Black Economic Empowerment (B-BBEE) - Helping you and the Economy Grow

5Sep, 2024

Are You Ready for the Employment Equity Reporting Season?

Spring is upon us! As the season of renewal and growth begins, it’s the perfect time for businesses to refresh and align their strategies with South Africa’s transformative goals. Just as nature blossoms and adapts, now is the moment for your organization to spring into action and ensure compliance with the Employment Equity (EE) Act.

Why is Employment Equity Reporting Important?
Well, the upcoming Employment Equity reporting deadline is a reminder to all designated employers to prioritize EE compliance, especially now that there has been some confusion recently about which version of the Employment Equity Act is currently in effect. Our sources within the Labour Department have clarified that the Employment Equity Amendment Act No. 47 of 2013 is indeed the current legislation in force. According to this Act, “designated employers” are defined as those with 50 or more employees or those with fewer than 50 employees who meet the turnover threshold specified in Schedule 4 of the Act.

Additionally, employers with fewer than 50 employees may also be considered designated employers if they meet the turnover thresholds outlined in Schedule 4 of the Act. Additionally, employers who do not meet these criteria can still choose to voluntarily do their EE reporting as stipulated in Section 14 of the EE Act. Beyond avoiding fines that can reach up to R1.5 million or 2% of annual turnover (rising to R2.7 million or 10% for repeat violations), embracing Employment Equity is about fostering a workplace that is as diverse and inclusive as our vibrant country. It’s about reflecting the rich tapestry of South Africa in your business and taking steps toward a more equitable economy.

B-BBEE and Spring Growth
Just like the new growth we see in spring, Broad-Based Black Economic Empowerment (B-BBEE) and Employment Equity present opportunities for growth, innovation, and a thriving business environment. By aligning your business with these principles, you not only comply with regulations but also position your company as a leader in transformation and inclusivity.

Let Us Help You Bloom!
Our experts are here to help you tackle the challenges of EE and B-BBEE compliance. Whether it’s EE planning plan, completing your reports, or increasing your B-BBEE score, we’ve got you covered. Don’t miss this chance to renew and refresh your commitment to transformation—just in time for spring!

Don’t Miss the Deadline!
Reach out to us today on 011 483 1190 or email us . Let’s work together to grow a more inclusive and prosperous future.

Best Regards,
The EconoBEE Team
www.econobee.co.za

7Aug, 2024

Reflecting on National Women’s Day

Let’s Celebrate This Year’s National Women’s Day by

Empowering Women in Corporate South Africa

As we approach National Women’s Day this Friday, we wish to take a few minutes of your time to reflect on the incredible contributions and achievements of women in the corporate world. Women, especially young black women, continue to face significant challenges in the workplace or corporate, but their resilience and determination are driving meaningful change.

Partner with EconoBEE

We invite you to partner with us in this mission as we specialize in helping businesses transform and become more diverse. Our comprehensive B-BBEE consulting services are designed to support companies in achieving their transformation goals, fostering an inclusive workplace, and driving sustainable growth. We understand that every business is unique, and we tailor our services to meet the specific needs and challenges of our clients. From strategy development to implementation and compliance, we provide the expertise and support necessary to navigate the complexities of B-BBEE and achieve meaningful, long-lasting change.

Let’s work together to create a future where every woman has the opportunity to succeed and contribute to the success of our economy. Empower women, empower South Africa.

For more information on how we can assist your business in achieving its transformation objectives, please visit our website (www.econobee.co.za) or contact us directly at 011 483 1190.

Together, we can make the difference.

The Importance of Empowering Women

Empowering women is not just a matter of equality—it’s a catalyst for the needed transformation and growth. Companies that prioritize diversity and inclusivity see tangible benefits, from increased creativity to improved financial performance. When women are empowered, they bring unique perspectives and ideas to the table, this can lead to innovative solutions and approaches. Despite these advantages, many women still encounter barriers that hinder their professional development, including gender biases, lack of mentorship, and limited access to leadership roles. Overcoming these challenges requires a concerted effort from all sectors of society, including businesses, to actively promote gender equality and provide supportive environments where women can thrive.

Promoting Inclusion and Transformation

EconoBEE believes that true transformation starts with creating opportunities for women to thrive. By fostering an inclusive corporate culture, businesses can tap into a wider talent pool and promote a more dynamic and competitive environment. Inclusivity means more than just having women in the workplace; it means ensuring that women have equal opportunities for growth, are heard, and are valued for their contributions. This involves implementing policies and practices that support work-life balance, offer career development programs, and create safe spaces where women can voice their ideas and concerns without fear of discrimination. Companies that embrace these values not only benefit from diverse perspectives but also build a reputation as employers of choice, attracting top talent across the board.

Supporting Young Black Women

Young black women, in particular, face unique challenges in the corporate sector. Addressing these challenges requires a commitment to equity and a willingness to implement policies that support their professional journeys. This includes mentorship programs, leadership training, and creating pathways for career advancement. Providing access to resources and networks that young black women might otherwise find difficult to obtain is crucial in leveling the playing field. Mentorship can play a significant role in this regard, offering guidance, support, and role models who can inspire and motivate the next generation of leaders. By investing in the development of young black women, companies not only contribute to social justice but also gain from the fresh perspectives and talents these women bring to the table.

4Jul, 2024

Skills Development and the YES Initiative

Skills Development and the YES Initiative

July is a significant time for many companies as they often evaluate their skills programs during July. Notably, the 15th of July is also recognized globally as World Youth Skills Day, highlighting the vital importance of equipping young people with skills necessary for employment, dignified work, and entrepreneurship. This dual focus underscores the strategic importance of both corporate and global efforts in skills development.

In South Africa, both government entities and companies actively engage in Youth Employment and Skills Development initiatives. These efforts often include Skills Development (SD) programs and the YES initiative. However, due to their overlapping objectives, there can be confusion between these two programs. So, let’s take a quick look at both:

What is Skills Development (SD)?

Skills Development (SD) programs are crucial for improving individuals’ abilities and knowledge to align with labor market demands. These programs include various types of training, education, and certification to enhance specific skills. The main objective is to close the gap between the skills employers need and what job seekers can offer. SD programs are designed according to industry standards and are frequently updated to keep up with technological advancements and changing market requirements.

In South Africa, Skills Development has been greatly influenced by Broad-Based Black Economic Empowerment (B-BBEE) policies. The B-BBEE framework, introduced in 2003, highlighted the importance of skills development in achieving economic transformation and inclusivity. Companies are motivated to invest in training and development initiatives to improve their B-BBEE scores. This alignment with B-BBEE ensures that skills development programs not only improve individual capabilities but also support broader socio-economic objectives, such as reducing unemployment and bridging the skills gap caused by historical inequalities.

What is the YES Initiative?

