Broad-based Black Economic Empowerment (B-BBEE) is an action that was launched by the South African Government in order to address the restrictions that exist for black individuals in the country, enabling them to participate in the economy without discrimination.
Making sure that your business attains BEE compliance can benefit you in the following ways:
Supplying finance to companies that attain BEE compliance is a priority for all banks and lending institutions. A BBBEE-compliant business is more likely to find a suitable provider for financial and other related resources, including training and mentoring.
When tendering for new work, companies that are BEE compliant always have the competitive lead. Giving preference to candidates that are complying with legislation, has become standard practice, especially when all other factors are equal (such as price, quality and product offering). BEE compliance could ensure that your business wins the work.
Through BBBEE legislation, more black people will become established in the mainstream economy. It is said that in a few years the majority of people who are categorised within the top three income groups, will be black. Complying with BBBEE legislation is the first step towards adapting to this changing market.
With The Labour Law Experts, you have in us a team that understands the B-BBEE fundamentals, the relevant legislation and the appropriate compliance measures – ensuring that you as the employer comply with the relevant legislation.