Proposed changes to the BBBEE codes of good practice have procurement experts estimating that companies without black ownership will drop at least four status levels. That's why Media24's celebrating the fact that its black ownership more than doubled in the past year, with its female black ownership shooting through the roof - and there's been no significant change to Media24's shareholding to warrant this jump; it's all to do with the change in how ratings agencies calculate the figure. Here's how to better comply with employment equity law by promoting more females in your business.
Media 24's not worried about the proposed changes to the BBBEE codes of good practice impacting on its ownership rating.
Because its black ownership figure has jumped from 14.55% to 35.77% in a year, says Moneyweb.
And this comes on the back of no significant change in its shareholding either.
It's simply because of a change in the ratings that agencies use to calculate the figure, when it changed from one ratings agency to another.
That's how Media24 achieved the maximum possible score of 20 points – up from 12.25 – for the ownership component of the scorecard.
Employment equity's not just about race…
But it's not just black ownership that's responsible for the shift – it's black female ownership, as part of the reason for Media24's ownership jump is the fact that it now boasts 16.66% black female ownership, says Moneyweb
So don't forget this important aspect of employment equity.
Because there are still signs that a glass ceiling exists for many women in the workplace, stopping them from making it into management positions for no reason, says Fin24
Do you have females in top management positions in your company? This is a great way to prove you comply with employment equity law!
Best you make sure you have enough women in management positions in your company, as the Women Empowerment and Gender Equality Bill seeks to ensure a 50/50 representation of women in decision-making structures in both the private and public sectors.
The bill will be implemented soon, as it's already been approved by cabinet for public comment.
You should focus on the minimum skills required instead of mentioning gender as a requirement.
It's the best way to boost to make sure you comply with employment equity law.