A new poll shows that not all well-heeled top executives want to flee South Africa because of the current weak economic and political climate – but there are those who would leave without a second thought.<\/p>\n
The annual Bonus and Salary survey by executive search firm, Jack Hammer, shows that at least 3 out of 10 executives are prepared to leave South Africa<\/strong> without any hesitation\u00a0– despite improved sentiment among executives in general, compared to 2015.<\/p>\n Notably, the number of executives prepared to drop the country is down from findings in the 2015 report, which marks an improvement for the country, according to Debbie Goodman-Bhyat, CEO of Jack Hammer.<\/p>\n The report found that prospects for executives are positive, with the businessmen and women feeling generally confident that they will be fairly compensated \u2013 in terms of 2016 year-end bonuses and salary increases in 2017 – despite the roller coaster on which South Africa finds itself.<\/p>\n \u201cThe findings of this year\u2019s survey are significant, given that the prevailing sentiment in the country seems to be one of doom and gloom in the face of a mooted ratings downgrade, and with the economic growth forecast revised downward to 0.5% from an already low 0.9% in February,\u201d said\u00a0Goodman-Bhyat.<\/p>\n The 2016 Bonus and Salary survey polled senior executives and managers in various sectors \u2013 including retail, financial services and manufacturing – about their expectations of bonuses, salary increases and business growth in the New Year.<\/p>\n In 2016, 50% of leaders expected to receive bonuses either in line with or exceeding that of previous years. This year, 77% of leaders expected the same, indicating a positive market sentiment that belies the country\u2019s apparent challenges.<\/p>\n At 82%, most respondents in the latest poll indicated that they expected at least an inflation-linked increase, up from 71% last year. Few respondents expected little or no increase.<\/p>\n Read: Weak rand bites the rich as South Africans flee the country<\/a><\/strong><\/p>\n \u201cDespite incredibly challenging times, great uncertainty about the local political landscape in particular, and global economic and political stability in general, there is a marked overall, somewhat counter-intuitive air of resilience around business,” said Goodman-Bhyat.<\/p>\n Contrary to expectations, only 12% of respondents indicated that business was really bad, with no growth prospects at all.<\/p>\n The majority (65%) were of the view that business was solid, albeit admittedly tough. A quarter (24%) of respondents expressed a wholly positive sentiment, with stated prospects for growth and opportunity.<\/p>\n \u201cThere also appears to be a renewed commitment to making things work \u2013 in one\u2019s company and in the country,\u201d said Goodman-Bhyat, arguing that this could be as a result of an increasingly vocal and active business and civil society mobilisation.<\/p>\n Read: This is who is emigrating from South Africa \u2013 and where they are going<\/a><\/strong><\/p>\n Goodman-Bhyat said that contrary to dinner-party conversations, the survey shows that relatively few leaders would consider leaving the country to pursue international opportunities.<\/p>\n Only 29% said they would leave the country without hesitation.<\/p>\n \u201cConsidering the sample group surveyed, people who are professionals in their field with myriad local and global options, this is a much lower than expected,\u201d Goodman-Bhyat said.<\/p>\n \u201cIt is significant that 71% of respondents either gave an outright or conditional ‘no’ to moving abroad to further their careers. Of the conditional no\u2019s, respondents indicated that they would only consider a move for \u2018pull\u2019 factors, such as an exciting and lucrative opportunity, rather than push factors.\u201d<\/p>\n Findings from a New World Wealth report earlier in the year shoed that almost 1,000 South African millionaires left the country in 2015.<\/p>\n The group defines millionaires as dollar millionaires \u2013 high net worth individuals with net assets valued at $1 million or more.<\/p>\n According to NWW\u2019s estimations, about 950 millionaires (11% of all millionaires lost) left the country in 2015 \u2013 leaving for places such as the UK, Australia, the USA and Canada. Mauritius and Israel were also destination countries.<\/p>\n Between 2000 and 2014, approximately 8,000 HNWIs left the country \u2013 a number now closer to 9,000 by the end of 2015.<\/p>\n A survey conducted among emigrants revealed that financial concerns were the main reason to leave \u2013 but social issues also played a big part.<\/p>\n Here are the primary reasons millionaires are leaving:<\/p>\n Rich white millionaires are fleeing South Africa<\/strong><\/a><\/p>\n\n
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