Blacks are tops:survey

Isaac Moledi

Isaac Moledi

Black South Africans comprise the majority of industrial sector analysts employed by institutional stockbrokers and asset managers in this country, according to the latest study conducted by research group Jack Hammer Executive Headhunters.

Debbie Goodman-Bhyat, managing director at the group, says that the study, which covered all institutional stockbrokers and asset managers in South Africa, revealed that 52percent of analysts within the industrial sector are black. Whites represent only 48percent, she claimed.

The study is published at the time when some black professional organisations and the Department of Labour in particular, have raised doubts about whether there is any transformation and employment equity taking place in certain sectors and white companies.

"The statistics clearly indicate that the pressure on companies to comply with the employment equity targets set out in the Financial Services Charter are, in specific areas, achieving the desired transformation," she said.

Goodman-Bhyat says the recent announcement by the Public Investment Corporation that it would withdraw all equity funds managed by external asset managers on its behalf and place these with black-dominated companies, is an indication of the importance of achieving these targets.

Goodman-Bhyat notes, however, that in other sectors, employment equity achievements have not been as impressive. In the resources sector, for example, employment equity analysts constitute only 37percent of the total.

"Given the legacy of the mining industry, it is perhaps not surprising that a majority of analysts in the resources sector are white.

"Our research does, however, indicate that there has been an increase in employment equity numbers even within this sector."