The Youth Employment Service (YES) Initiative is a collaborative program designed to combat high youth unemployment rates in South Africa. This partnership between the government, businesses, and labor organizations aims to create job opportunities for young people. The initiative provides youth with work experience, helping them develop practical skills and improve their employability. A key benefit of the YES Initiative is offering valuable work experience, essential for building strong resumes and gaining practical skills, thereby enhancing job prospects. Additionally, companies participating in the initiative can improve their Broad-Based Black Economic Empowerment (B-BBEE) scorecard by up to two levels, which encourages business participation, benefiting both their growth and the development of a skilled workforce.

Benefits and Importance of Skills Development and the YES Initiative

Skills Development and the YES Initiative offer numerous benefits to companies, individuals, and the economy.

For Companies:

Skills Development: Enhances workforce competence, leading to higher productivity and innovation. It also improves employee retention and loyalty by increasing satisfaction and reducing turnover rates.

Also, learnerships (another form of Skills Development tools) offer a distinctive and efficient method for skill development, enabling organizations to gain additional advantages through a tax rebate of R80,000 per able-bodied learner annually and R120,000 per learner with disabilities each year. These deductions help offset the expenses associated with the Learnership program.

YES Initiative: Improves B-BBEE scores, enhances reputation, and fulfills corporate social responsibility objectives. Companies can chose from various options that might work best from them, for example: sponsoring the placement of YES Youth in third-party enterprises; or providing a 12-month work experience within their company etc

For Individuals:

Skills Development: Improves employability and opens-up opportunities for career progression and higher-paying roles.

YES Initiative: Provides invaluable work experience and on-the-job skill development, significantly enhancing employability.

For the Economy:

Skills Development: Drives growth, reduces unemployment, and fosters a more dynamic labor market.

YES Initiative: Reduces youth unemployment, stimulates economic activity, and helps create a more skilled and versatile workforce.

Participation in both initiatives is crucial for sustainable economic growth, social equity, and global competitiveness. Together, they ensure a well-trained and experienced labor force, driving the country towards a brighter, more prosperous future.

Conclusion

Understanding and leveraging both Skills Development and the YES Initiative can profoundly impact individuals, companies, and the broader economy. These programs work in tandem to create a more competent, experienced, and employable workforce. By participating in these initiatives, businesses not only contribute to economic growth but also enhance their own competitiveness and social responsibility profiles.

Please do note though: The YES initiative is separate from Skills Development (a priority element on the B-BBEE Scorecard)

We invite you to learn more about how you can benefit from Skills Development and the YES Initiative. Visit our website or reach out to us directly for more information on how these programs can help you or your organization.

Together, let’s build a brighter future

24May, 2024

B-BBEE Webinar Event – 07 June 2024

Strengthen Your Business’ Compliance with Our Exclusive B-BBEE Webinar Event

EconoBEE is excited to announce our upcoming B-BBEE workshop in a webinar format, an essential event designed to provide the latest insights and updates for professionals involved in B-BBEE compliance and implementation. This significant event will be held on 07 June 2024, from 09h00 to 10h30, and will take place online for your convenience.

Our webinar is specifically tailored for a diverse audience, ensuring that all key stakeholders in your organization can benefit from the invaluable information and insights provided.

Click here to book your seat. Event Details:

Date: 07 June 2024

Time: 09h00 – 14h30

Venue: Live Online

Cost: P.O.R.

Who Should Attend? This event is ideal for:

Compliance Managers: Stay informed about the latest B-BBEE strategies and regulatory updates.
Industry Professionals: Gain a strategic edge in B-BBEE implementation and compliance.
HR Managers: Understand the impact of B-BBEE on employment equity and skills development.
Procurement Officers: Learn about the requirements for supplier and enterprise development.
Financial Managers: Enhance your knowledge of the financial implications of B-BBEE compliance.
Business Owners: Ensure your company meets B-BBEE standards and leverages growth opportunities.
Legal Advisors: Stay current with regulatory changes and compliance requirements.

Why This Webinar Is Essential for Your Business:

Stay Compliant: With B-BBEE regulations constantly evolving, it’s crucial to stay updated to ensure your business remains compliant. This webinar will provide the latest updates and changes, helping you navigate the complexities of B-BBEE compliance.

Improve Strategy: By attending, you will gain valuable insights that can enhance your B-BBEE planning and execution. Effective strategies can lead to better outcomes and a more robust B-BBEE scorecard.

Upskill Your Team: Equip your in-house consultants with the latest knowledge and skills. This empowerment will enable them to drive your B-BBEE initiatives more effectively, ensuring your business reaps the full benefits of compliance.

Access Expert Knowledge: The webinar features leading authorities in B-BBEE, offering you expert advice and guidance. Their insights can help you understand intricate details and apply best practices within your organization.

Gain Practical Insights: Discover actionable tips and best practices that you can implement immediately. Practical insights are crucial for improving your B-BBEE initiatives and achieving tangible results.

This webinar is more than just an informational session; it’s an opportunity to elevate your business by extending your B-BBEE knowledge and empowering your team. Don’t miss this chance to stay ahead in the competitive environment of B-BBEE compliance and implementation.

Click here to secure your spot and take a significant step towards ensuring your business thrives under the B-BBEE framework.

8May, 2024

Update on Transport and other Codes + Free Webinar!

Welcome to our latest newsletter, join us as we explore the dynamic Transport Sector codes and briefly discuss the latest with the Property Sector codes.

Consider this a warm-up to our free upcoming webinar on the 17th of May, where we’ll delve deeper into the state of Transport Sector Codes– want to Attend? Click here

In the intricate tapestry of economic empowerment, sector codes stand out as guiding beacons, illuminating pathways towards inclusivity and growth within specific industries.

At its core, the B-BBEE Transport Sector Code is a strategic blueprint, crafted to promote the inclusion of Black individuals and businesses across the multifaceted realms of transportation. From land to air, and sea, this code navigates through the diverse corridors of the industry, setting forth measures and targets aimed at unlocking opportunities and dismantling barriers to entry.

Why is it important to maintain compliance with the sector codes?

Many beneficial government contracts and procurement opportunities require B-BBEE compliance and companies failing to meet these standards or are non-compliant may be excluded from accessing significant market opportunities.

Maintaining compliance enhances a company’s reputation and credibility, fostering trust among stakeholders and potentially leading to increased customer loyalty and investor interest.

Additionally, compliance with B-BBEE regulations often involves initiatives aimed at skills development, employment equity, and workplace diversity, which can enhance employee engagement, retention, and productivity.

Property Sector Codes: Government’s Focus Shifts to Real Estate Agents

Reflecting on Dr. Muriel Mushariwa’s analysis from last year, the property sector’s slow transformation despite nearly three decades of democracy is evident. According to the Sanlam Transformation Gauge, the sector improved marginally to level 4 recognition in 2023. Dr. Muriel highlighted areas of progress, such as Enterprise and Supplier Development (ESD) and Skills Development, but underscored persistent challenges in ownership and management control. (Explore more insights here)

The government is now focusing on real estate agents and “property practitioners” with regulations such as skills development filings and minimum points needed for certification. This is a change from earlier vague calls for transformation. Contact us for more information related to these important changes.

