat smaller job market place. Technology remains a key skill to have in-order to stay competitive. You can access the full Career Junction Executive Summary here.