The transformation and empowerment agenda has evolved tremendously in the last 30 years.  South Africa has come far, however, there is still room for improvement when it comes to gender empowerment in business. 

Here are three highlights that explain how transformation can positively impact your business:

Holistic transformation development and implementation for accelerated growth

Transformation has expanded beyond the technical definitions of the requirements you need to meet. It extends to creating an integrated culture which means looking at creating equitability across all policies including gender and disability. Addressing it holistically creates internal alignment which in turn boosts productivity and fosters an environment of growth. Data from research repeatedly indicates that significant market share can be captured with increased representation for women at an executive level.

Treat B-BBEE scorecard as a tool rather than a mere checkbox

The reality is that many companies still tend to view B-BBEE as a penalisation rather than a powerful tool that can add to the bottom line for a company. The codes outlined provide structure – however, if you approach them as guidelines on how to enrich the composition of your business and draw from a greater cross-section of experiences and backgrounds, you will find they can provide you with a competitive edge. Beyond compliance and being a signaller to clients and suppliers alike, a focus on exceeding the expectations in this respect leads to better business practices which are particularly pertinent in the current climate of South Africa.

Economic upside to actively pursuing transformation

A pervasive perception around empowerment and transformation is that it will hinder economic growth rather than bolster it. Fundamentally, successful implementation of transformation policies work to create employment, boost profit margins and ultimately create more favourable economic conditions. To navigate the next few years which will be underpinned by the effects of the Coronavirus, transformation will have to remain at the forefront of the agenda.

Ultimately empowerment and transformation have shown themselves to be key to unlocking South Africa’s economic potential.