About the anticipated new Integrated Transport Sector Codes

The Department of Transport has recently announced its plans to introduce the Integrated Transport Sector Codes. The main goal is to encourage and monitor the involvement of black-owned businesses and individuals in the transportation sector, aiming to level the playing field and create more opportunities for historically disadvantaged players in the industry.

With no transitional period planned for the implementation of the Sector Codes, companies in the transport sector need to familiarize themselves with these changes and work towards compliance to contribute to a more inclusive industry.

In light of these developments, we’re excited to invite you to a special webinar where we’ll delve deeper into these changes and discuss their potential impact on the transportation industry. Join us on the 17th of May to learn more about how these changes could shape the future of transportation in our country!

28Mar, 2024

Game-Changing Seminar and more

Understanding the Transition from SETA to QCTO Qualifications

In our previous newsletter, we alluded to the significant shift from Sector Education and Training Authorities (SETAs) to the Quality Council for Trades and Occupations (QCTO). Established in 2010, the QCTO represents a pivotal change in South Africa’s education landscape, focusing on standardized qualifications across all sectors through the Occupational Qualifications Framework (OQF).

Unlike SETAs, which were sector-specific, the QCTO’s approach ensures mobility and recognition in the job market. Learnerships under the QCTO emphasize a structured approach, including knowledge components, practical training, and external assessments. With the transition already underway, learners have until June 30, 2027, to complete their existing programs.

Are you unsure of what this transition will mean for your business or existing learnerships? Give us a call!

Awaiting Clarity: Updates on Transport Sector Charter Changes

Since our update about the announcement of potential changes to the Transport Sector Charter (TSC), stakeholders have eagerly anticipated further details. Despite initial buzz, regulatory silence has left the industry in suspense. Speculations abound regarding the amendments, ranging from ownership calculations to employment equity initiatives.

The speculated changes hint at a transformative shift, emphasizing inclusivity and sustainable development within the sector. Businesses are poised for adaptation, recognizing the importance of staying abreast of regulatory shifts. As the industry awaits clarity, proactive engagement and strategic planning will be essential for navigating this evolving landscape.

Plus, Get Ready for Something Big: B-BBEE Seminar & Transport Sector Buzz!

Buckle up for some exciting updates! We’re bringing you the lowdown on our upcoming B-BBEE seminar and the latest buzz from the Transport Sector. We recently got the inside scoop on the QCTO transition, and we’re pumped to share the insights with you. But hey, we’re not stopping there—our seminar is gearing up to be a game-changer!

Picture this: A dynamic seminar packed with expert speakers, interactive sessions, and all things B-BBEE. From decoding the scorecard to uncovering growth opportunities, it’s all about empowering you to thrive. Plus, keep your eyes peeled for updates on the Transport Sector Charter—because change is on the horizon, and we’re here to help you navigate it like a boss.

So, mark your calendar, spread the word, and get ready to dive into the action. Whether you’re a B-BBEE newbie or a seasoned pro, this seminar is your ticket to success. Don’t miss out—join us and let’s make waves together!

5Mar, 2024

March Musings: 3 Months into 2024!

We have only just begun the third month of 2024 and yet what a busy year it has been; from increases to renewals and a draft thrown in for good measure 😉 – here is a summarised look at what has transpired thus far:

EE News: Employment and Labour Minister TW Nxesi introduced new draft regulations in Feb 2024, addressing sectoral numerical targets (Click here to see our newsletter on this topic) Comments are due by the second of May 2024.

Minimum Wage Increase: Effective from the first of March, the National Minimum Wage (NMW) for each ordinary hour worked will increase to R27.58. There are some exceptions, so please click here for more information on this.

Renewal to the Section 12H Tax Incentive: The recent Budget Speech confirmed that the Section 12(H) Learnership Tax Incentive has once again been extended, this time by three years, until the thirty first of March 2027. Want this benefit for your company? Then call us now on 011 483 1190 and speak to us about our Learnership offerings that provide a range of benefits, are aligned to skills development and include various B-BBEE advantages for companies!

What has the next few months got in store for us?

Well, it’s anyone’s guess 😉 Seriously though, we have heard rumblings about QCTO and Transport Sector Codes and so both will be discussed in more detail in future newsletters:

QCTO: According to recent reports, the last date of registration for all ‘historical’ (read not-QCTO) qualifications is the thirtieth of June 2023, with a phase-out period of one year for learners to still enrol up to and including the thirtieth of June 2024. Providers offering learnerships, and other skills development programmes, need to ensure accreditation so that they can move over to the QCTO framework ASAP. This is especially important for companies that rely on both of above for B-BBEE level points.

Transport sector codes: Expected to be gazetted around March 2024, the Transport Sector Charter (TSC) is set for some big amendments. And, unlike previous other sector and other Code amendments, the TSC has not provided a “grace period” for transitioning. This is very concerning as this may result in some companies obtaining unfavourable B-BBEE status due to the lack of additional planning time.

As the industry awaits clarity on above, one thing is clear: Adaptation will be crucial for success in the evolving regulatory landscape. Stay tuned for updates as we decipher the implications together.

Last but not least . . . we want to end off this newsletter discussing our new look at Training and Workshops!

We are ramping up our webinar offerings and workshops, and will be providing more information on this soon.

In the meantime, book your space now for our not-to-be-missed Skills Development submissions workshops in March and early April!

7Feb, 2024

Breaking News -> -> -> Updated Employment Equity Targets for Public Comment

01 Feb 2024 saw the release of proposed updated Employment Equity Targets, Focusing on Diversity within the Workforce

Big changes are coming to the Employment Equity Act! The Department of Employment and Labour has revised its targets, aiming to increase diversity and representation, in all management positions, from junior to top management.

Here’s what you need to know:

New law, new targets: In April 2023, President Ramaphosa signed the legislation empowering the Minister of Labour to set sector-specific targets for different industries.
Draft targets published: Draft targets for various sectors are open for public comment until May 2nd, 2024.
Focus on all management positions: The revised targets prioritize achieving diverse leadership teams. For example, in manufacturing, 40% of top management should be from designated groups (Black people, women, people with disabilities), with at least 15% being female.
Goodbye specific quotas: The new system replaces individual quotas for African, Coloured, and Indian employees with a broader “designated groups” category.
Nationwide reach: Provincial and national targets are merged, creating a single national target for each sector.
Faster progress expected: The department aims to accelerate progress towards fairer representation in workplaces, acknowledging the slow pace of previous efforts.

What does this mean for businesses?

Companies with more than 50 employees will need to adapt to the new targets. This might involve:

Reviewing workforce demographics: Assess how your company aligns with the revised targets, especially in senior management.
Developing strategies: Implement plans to attract, recruit, and promote talent from designated groups to achieve the desired representation.
Staying informed: Closely monitor updates and public comment outcomes regarding the final targets.

