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Following the resignation of its CEO, Adcorp announced in a statement on its unaudited results for the six months ended on August 31, 2019 that it had suffered a 10% drop in revenue and R447m net losses.
Last week’s ruling on labour brokers by the Constitutional Court has already led to a significant victory for workers at breakfast cereal behemoth Kellogg’s.
A Constitutional Court ruling in favour of Numsa over who should be regarded as the employer of workers placed by labour brokers need not be nails in the coffin for temporary employment services, says Adcorp.
Only the public sector created jobs in May, and projections suggest chances are slim that permanent employment could absorb school leavers.
The most significant job losses in South Africa have been in manufacturing and wholesale and retail trade, according to the latest Adcorp Employment Index.
The workforce-management company says its SA clients have cut back on temporary hires and delayed the appointment of permanent employees.
The Constitutional Court does not ban labour broking entirety, but rather aims to ensure that the provision of temporary services is truly temporary, say experts at Cliffe Dekker Hofmeyr.
JSE-listed Adcorp has announced its acquisition of specialist oil and gas workforce recruiter, Dare, for an estimated R280m as it seeks to expand into Africa.
Adcorp CEO Richard Pike says he is pleased with the firm's financial performance after it recorded a 37% revenue increase for the year ending February 28 2014.
The Adcorp Employment Index shows that jobs in the informal and temporary sectors have increased, but the country’s skills shortage is substantial.
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