| Skills Development vs SED |
The Amended Codes of Good Practice list five separate elements in terms of which an entity must score points in order to become compliant. Two of the five elements are Skills Development and Socio Economic Development (SED). These elements are separate and distinct, and therefore it is essential that an Entity properly classifies their initiatives as either Skills Development or SED.
Should a business confuse the two elements a situation may arise where they over-spend on one element while under spending on the other. The result would be wasteful expenditure from a BEE perspective, and the entity would not reach their full points potential.
However the distinction is not always so straightforward.
|Implementing the Amended Codes|
Changes to the BEE legislation will cause most businesses scores to drop substantially which will substantially limit their competitiveness in the market place. Alternative activities to earn points such as changing suppliers might require a radical directional change in business thinking and processes. Identifying points scoring activities while simultaneously eliminating weaknesses is essential to maintaining a satisfactory scorecard.
A good understanding of BEE is perhaps the single best method to cause long term improvements to your companies BEE status.
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While there is demand for a B-BBEE Scorecard someone will be taking advantage, shouldn’t that someone be you…
21 April 2016
|In this issue|
- Skills Development vs SED
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