Keep in mind: These are draft targets, and the final version might be adjusted based on public feedback. This is your opportunity to exercise your right to comment during this 90 day window and to prepare for potential changes and so ensure your company complies with the evolving Employment Equity Act. Click here to read the full draft regulation.

Unsure of what this all means for you and your company? Choose EconoBEE as your consultant for a stress-free Employment Equity process, from A-Z! Our expertise and commitment to staying updated on regulations ensure you meet your compliance needs effortlessly.

31Jan, 2024

Uncovering Potential: Youth Empowerment at EconoBEE with the Y.E.S Initiative!

Dive into the inspiring journey of Thabo Nkosi, a dynamic individual who has embraced the transformative power of the Youth Employment Service (Y.E.S) Initiative at EconoBEE.

🌟 Introducing Thabo Nkosi: A Visionary from Alexandre, Johannesburg

A 20-year-old ace from Alexandre, Johannesburg, whose experience at EconoBEE has been nothing short of inspiring.

Now here’s how our short conversation went with Thabo:

Q: What motivated you to join the Y.E.S Initiative program and work at EconoBEE? A: “I was motivated to join the Y.E.S Initiative program and work at EconoBEE because of the organization’s commitment to fostering youth empowerment. The program’s focus on providing opportunities for young individuals aligns with my desire to contribute meaningfully to the workforce and gain valuable experience in the corporate world. EconoBEE’s dedication to skills development and empowerment was a compelling factor that drew me to the initiative, plus I loved the fact that it was a 100% black-owned entity.”

Q: How have your career aspirations evolved as a result of your experience (so far) at EconoBEE? A: “One significant experience that profoundly impacted both my personal and professional growth at EconoBEE was taking part in the workshop aimed at educating clients more about the benefits of being B-BBEE compliant. This project required collaboration across departments, honing my teamwork skills. The challenges encountered during this initiative taught me the importance of adaptability and effective communication.”

Q: In what ways do you believe programs like Y.E.S can bridge the gap between education and employment for young talent in South Africa? A: “Programs like Y.E.S play a crucial role in bridging the gap between education and employment for young talent in South Africa. By providing practical work experience and exposure to real-world challenges, these initiatives equip young individuals with the skills and knowledge necessary for a successful transition into the professional arena. Additionally, Y.E.S fosters a culture of mentorship and guidance, further enhancing the development of young talent and preparing them for the demands of the workplace.”

Q: What advice would you offer to other young individuals considering participating in programs like the Y.E.S Initiative? A: “To young individuals considering participating in programs like the Y.E.S Initiative, my advice is to embrace the opportunity wholeheartedly. These programs offer a unique chance to apply theoretical knowledge in a practical setting, develop essential skills, and build a valuable professional network. Be proactive, seek mentorship, and view challenges as opportunities for growth. The experiences gained through such initiatives can shape a fulfilling and successful career path.”

🌟 A Heartfelt Thank You to Thabo Nkosi!

We extend our deepest gratitude to Thabo Nkosi for his outstanding contributions to EconoBEE. Your dedication, hard work, and transformative experiences have not only shaped your own journey but have enriched the fabric of our Y.E.S Initiative. Thank you for being an essential element in our pursuit of youth empowerment and excellence!

Interested in contributing to this transformative initiative? Partner with EconoBEE and be a catalyst for change!

16Dec, 2023

Looking towards 2024: A Year of Transformative Change

As we stand on the threshold of bidding farewell to 2023, we want to express our heartfelt gratitude for the incredible journey we’ve shared with you. Your trust in EconoBEE has been the cornerstone of our success, and we’re excited to share some of the highlights from this exceptionally memorable year:

Celebrating Success Together:

During the course of 2023, EconoBEE had the privilege of supporting numerous clients in reaching new heights on their transformative B-BBEE journey. From small businesses to large enterprises, we take immense pride in the success stories that have unfolded throughout this year. Your unwavering commitment to economic empowerment and compliance has not only fortified your enterprises but has significantly contributed to the broader landscape of transformation within the business ecosystem.

Empowering Through Workshops:

All through the year, our workshops have been a vibrant hub of empowerment, bringing together a diverse array of business owners and professionals eager to delve into the intricacies of B-BBEE. The resounding success of these sessions, marked by positive feedback and enthusiastic engagement, has been a source of inspiration for us. Bolstered by this encouragement, we are thrilled to announce that our workshops will evolve even further in 2024, providing you with an enriched experience, replete with practical skills and comprehensive knowledge.

Teasing 2024:

As the proverbial curtain gracefully descends on the stage of 2023, we find ourselves eagerly setting our sights on the promising horizon of 2024. Within the corridors of EconoBEE, a hive of excitement is buzzing as we meticulously prepare to unveil a tapestry of new services and expanded workshops, meticulously crafted to elevate your experience and fortify your journey towards economic empowerment.

Anticipating Industry Shifts:

While we anticipate a year filled with growth and empowerment, it’s crucial to be vigilant about potential industry shifts. In the dynamic landscape of B-BBEE, we’re closely monitoring significant updates within the Transport sector. The Council, in conjunction with the Department of Transport, has initiated B-BBEE Alignment sessions, proposing resolutions that could potentially reshape the industry. Draft Codes are expected to be released for public comment by January 2024, signifying a transformative era.

Navigating Change Together:

We encourage companies, especially those within the Transport industry, to be on the lookout for these potential changes. The proposed resolutions aim to bring about much-needed transformation, emphasizing Skills Development, Enterprise and Supplier Development, and a re-evaluation of ownership structures. As we venture into 2024, EconoBEE remains dedicated to guiding you through these changes, ensuring your journey towards economic empowerment is successful.

Happy Holidays and a Prosperous New Year:

And so, as the holiday season unfolds, we want to take a moment to express our gratitude for the privilege of working with you throughout the year. Your trust and partnership have been the cornerstones of our success, and we are truly thankful for the opportunities we’ve shared. In the spirit of the season, we extend our heartfelt wishes for a Merry Christmas and a New Year filled with prosperity, good health, and continued success.

Here’s to a joyful holiday season and a prosperous New Year!

3Sep, 2023

Exciting News! – We’re thrilled to announce a significant milestone in our journey

Our unyielding commitment to transformation has led us to achieve a remarkable B-BBEE Level 1 status. But that’s not all – we have even more fantastic news to share. We’re excited to inform you that EconoBEE is now proudly 100% black-owned, marking a monumental shift towards greater transformation & inclusivity. To celebrate these achievements, we would like to invite our valued clients, esteemed consultants, visionary business owners, and dedicated B-BBEE compliance professionals to an exclusive and enriching workshop. Join us at our offices in Johannesburg for a dynamic – and complimentary – seminar where we’ll delve into the intricacies of B-BBEE and its pillars.

This event aims to refresh and enhance your understanding of B-BBEE dynamics, equipping you with invaluable insights to navigate the evolving landscape. Let’s continue shaping a more inclusive and empowered business environment together. RSVP now for this not-to-be-missed opportunity to grow and learn together.

