Samsung continues to play an active role in the government’s vision for a more inclusive society.
Samsung strongly believes in the transformative power of technology and innovation to effect societal change. This makes achieving a third successive Large Scale Black Economic Empowerment (B-BBEE) Level 1 Contribution Status an important milestone. It is in line with Samsung’s belief that businesses must remain firmly committed to empowering people with skills and opportunities that help build the nation.
“As Samsung, we are committed to developing our long-term transformational vision. This is already reflected internally, as our population is representative of the demographics, race and gender of the country. Ultimately, we are fully focused on creating true empowerment through ownership and control of the South African economy, and we remain aligned with the transformative imperatives of government. We will continue to build on our own vision to empower South Africans by harnessing the power of technology to effect lasting change, ”Hlubi Shivanda, Director: Business Innovation Group and Corporate Affairs at Samsung South Africa.
In 2019, Samsung launched an R280 Million Equity equivalent investment program, aimed at boosting job creation. It is estimated that it will contribute almost R 1 billion to the South African economy as a whole. This investment is complemented by initiatives focused on improving the skills of South African youth with initiatives such as Samsung Engineering Academy, technology facilities in schools and universities, as well as scholarship programs for students. Samsung has become a full partner in building and supporting black-owned e-waste businesses – which can handle waste electronic and electrical equipment. Additionally, Samsung has appointed two black women-owned businesses to be part of the Black Industrial Program through the EEIP program. These e-Waste companies, which have received both funding and business support, are now part of a sector that can make a real difference in society.
Meeting the challenge of achieving the B-BBEE objectives in 2020
Importantly, in a year when many South Africans suffered devastating job losses, Samsung’s training and skills development initiatives have provided much needed jobs for unemployed youth and people with disabilities. The company also finds great interest in making a significant contribution to the sustainable transformation of the Samsung value chain. This is evidenced by Samsung’s enduring commitment to the goals of the Broad-Based Black Economic Empowerment Act, in its ongoing aim to redress the inequalities of the past.
The year 2020 brought unexpected challenges, which forced many companies to cut back on their spending. Samsung hasn’t changed its goals and commitment to transformation, however. In 2020, the company improved its employment equity score by attracting and retaining employees who reflect South Africa’s demographics and was named Top Employer for the sixth year in a row. At that time, Samsung provided much needed relief to SMEs by not recalling unsecured loans given to emerging companies. Small companies in the supply chain were always paid on shorter payment terms to help support their businesses. This is evidenced by the growth in spending on SMEs – owned by blacks and black women.
Samsung’s transformation agenda has continued unabated. Its business development program has helped program beneficiaries adapt their businesses to cope with the pandemic and invest in the communities in which they operate. This goal was achieved by supporting innovation hubs in underprivileged communities and providing students with various Galaxy tablet skills development initiatives to enable them to continue learning remotely.
Ultimately, Samsung’s goals remain strong – to seize opportunities for people to actively engage in the wider economy and in so doing uplift marginalized communities across the country.
Third consecutive B-BBEE level 1 rating for Samsung SA
Source link Third consecutive B-BBEE level 1 rating for Samsung SA