WHY IS manufacturing is important in the fight against unemployment, CY Kim- Managing Director (LG Electronics South Africa), asks?
The official unemployment rate for South Africa at 27 percent is currently among the highest in the world therefore jobs to stimulate economic growth is one of the most important tasks facing our developing nation and its one that many manufacturers are committed to.
All over the world, economists have been lamenting the loss of manufacturing jobs because this sector is known to be an important economic contributor, particularly in developing countries.
The establishment of manufacturing plants not only creates jobs, but it creates an opportunity for unemployed people to become a part of the economy. It also results in much-need skills development as well as lower prices of the products being manufactured.
The importance of human capital
Business has transformed dramatically in recent years with companies now operating in uncertain times due to a multitude of disruptors, which include keeping up with evolving technological trends while encouraging brand loyalty amongst customers.
The report says the most sustainable investment is people because they think, adapt, invent and change.
People are resilient and come up with smart ideas that change the world. More than 11,000 executives from 124 countries participated in the global survey, including 354 South African business and HR leaders.
Many South African business leaders operate with very traditional mindsets.
As companies transform and digital organisational models emerge, leaders need to evolve as well to manage across cultural, demographic and organisational boundaries.
LG is committed to building a great South Africa.