Now a little bit about our 3 directors:

Allan Maphanga

Allan is an accomplished entrepreneur and corporate manager who has cultivated significant skills through hard work and dedication. Since joining the business in 2016, Allan’s career has soared to greater heights, progressing from junior ranks within the EconoBEE structure to assuming a directorial role within the firm. As an experienced B-BBEE Consultant with adept people management skills, he specializes in coordinating and overseeing various teams and activities within the company.

Mr. Maphanga possesses a profound understanding of the South African B-BBEE ecosystem and provides consultation to diverse clients across the entire B-BBEE spectrum. Over time, he has emerged as a thought leader on B-BBEE legislation and its interpretation. Moreover, he maintains excellent relationships with the Department of Trade and Industry (DTI) and the B-BBEE Commission, positioning him at the forefront of advising and guiding some of South Africa’s largest firms in their pursuit of achieving B-BBEE goals. As an added value to the company, Allan offers on-the-job mentorship and training to junior consultants within the EconoBEE business.

Dr Muriel Mushariwa

Muriel is a highly qualified and experienced academic who has spent many years in formal academia, both in research as well as lecturing. Armed with a Phd in Law (Affirmative Action) and a Master’s degree in law, Muriel has made a successful transition into the corporate and business world having joined EconoBEE in February 2019. She is one of the leading minds in South Africa within the B-BBEE and transformation industry and has provided independent opinions in respect of several B-BBEE related rulings. She further provides strategic business and management consulting to small, medium and large corporates on various aspects relating to Black Economic Empowerment, transformation and inclusivity. This includes Employment Equity, Skills Development, B-BBEE Strategy, B-BBEE Legislative Codes as well as B-BBEE Consultation and Verification. Muriel also lectures at Wits University on the subject of B-BBEE and transformation and has been featured in various media publications as well as appearing on television to discuss the critical importance of B-BBEE, its various applications across the different business sectors and the practical implementations required to transform the business landscape of South Africa.

Ndivhuwo (“Ndi”) Rambau

Ndi’s journey with EconoBEE commenced in 2015, joining as a junior team member in the data management and client consulting division. With a qualification in Financial Management and an unwavering ‘can-do’ attitude, Ndi embarked on a remarkable trajectory within EconoBEE, steadily ascending the corporate ladder over the years. This remarkable progression culminated in Ndi’s current roles as the Operations Director and Chief Operations Officer at EconoBEE. In these capacities, Ndi dedicates his time to collaboratively working with fellow executives and senior management, charting strategic growth objectives for the company. His responsibilities encompass a wide spectrum, including conducting strategic financial analyses, managing technical strategies, and ensuring efficient operational implementation.

Ndi boasts a profound comprehension of the intricacies within the South African B-BBEE ecosystem, coupled with an acute awareness of the essential B-BBEE requisites that our clients need to adhere to.

6Aug, 2023

Transforming the Property Sector: Insights from Dr. Muriel Mushariwa

“The property sector is one of the least transformed sectors almost 30 years into democracy,” says Dr. Muriel Mushariwa, our esteemed Executive Director at EconoBEE, a management consultancy specializing in B-BBEE, skills development, and employment equity.

Dr. Mushariwa’s valuable contributions to the 2023 Sanlam Gauge Report shed light on critical areas for improvement. While the property sector has made some progress, there remain challenges in achieving true transformation. Read her comments here

Join Dr. Muriel Mushariwa and the EconoBEE team as we call for increased empowerment and opportunities for historically disadvantaged individuals in the property sector. Together, let’s work towards a future where the industry is inclusive, diverse, and representative of all South Africans.

Stay tuned for the full report on our website, where Dr. Muriel Mushariwa’s insights and contributions will be highlighted (on page 75 and 76 of that report). Let’s take steps towards a truly transformed property sector that benefits the entire nation. #TransformationMatters #EconoBEE #PropertySectorTransformation #SanlamGaugeReport #EmpowermentInProperty

2Aug, 2023

Excerpts from the 2023 Sanlam Gauge Report

5Jul, 2023

Empowering Your Business Through B-BBEE Workshops and Training

Today, we want to shed light on the importance of B-BBEE (Broad-Based Black Economic Empowerment) workshops and training, and why partnering with EconoServices for comprehensive training can drive transformative change within your organization.

Why B-BBEE Workshops and Training Matter:

B-BBEE is a crucial framework for promoting economic transformation and equality in South Africa. It serves as a powerful tool to address historical inequalities and promote meaningful participation and empowerment of previously disadvantaged individuals and communities. To fully grasp the legislation, codes of good practice, and compliance requirements, it is essential for businesses to invest in workshops and training programs. This knowledge equips your team with the tools to navigate the complexities of B-BBEE effectively and contribute to a more inclusive economy.

At EconoServices, we understand the significance of staying up-to-date with B-BBEE requirements. Our workshops and training programs are designed to provide comprehensive knowledge and practical insights that will enable your organization to implement successful B-BBEE strategies and achieve your transformation goals.

Benefits of Choosing EconoServices for Training:

Comprehensive Training
Customized Approach
Expert Facilitators
Empowered Pillar Champions
Enhanced Compliance
Competitive Advantage
Ongoing Support

For more information on benefits and other pertinent please click here

In conclusion, partnering with EconoServices for comprehensive training will equip your team with the knowledge, skills, and confidence to drive positive change, meet compliance requirements, and gain a competitive advantage.

Take the first step toward empowering your business today. Reach out to us on 011 483 1190 to learn more about our tailored training programs and how EconoServices can support your B-BBEE journey. Together, we can make a difference and contribute to a more equitable and prosperous South Africa.

4May, 2023

ESD Interview with Dr Mushariwa and a brief look at MAC Sector Codes

ESD Interview with Dr Mushariwa

Dr Muriel Mushariwa from EconoServices and Zevoli Growth Partners sat down to discuss the challenges faced by companies in fulfilling Enterprise and Supplier Development programmes that are impactful and value adding.

EconoServices is committed to providing value-added assistance to our clients that fulfils the remit of Enterprise and Supplier Development programmes and Zevoli Growth Partners seeks to create a user-friendly app that assists companies to monitor and implement their ESD hassle free.

Contact us on 011 483 1190 or info@econobee.co.za to find out how we can assist you with Enterprise and Supplier Development.

Fireside Chat Episode 1

A brief look at MAC Sector Codes

As the meaning of Turnover in the Marketing, Advertising and Communications (MAC) codes is not the same as other sector codes, there is a debate on how we define cost of sales due to the very different ways in which MAC sector clients operates.

Turnover – is defined as total sales less cost of sales.

Cost of sales is restricted to third party costs that result in the execution of ideas on which agencies earn remuneration

An invitation notice to the public and interested stakeholders to provide inputs to review the current MAC Sector Code has been published in a previous government gazette – EconoBEE has answered this call and submitted our response to this notice and we will keep our clients informed of any new developments on this front. It is hoped that the MAC Sector Council will soon provide clarity on this issue.

