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Make sure you're up to scratch on Broad-Based Black Economic Empowerment

by , 27 February 2013
Big changes are expected in the area of employment equity later this year. And today's Budget Speech announcement could spark further changes, especially with regard to employment targets. If you're concerned about your employment equity policy, a good starting point is to make sure your business has a valid Broad-Based Black Economic Empowerment or BBBEE certificate. You might already qualify for one!

Employment targets have been making news headlines lately.
Especially as one of the recent employment equity changes is that you need to separate numerical employment targets reporting from numerical goals reporting, in line with legislative requirements, says FSP Business
This could be addressed in today's Budget Speech.
Make sure employment targets are covered in your employment equity policy!
 'We repeat our call to target economic growth and employment targets,' Cosatu spokesman Patrick Craven says in IOL's Business Report.
Cosatu also hopes for the 'phasing-out of the use of tenders to enable the state to directly absorb the unemployed,' in the delivery of a range of basic services, including the building and maintenance of infrastructure.
This would definitely boost job creation, as there'd be less of a monopoly in the market.
Luckily, we're already seeing positive changes in this regard.
For example, if you want to go after government tenders, your business needs to have a certain BEE rating, the Labour Bulletin explains.
And BBBEE or Broad Based Black Economic Empowerment is fast becoming a business imperative, says EconoBEE.
Your business may already qualify for a BBBEE certificate!
BEE Scorecard explains that if your business turnover is less than R5 million per year and you've been in business for less than a year, you automatically qualify for a Level 4 BBBEE certificate
And if your percentage of black shareholders is above 50%, you automatically qualify for a Level 3 BBBEE certificate.
There you have it.
Make sure you're up to scratch on Broad-Based Black Economic Empowerment before the expected changes to employment equity come into effect!

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