Black economic empowerment (BEE) is a government programme that was initiated to reduce the effects of inequality caused by apartheid South Africa. Many companies around the nation are BEE compliant because of how it benefits the country and the business. Read about these benefits below:
The first benefit of being BEE compliant is that you are supporting a worthy programme that aims to aid the problem that is inequality in South Africa. BEE compliance is in place to enable black South African’s to do business in the country. BEE compliance also gives employees an opportunity for skills development that can be used close the skills gap in the country. Your compliance demonstrates your commitment to your community development.
Being a BEE compliant company, you will have an edge over competitors who are not BEE compliant, as well as competitors with a lower BEE score. If your business is BEE compliant it will enhance the image of the company making it the suitable choice for consumers and suppliers alike. A higher rating may even give you the leverage you need to negotiate prices with suppliers.
The competitive edge that you have with suppliers will be great for the growth of the company. The heightened interest of consumers will also allow you to grow your business. There are also secondary effects of BEE compliance. It will allow your company to grow from within as the staff morale will be boosted by noticing your efforts in creating a better community.