Reinventing Businesses with Workforce Formalisation
To Drive: Longevity, Performance and Productivity
FMCG | FMCD | Healthcare and Pharmaceuticals
Six out of ten (59%) FMCG, FMCD and Healthcare and Pharmaceuticals sector employers are galvanizing their formalization initiatives. Nearly half of all employers in these sectors (47%) are progressing along the journey of readiness.
Employers have great clarity on what factors are at play – 27% emphasize on Statutory Compliance and 25% on Social Security benefits – and which roles and job categories to formalize.
The GAPS framework (Ghost employee elimination; Attrition reduction; Productivity boost with Tech; Statutory compliance) is appreciated by more than half of all employers (between 48% and 70% across its attributes) and employers are able to attach value to the framework regardless of their priority for formalization.
Employers across these sectors recognize challenges – their own as well (managing wages: 45%) as those faced by the informal workforce (lack of social security: 32%) and have formulated the business case for formalization.