What Does A BEE Consultant Do?
Black economic empowerment (BEE) consultants are responsible for guiding businesses productively through the ramifications of BEE policies so that they can effectively formulate significant development schemes within their businesses. However, to entirely understand the job of a BEE consultant we must first understand what BEE is alone.
BEE is an action of the South African government with the objective of including an expansive presence of people of colour within the economy as well as the equal handling of wealth within a business, highlighting a change to the inequality established by apartheid. BEE policies are in place to ensure the inclusion of African, mixed race, Indian and Chinese people in the contribution to the economy.
The BEE Policy That Guides The South African Economy
Ultimately, the BEE policy is geared towards the growth of the South African economy from all corners, while ensuring that revenue is shared equally. Businesses are required to comply with these policies in order to obtain certain contracts and incentives, and this is done through a BEE strategy. So, it is important to know what BEE is and why it is in place. This is where BEE consultants come in.
A BEE consultant is a centrally established advisor dealing with every department of the business. Their job is to assist a business with any BEE concerns, providing them with the necessary preparation and guidance to meet the requirements of the BEE policy and achieve a successful BEE verification.
A businesses BEE strategy highlights the points of action that the business intends to take in order to become BEE verified. A BEE consultant contributes to the creation of this strategy, offering advice and making necessary adjustments. The BEE strategy of a business includes a breakdown of all terminology used within the plan, the BEE principles and an inclusion of the recent legislation, all information gathered in the making of the strategy and all proposals going forward.
The strategy is compiled by the business and curated by the BEE consultant, acting as a guide for the business to follow in compliance with the South African BEE regulations. A BEE consultant essentially offers advice on every aspect of the business, such as the management of employees and any expected changes, any training and development schemes and the list surely goes on. BEE consultants need various records and documentation from the business to develop an applicable plan. Financial insights are required to diverge a financial plan for the year and the better equipped a business is with all the necessary information, the sooner a BEE consultant can assist in making the necessary changes and adjustments, ultimately achieving a successful BEE certification.
Legislations in relation to BEE policies are subject to adjustment, which makes it a constant requirement to know what the guidelines are and ensure that your business is in alignment with them. BEE consultants are essential to any business aiming to incorporate a BEE strategy into their work scheme.
You can understand more about BEE consultants and what they do for the South African economy here.