30Nov, 2022

Recent Constitutional Court Ruling and what this means for B-BBEE in 2023!

The Constitution of South Africa is the highest law in the land. The Constitution places an obligation on the State in terms of section 9 (the equality clause) to specifically “redress the inequalities of the past.” This is the aim of all transformative legislation from the Employment Equity Act to the Skills Development Act and Broad-Based Black Economic Empowerment Act, amongst others.

In terms of section 217 of the Constitution, the Constitution requires procurement by organs of state and statutory institutions to be fair, equitable, transparent, competitive and cost-effective and implemented in a manner which seeks to protect or advance previously disadvantaged persons. S 217 (2) allows organs of state to implement procurement policies, providing for categories of preference to advance or protect persons disadvantaged by unfair discrimination (“HDIs”). S 217 (3) provides for the enactment of legislation to prescribe a framework within which the procurement policy referred to in S 217(2) must be implemented.

The ruling by the Constitutional Court has forced the government to review both the PPFA Act and its regulations to ensure alignment with the Constitutional mandate stated above and the B-BBEE Act. This does not invalidate the B-BBEE act. The framework of the B-BBEE and how it’s practicable is clear and therefore not affected by the recent constitutional ruling.

This is not the end of B-BBEE as debated in the media recently. The Constitutional mandate to transform the economy still remains! The Public Procurement Bill is set to be introduced in 2023: This will provide a new framework of government procurement, with each department creating its own procurement framework work that must still be in line with the Constitutional mandate and the B-BBEE Act.

It does not mean B-BBEE is no longer important but rather the setting of new objectives, and so companies should still be compliant to the B-BBEE Act and its objectives. We continue to advise our clients to remain compliant in terms of the specific codes applicable to them, until greater clarity is given on the framework within which public procurement specifically will change. Procurement between private companies is still driven by the objectives of the B-BBEE Act.

The key here, is to implement activities that make business sense! Do you see B-BBEE as a grudge purchase? Or do you want to make a genuine difference in South Africa and still grow your business? Contact us now to show you how our revolutionary managed service has helped thousands of clients implement sustainable B-BBEE activities in a way that makes perfect business sense!

Being one of the oldest B-BBEE consultancies, we have seen all the changes to the legislation and been there through it all. With success stories of skills development and enterprise & supplier development, we know that we can give you strategic advice that can be implemented within your business.

Looking forward to growing our economy and your business, one step at a time in 2023!!

5Nov, 2022

Amended Construction Sector Codes Affidavits Explained

As per the Amended Construction Sector Code, gazetted on 1 December 2017 under Gazette no. 41287, an entity that qualifies for measurement under the Construction Sector Code, is measured either as a BEP (Built Environment Professional) or a Contractor in respect of targets, weightings and methodology.

The qualification criteria for an Exempt Micro Enterprise (EME) and a Qualifying Small Enterprise (QSE) are different for BEP’s and Contractors:

Contractors:

EME – Enterprise with a total annual revenue of R 10 million or less.
QSE – Enterprise with a total annual revenue of more than R 10 million but less than R 50 million.

BEP (Built Environment Professionals):

EME – Enterprise with a total annual revenue of R 6 million or less.
QSE – Enterprise with a total annual revenue of more than R 6 million but less than R 25 million.

Only EME’s with an annual revenue of less than R 3 million (for Contractors) and less than R 1.8 million (for BEP’s) are not required to have a SANAS accredited B-BBEE Verification Certificate and may present an Affidavit or Certificate issued by CIPC in respect of their Ownership & Annual Revenue.

A company must ensure that they use the correct Affidavit template when completing an Affidavit, as there are numerous templates for each sector.

The entity must identify where more than 50% of their revenue is generated and according to the outcome, they can determine whether they qualify as a BEP (Built environment Professional) or Contractor.

The EME’s as mentioned above are not subject to the discounting principle and therefore do not have to comply with the 40% sub-minimum requirements for the QSE Skills Development element.

EME’s with an annual turnover of more than R 3 million but less than R 10 million (for Contractors) and more than R 1.8 million but less than R 6 million (for BEPs) must obtain a SANAS Accredited B-BBEE Rating Certificate and are subject to the QSE Skills Development element (40% sub-minimum requirement).

An Entity that qualifies as an EME, with the Black Ownership percentages as indicated below, is deemed to have the following B-BBEE Status Levels:

If less than 30% Black Owned, Level 5 B-BBEE Status.
At least 30% Black Owned but less than 51% Black Owned, Level 4 B-BBEE Status.
At least 51% Black Owned but less than 100% Black Owned, Level 2 B-BBEE Status.
If 100% Black Owned, Level 1 B-BBEE Status.
EME’s with less than 100% Black Ownership can enhance their B-BBEE Status by way of one of the following three criteria:
Obtain measurement in terms of the QSE Scorecard.
Obtain measurement in terms of the Skills Development expenditure category of the QSE Scorecard and only if full points (excluding the bonus points) are achieved, the B-BBEE status level will be enhanced by one Level.
Obtain measurement in terms of the Supplier Development expenditure category of the QSE Scorecard and only if full points are achieved, the B-BBEE status level will be enhanced by one Level.

If an EME achieved full points for both Skills Development & Supplier Development as mentioned above, the company can be enhanced by two B-BBEE status levels.

An Entity that qualifies as a QSE, must be rated on all 5 elements as per the Amended Construction Sector QSE Scorecard.

A QSE can qualify for enhanced recognition if the following Ownership percentages are achieved (calculated by applying the flow-through principle):

At least 51% Black Owned but less than 100% Black Owned, Level 2 B-BBEE Status.
If 100% Black Owned, Level 1 B-BBEE Status.
A QSE entity that is at least 51% Black Owned or 100% Black Owned must comply with the QSE Skills Development element (40% sub-minimum) or that company will be discounted by one Level.

It is important to note that the Black Ownership as stated above, must be calculated by applying the Flow-Through Principle to qualify for the automatic B-BBEE status levels as indicated above.

As for the EME’s, a QSE Entity with at least 51% Black Ownership can be enhanced by one level if they achieve full points (excluding bonus points) for Skills Development as per the QSE Scorecard or achieves full points for the Preferential Procurement & Supplier Development element as per the QSE scorecard.

Want more information about the amended construction sector codes and what this means for your B-BBEE Scorecard? Contact EconoBEE now to help guide you with cost effective strategies to maximise your scorecard and ensure your compliance to the objectives of the B-BBEE Act.

29Sep, 2022

Labour Law and Transformation: EconoServices does it all!

Running a successful business requires you, as the business owner, to not only manage your clients, but also your staff.

Labour law is a constantly evolving and changing area of staff management and it is crucial that companies put in place policies and procedures that are updated and aligned to the current law.

EconoServices has seen the need within our clients, to provide this HR service and so we are pleased to announce our new service offering!

We are now able to provide training and consulting services with regards to:

Basic Conditions of Employment Act
Labour Relations Act
Employment Equity Act
Compensation for Occupational Injuries Act.

