To make our society sustainable, we need to ensure that everyone is able to play a part in our society, or that they are given the opportunity to do so. South Africa has a long history in regard to politics, which has had a great effect on us as a society today and will be having an effect for decades to come. Therefore, it is important for us to learn from our past mistakes and transform so that we can create a greater South Africa for all.
What is BEE and B-BBEE?
BEE is known as Black Economic Empowerment. This has been initiated by the South African government to address the inequalities brought during apartheid, to ensure that everyone gets an equal opportunity according to the white affirmative action. B-BBEE, on the other hand, is known as Broad-Based Black Economic Empowerment, which ensures that not only Black people are given an equal opportunity, but other people of colour too. Therefore, to make sure everyone is included in the transformation process, South African has changed BEE to B-BEEE.
What does it mean to be B-BBEE compliant?
Being compliant is determined by the number of points your business score has on the scorecard. The more points you score, the more compliant you are, and the more benefits you will be able to get as a business.
What are the B-BBEE scorecards?
Being B-BBEE compliant is measured by the amount on your scorecard, which is out of 100 points. You can get more than 100 points though. The elements that you will be scored on are the following: Equity Ownership (2-%), Skills Development (15%), Employee Equity (15%), Preferential Procurement (20%), Enterprise Development (15%), and Socio-Economic Development (5%).
Why do we need transformation?
With apartheid, a lot of families have been robbed of the opportunity to get fair education, jobs, and be part of society. Therefore, making apartheid a society of exclusion. This means that we need to open a path for inclusive economic growth and development. It is a social business imperative.
How does having a high B-BBEE scorecard benefit your company?
By focusing on HR development, enterprise development, as well as B-BBEE, you will portray your commitment toward social, educational, and economic developments in the community in which you operate. Giving everyone an equal opportunity to succeed in life, as well as to create opportunities for the next generation. By being rated, your company and South Africa can see how you are performing nationally in comparison to others and what you are contributing to making society more sustainable. Complying with B-BBEE in South Africa, especially in regard to the scorecard, opens doors to a lot of sustainable business contracts and tenders from all across the world.
Conclusion
Do not just sit back and watch transformation happening, become a part of making South Africa a better place.
