Tag: Broad-Based Black Economic Empowerment (B-BBEE)

Skills development in the form of learnerships is an essential element of the Broad-Based Black Economic Empowerment (B-BBEE) scorecard, accounting for a significant portion of the score for large enterprises in particular. However, not all businesses have the capacity, availability, or ability to take on sufficient learners to meet their obligations.

Samsung has retained its Level-1 B-BBEE status for six (6) years in succession. This is a true testament of Samsung’s 30-year commitment and the positive impact its continuous investment has had, to the country’s transformation agenda.

On 1 February 2024, new Draft Regulations were released, containing new Draft Sectoral Targets, and unpacking what businesses need to consider when setting goals. The public now has 90 days from release to comment on the draft.

For most South African businesses, the skills development component of the Broad-Based Black Economic Empowerment (B-BBEE) scorecard is one of the most challenging and costly elements to deliver on. However, by strategically combining employed and unemployed learnerships, businesses can secure the most points for the least money spent, while achieving the best return on their training and skills development investment.

In the landscape of South Africa's corporate engagement within rural and peri-urban communities, a recurring narrative persists: a bias towards non-core Enterprise and Supplier Development (ESD) programmes and interventions overshadows the essential need for holistic, forward-thinking ESD strategies to boost small business growth.

Companies sponsoring learnerships are looking beyond profit towards a better future. Business success is not only about profit margins and market share - it is also about positively impacting society and contributing to the growth of future leaders.

Artificial Intelligence (AI) is revolutionising business and we’re all beginning to relax with it as we learn that it is generally to be welcomed rather than feared. As a tool, it is excellent at making tasks less time-consuming and more efficient, and this applies to the work of executive search businesses as much as to other business processes.

As South Africa moves into 2024, the landscape of Broad-Based Black Economic Empowerment (B-BBEE) is poised for significant shifts. The B-BBEE framework has been a cornerstone of economic transformation in our country, aiming to address historical imbalances and promote inclusive economic growth.

As the Matric Class of 2023 nears the conclusion of their school career, a few of these learners will recognise Broad-Based Black Economic Empowerment (B-BBEE) as a section in business studies. However, B-BBEE – and how companies decide to implement their skills development initiatives – may be the defining factor that determines some of these young people’s career prospects and future.

There is a serious skills gap in South Africa regarding IT talent, which is only growing as technology evolves. A lack of skilled resources can be a significant obstacle in achieving organisational objectives, and without sufficient IT skills, South Africa will fall behind on a global stage.