According to Baets while the MBA [Masters of Business Administration] is 'far from dead', it 'will no longer be the only kid on the block'!
That there is a link in the economy between the role of women, young people, and SMEs, is undeniable. The common themes of economic emancipation and a desire to work were recently identified during a youth-driven campaign by the Netherlands-based organisation, Building Bridges. SMEs need to embrace women and young people in contributing to SA's 2030 new employment target.
What do SMEs need to achieve the target of 90% of the creation of new employment by 2030 which has been assigned to SMEs in our National Development Plan [NDP]? A recent Sage survey revealed that the simplification of labour regulations, and the reduction of red tape, are amongst the areas where SMEs need government assistance and collaboration.
On the one hand a 'call' by the Ministry of Small Business for the private and public sectors to work together to invest in and support small businesses may be encouraging. On the other hand progress in the Ministry since the announcement in May 2014 of its establishment appears to be slow.
Recently the Parliamentary Portfolio Committee on Small Business Development expressed its dissatisfaction with the Ministry about the lack of consultation on sustainability needs for SMMEs in the retail sector. The briefing included the Ministry, its related Small Enterprise Finance Agency [SEFA] and the Small Enterprise Development Agency [SEDA], and representatives from the retail sector.
The slow progress and the most recent business confidence levels and international monetary projectionsdo not bode well for SMEs achieving the NDP's 90% target. In October the South African Chamber of Commerce and Industry announced that its September Business Confidence Index fell to the lowest level since 1993 - a 22-year low. A fact exacerbated by research that reveals that SA is no longer the 'continent's economic powerhouse'.
The IMF projections for growth in sub-Saharan Africa is another 'wake-up' call - in particular SA where growth is projected to be below 1.5% for 2015 and in 2016. According to the IMF economic growth in the major emerging market, BRICS [Brazil, Russia, India, China, SA], the projected future decline is by 1% relative to 2015.
The IMF related report indicates that the 'growth prospects suggest that it is also time for major emerging market economies to turn to important structural reforms to raise productivity and growth in a lasting way'. Aspects of the 'reform agenda' for SA include 'implementing reforms, education, labor...productivity, and government service delivery' - the latter refers only to SA.
Structural reforms need to embrace women, young people, and SMEs [Small & Medium Enterprises] and their vital role in our economy.
Equity & Human Resources
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