So, please contact us today and let us help you with all of your transformation needs!

29Jul, 2022

EconoServices Welcomes B-BBEE Advisory Council and the Drafted Legal Sector Code is out!

EconoServices welcomes the introduction of the newly instituted Broad-Based Black Economic Empowerment Advisory Council

The President of South Africa has recently appointed a diverse and representative group of people with sector expertise to serve as members of the Broad-Based Black Economic Empowerment Advisory Council and to guide government on intensified transformation of the economy. The President has appointed 14 Council members in terms of Section 6(1) (d) of the Broad-Based Black Economic Empowerment Act (Act No 53 of 2003). The appointments are for a period of five years.

The Council is made up of a diverse group drawn from business, trade unions, community-based organisations and academia. We trust that the Council will bring much needed clarity and stability in terms of interpretations of the Broad-Based Black Economic Empowerment Act.

In other news, Cabinet has approved the publication of the Draft Legal Sector Code (Draft LSC) for public comment, currently the legal profession does not have a sector specific code to guide them in addressing the imbalances and inequalities in the profession. It is important that Law firms familiarize themselves with the draft codes and prepare for when the Legal Sector code is promulgated.

If you are a law firm needing assistance on how best to navigate the impending codes, please reach out to us on 011 483 1190 (or on email info@econoservices.co.za) for assistance in strategy planning.

7Jun, 2022

Penalties for Employment Equity Contraventions!

Penalties for Employment Equity Contraventions!South African companies are currently facing penalties for failing to meet the targets set in their Employment Equity (EE) plans. We are now seeing the Department of Labour ramping up its auditing and has stated that the majority of companies with March 2022 year-end, have missed the mark in terms of complying with EE legislation.

One of the reasons for companies being fined and penalised is that their EE plans are not conforming with the goals and numerical targets set by the designated employers and therefore not projecting rational progress towards transformation. It is therefore prudent that companies avoid setting targets in their EE plans that are not attainable.

EconoBEE specialises in Employment Equity Services and is therefore well-equipped to assist companies accurately when it comes to compliance in terms of EE plans.

EconoBEE also hosts and runs workshops on Employment Equity in which we advise companies and their relevant staff members on how they can comply with EE legislation

For more information on our EE assistance and training and workshop offerings, please contact us on 011 483 1190 or email info@econobee.co.za

24May, 2022

Calling for YES Implementation Partners and a quick look at Preferential Procurement in 2022

Calling for YES Implementation Partners!

Does your company need extra staff, but there isn’t any budget to accommodate this need? Contact us on 011 483 1190! We are looking for companies who want to host and provide quality work experience for youth as part of the YES initiative, for a 12-month basis. You will not be required to pay a stipend as this will be provided for.

Youth unemployment is one of South Africa’ s greatest scourges, keeping millions of youth disenfranchised, desperate, and disillusioned about their future. Through the YES Initiative, youth from across the country are able to get that first chance at playing an active role in resetting the economy.

Become an Implementation Partner and part of a national initiative that is creating youth work opportunities and changing the lives of our young people for the better!

Is Preferential Procurement gone forever? Let’s find out…

On Wednesday, 16 February 2022, the Constitutional Court handed down judgment in the application for leave to appeal against a judgment and order of the Supreme Court of Appeal. This application was brought by the Minister of Finance against Afribusiness, with concerns of the validity of the Preferential Procurement Regulations, 2017 (Procurement Regulations) decreed by the Minister on 20 January 2017 in terms of the Preferential Procurement Policy Framework Act (Procurement Act).

In a nutshell, the Procurement Regulations, amongst other things, introduced pre-qualification criteria to be eligible to tender. Under the Regulations, if an organ of state elects to apply the pre-qualification criteria, any tender that does not meet the criteria is an “unacceptable tender”. These qualifying criteria advance certain designated groups and provide that only certain tenderers may respond, including: tenderers having a stipulated minimum Broad-Based Black Economic Empowerment (B-BBEE) status level; exempted micro enterprises (EMEs) or qualifying small enterprises (QSEs), and tenderers subcontracting a minimum of 30% to EMEs and QSEs which are at least 51% black owned. If feasible to subcontract for a contract above R30 million, then the organ of state must apply subcontracting to advance the designated groups.

The preferential procurement act allows for all entities to tender and only during the selection process will the pre-qualifications be considered on the basis of affording small black owned entities to gain access into main stream economy due to being previously disadvantaged. The Department of Health amongst other government departments have confirmed that the suspension of the preferential procurement is a temporary adjustment and changes can be made. Although it is not known how long this suspension will be, we urge all entities to always be ready for anything and ensure that their B-BBEE Compliance status have met the pre-qualification.

Want more information about what this means for your business? Contact EconoBEE now on 011 483 1190 (or email info@econobee.co.za) to help guide you with cost-effective strategies to maximise your scorecard and ensure your compliance to the objectives of the B-BBEE Act.

17Apr, 2022

Bridge the” GAP”

A gap analysis is a method of assessing the differences in performance between a business’ information to determine whether business requirements are being met and, if not, what steps should be taken to ensure they are met successfully. Below are some pointers where a B-BBEE “Gap Analysis” is concerned:

Supplier Development:

Supplier Development assists the financial and operational growth of a supplier from your database.
Once you have identified the “right fit” beneficiary for your business and you have established a mutually beneficial relationship, the next step is to identify the correct method of support.
There are many ways to support beneficiaries including monetary and non-monetary. Most businesses choose a monetary method due to time constraints.
Monetary contributions can be done in various ways. Grant contributions, discounts allowed in addition to normal business practice, overhead costs incurred in supporting enterprise development and supplier development as well as loans.
Regarding loans, you need to be vigilant about the benefit factor of the two different types of loan contributions. On interest-free loans you will get 70% recognition based on your outstanding amount and on standard loans you will get 50% recognition of your contributions.
The best way to manage a loan is to take the interest-free option and apply it over a period of 5 years. Due to the “outstanding loan amount” rule in the B-BBEE codes of good practice, you will receive recognition for the 5 years based on one contribution you have made.

Enterprise Development

Same as Supplier development, but this entity should not be on your supplier list yet but can graduate to become a Supplier for bonus points on the B-BBEE scorecard.

Skills Development:

The new codes demand far greater investment in skills development with a particular emphasis on accredited training and learnerships.
However, a business can make this work to the company’s benefit by:
- Using Skills development to develop the skills necessary to excel in business
- Invest in your people to retain them longer
- Create ladders of learning that create career paths
Choosing an experienced partner in implementing such programmes is essential to making these programmes a success.

EconoServices has advanced systems in place which specialize in minimizing these risks for our clients. We have only included a few examples above of what can be done – our dedicated consulting team is standing ready to help you and your company to “bridge the GAP”!

So, give us a call today on 011 483 1180 and let us help you put together and implement the best, most cost-effective, B-BBEE solutions and strategies for your business!

15Mar, 2022

EconoBEE wins a YES Programme related Case for our Client!

