Broad Based Black Economic Empowerment or B-BBEE for short, is more than just hiring black workers or having a high percentage of black ownership in a company. There are other factors to be taken into consideration towards a B-BBEE score namely Management Control, Skills Development, Supplier and Enterprise Development and Socio Economic Development. All of these factors impact on your final score. There are a lot of compliance targets that go with each element and to make sure your business maximizes your financial contributions, it is wise to work with a B-BBEE consulting firm.
What is a B-BBEE Consultant?
The job of a B-BBEE consultant is to implement a B-BBEE strategy into a company and to maximize the points that a business will receive on their B-BBEE scorecard. It is important to note that B-BBEE consulting companies are not the ones who will issue a certificate or B-BBEE rating, but are there to assist in getting as high a score as possible. A B-BBEE verification company will be in charge of rating your companies B-BBEE status. A B-BBEE consulting firm will be responsible for putting together strategies and helping companies with implementing these strategies. The B-BBEE score is very important and has become representative of an organisation, from the diversity of its workforce to its outreach programmes.
How B-BBEE Consulting can Improve your Business?
- Improve your position in the market and become more attractive to your clients by improving your B- BBEE score.
- Tax concessions are only one of the advantages that are to be gained in the skills development element, your company will be actively participating towards overcoming the skills shortage in the country.
- Understanding your supplier’s B- BBEE score you are able to appreciate their value in your supply chain.
- Charitable endeavours improve your status in your clients and consumers eyes, as well as benefit the underprivileged, creating a more socially responsible organisation.
- The bottom line is the financial implications. Trying to navigate the B- BBEE waters without an expert is expensive. Money is spent on areas which yield no value to the score, tax concessions aren’t accessed. SETA funding is left unclaimed, the year end scramble sees a lot of cheques being written to meet targets whereas a strategy can save the organisation money.
- In addition to the above B-BBEE consulting services, Bconsult is also able to assist with skills development, learnerships, training, employment equity and the recruitment and training of disabled workers.