No respite yet in mass staff cuts, warn company chief executives
From left: TIFA research director Maggie Ireri, Kepsa chief executive Carole Kariuki and Kepsa consultant Patrick Tonui during the release of the CEO Confidence Survey findings on April 25, 2017. PHOTO | DIANA NGILA
What you need to know:
TIFA Research survey found that 70 per cent of the CEOs are deeply worried about the impact of corruption on their business following revelations that misappropriation of public funds, massive bribery to win public tenders and procurement fraud — whereby tenders are awarded to losing bids — are on the rise.
The CEOs are also worried of possible outbreak of political instability in the coming General Election.
To maintain peace during the election period, Kepsa has renewed its Mkenya Daima Peace drive — urging politicians to conduct peaceful campaigns ahead of the August polls.
Nearly a fifth of Nairobi-based companies plan to reduce staff in the next six months because of an unfavourable business climate, a study commissioned by the Kenya Private Sector Alliance (Kepsa) shows.
The survey by TIFA Research says banks, microfinance institutions and transport companies foresee staff cuts arising from information technology (IT) disruption and completion of the standard gauge railway while other sectors expect a slowdown in growth associated with political uncertainty and harsh weather conditions that have depressed agriculture.
