FASSET ANNUAL REPORT

Figure 5: FASSET Sector Profile

There are 10 sub-sectors: Accounting, Bookkeeping, Auditing and Tax Services, Investment Entities and Trusts and Company Secretary Services, Stockbroking and Financial Markets, Development Organisations, Activities Auxiliary to Financial Intermediation, Business and Management Consulting Services, SARS and Government Departments

Amongst small employers: Micro (0 -5) = 86%; Very small (6-20) = 11%; and Small (21-49) = 3%

Majority of employees in the sector are women accounting for 58% of total work force

FASSET sector at a glance

FASSET falls within the broader ‘Finance, Real Estate and Business Services’ sector as defined by Statistics South Africa

35 127 companies employing around 172 387 people. Of the 35 127, only 8 919 pay skills development levies to FASSET

Only 1 632 people with disabilities – less than 1% of total employment in the sector

Source: FASSET Sector Skills Plan of 2021

The sector consists of 172 387 employees, according to data reported in the 2021 Workplace Skills Plan and Annual Training Report (WSP/ATR) submissions. Demographically, the FAS workforce comprises 50% Black African, 11% Coloured, 9% Indian and 29% White. The sector comprises a female majority of 58%. About 50% of workers are in the youth category (aged 35 and younger). The sector is dominated by small organisations, with the Accounting, Auditing, Bookkeeping and Tax services sub-sectors identified as the most prominent sub-sectors. The organisations belonging to the sector are largely concentrated in the metropolitan provinces, including Gauteng, the Western Cape and KwaZulu-Natal. This means there is an opportunity for Fasset to reach out to smaller provinces and areas to broaden skills development interventions toward increasing the supply of South Africans into the sector. The sector is also composed of a relatively youthful and well-qualified working population. This may positively impact the sector’s response to the effects of the pandemic and national developmental imperatives.

The environment is also inhabited by several professional associations whose roles have become ingrained in the sector’s qualification structure, in the organisation of education and training, and in the professional designations used. The professional bodies play an important role in skills development and are closely involved in our initiatives and activities. Covid-19 and lockdown impacts The ravages of the pandemic hindered implementation of a number of FASSET’s plans for the year under review. The 2020 lockdowns resulted in many businesses closing or temporarily ceasing activity; tax revenue shortfalls; rising unemployment; and changes seen in workforce capacity and productivity across sectors, amongst other effects on business, income and employment. Despite its continued positive economic growth in the years prior to 2020, the broader finance sector has demonstrated resilience following the major disruption caused by the pandemic.

Following the pandemic, the labour force is rushed to upskill, re-skill and acquire new skills sets to be

FASSET Annual Integrated Report 2020/21

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