03 Mar BBBEE and Socio Economic Development
Socio Economic Development is one of the seven elements in the revised codes and with this pillar many companies have had the opportunity to help disadvantaged communities in the country.
This is an important pillar and has ensured that not only a select few have benefited with the implementation of Broad Based Black Economic Empowerment. Many big well known corporates and QSE’s have been able to help in the education and/or skills training of individuals and communities. Due to businesses getting actively involved with this pillar, critical needs are being addressed to reduce both poverty, living conditions and skills within rural communities.
Government’s socio-economic developmental programmes include not just B-BBEE, but projects which will help to provide housing, proper health care, education, social security and even environmental education. Businesses are able to score points for contributing to communities and are therefore working with government’s agenda to be involved in the fight to eradicate poverty. This can involve investments, partnerships or donations. Many corporates or Generic Enterprises are aiding and creating opportunities for poorer communities. This involves the form of targeted procurement of services, training people to become economically active as well as developing small, medium and micro enterprises (SMMEs).
The aim of Socio Economic Development is to get both business and local community working together to initiate change and growth.