The YES4Youth Programme is a fantastic initiative that is focused on eradicating the high unemployment rate amongst South African Youth. The programme encourages companies to provide unemployed Youth with 12-month work experience (that can be added to their CVs), as well as possible permanent placement within their ranks. However, as it relates to B-BBEE, there are still a few points that need to be cleared up:

Can accommodations be made for extenuating circumstances?

EconoBEE recently experienced a unique situation in that a company had embarked on their second year of the YES Programme as a QSE. They had met all targets identified on the QSE Scorecard in order to maintain their Level 2. However, after the financial year ended, the financial statements stated that this company’s turnover exceeded the QSE threshold, therefore making them a Generic. As a result, this company had not been able to maintain the Level 2 as planned.
This resulted in the verification agency not awarding the company their YES Benefit.
EconoBEE decided to take this scenario to the DTI on our clients behalf, we presented the evidence to show that had the company’s turnover stayed in their QSE threshold, they would have maintained the Level 2.

We won the case, and our client was able to add the YES Benefit to their scorecard!

Who qualifies to use the YES Programme and obtain B-BBEE Benefit?

First time companies must achieve a compliant B-BBEE Certificate in order for the YES Programme to be applied at audit stage.
If a company would like to continue with the YES Programme for a second year, said company would need to maintain (or improve on) their previous B-BBEE Level. Therefore, if you achieved a Level 4 in your first year using the YES Programme, you will have to maintain the Level 4 in the second year.
Should the previous level not be maintained after verification, the YES Benefit will not be awarded.

Does the YES Programme work according to a Company’s Financial Year (much like B-BBEE does)?

Like B-BBEE, the YES programme does rely on a company’s Financial Year, however this is only in relation to the payments and registration. All payments to the YES Programme (Company Registration Fees as well as Youth Registration Fees), must be paid to the YES Programme before the end of a company’s financial year.
In addition to this, all Youth should also be registered on the system within the same Financial Year.
The financial year referenced above, would be the same financial year that a company would be verified on for B-BBEE purposes, which is why these payments need to be made in the same year.

Duration of the YES Programme:

The YES Programme is a 12-month Programme and the B-BBEE benefit can only be awarded in the below instances:
Year 1: any company that is implementing YES for the first time can be awarded the B-BBEE benefit immediately, without the Youth needing to complete a minimum number of months.
Year 2 and Beyond: any company that continues on the programme from year 2, will need to ensure that the YES candidate complete a minimum of 8 months on the programme (each year) in order to be awarded the Yes benefit.

Contact EconoBEE now to help guide your company with cost-effective strategies to maximise your scorecard and ensure your compliance to the objectives of the B-BBEE Act.

1Mar, 2022

Successful Submissions have an excellent Return on Investment!

Successful submissions of your Work Skills Plan and Annual Training Report can provide excellent Returns on your Investment!

The window period for submission of the WSP and ATR has opened for some of the SETAs, generally SETA submission window period is open until the 31^st of April annually. Without the approved WSP and ATR, Measured Entities will forfeit their skills development points.

Apart from B-BBEE , here are some of the ROI on successful WSP and ATR submission:

A mandatory grant to the value of 20% of your annual SDL.
The opportunity to apply for Discretionary Grants as the year unfolds.
It is an opportunity for companies to plan for and develop specific skill set requirements, ensuring both businesses and employees the opportunity to grow.

For measured entities without a skills development facilitator, EconoBEE is offering essential SDF services to help you manage the skills development element for you:

We can act as an external SDF for your company.
We can support your internal SDF with strategic insight and back-end administrative support.

9Feb, 2022

Transformation of the Property Sector

The Property Practitioners Act (No 22 of 2019) (PPA) seeks to ensure the transformation of the property industry by facilitating the inclusion of previously disadvantaged South Africans within the property sector. The Act also provides that once it commences, the Property Sector Transformation Charter will apply to all Property Practitioners. The Act was signed into law by President Cyril Ramaphosa in 2019 and came into effect on the 1^st of February 2022. Section 20 of the PPA states that when procuring property-related goods and services, all organs of state must utilise the services of property practitioners who comply with the Broad-Based Black Economic Empowerment and Employment Equity legislation and policies. Furthermore, the Property Sector Transformation Fund (PSTF) has been established to offer grants to further transformation within the property industry. Are you a property company committed to transformation? Unsure of how the Property Sector Transformation Charter and the Property Practitioners Act will affect you or your company? Please contact us on 011 483 1190 and let us help you become compliant, navigate PPA / PSTC, and implement cost-effective, B-BBEE solutions and strategies that make business sense!

21Jan, 2022

“Clarity” Regarding SANAS Letter

Any verification undertaken from the 15^th of August 2020, should be done so in such a manner that it does not exceed a period of 12 months from the most recent Financial Year – End. This was the subject of the SANAS clarification letter dated the 6^th of April 2021 (which referenced a supporting SANAS email clarification dated the 14^th of August 2020 and attempted to “clarify” said email). Unfortunately, this letter did not shed light on how companies should address the following real issue that several companies have and may still face: what happens if a company is in the middle of a verification and their current financial year, ends? Does the measured entity continue to finalize their verification or must the entity stop the verification immediately? You may say, that company should have planned the verification to start (and end) sooner! However, as consultants, we know that in certain instances, getting a company verified (and completing the verification quickly) is not always as easy as that, for instance:

In this “new normal” we find ourselves in, companies may have employees working from home and not always easily accessible.
Integral people to the verification may get sick and therefore be unable to provide information.
Loadshedding, internet connectivity and other factors also contribute to delays.

It is therefore necessary for SANAS to provide a comprehensive statement so that there is no uncertainty for measured entities, verification agencies or consultants. Failing that, consultants should also be given access to ask SANAS questions or perhaps there should be one body that regulates all consulting firms and who can then provide more guidance in terms of the clarification(s)? When it comes to understanding the B-BBEE legislation and implementing the interpretation thereof, EconoBEE is dedicated to coming up with innovative transformation strategies for our clients that make business sense. Please feel free to reach out to us on 011 483 1190 or info@econobee.co.za if you would like to hear more.

9Dec, 2021

Tis the season . . . for B-BEEE!

EconoBEE would like to wish our clients, suppliers and you, dear reader, a very safe, joyful and peaceful festive season and New Year.

We will be closing our offices on the 15^th of December 2021 and be back to championing B-BBEE, EE and SD for our clients on the 3^rd of January 2022. During this period, should you have any queries, please email us using: info@econobee.co.za

We have some exciting line-ups for 2022 . . . !!

We are launching our bespoke online / virtual and face-to-face workshops on Broad-Based Black Economic Empowerment, Employment Equity and Skills Development, tailored to your individual or corporate needs! We will provide more information regarding this in subsequent newsletters, in the meantime and should you have any queries, you are most welcome to give us a call on 011 483 1190 or email us using: info@econobee.co.za

Category Archives: Black Economic Empowerment (B-BBEE)