Five years ago a large JSE-listed company asked me to help it develop an employment equity strategy. It soon became clear that this would be a difficult assignment. The first thing I noticed was the underrepresentation of black women. When I interviewed the head of human resources, she replied: “African women think this is a glamorous job.”
After interviewing many people in focus groups I went to the board subcommittee, which included the CEO and COO, with a long report that told a story of institutional racism within the company. But it was also clear that this was just one symptom of deeper rot and a toxic culture. It was such a traumatic experience I decided never to do such work again. Later, a private equity team took over the company and fired the CEO and COO...
Civil service applied BEE - and imploded
The thinking is fundamentally flawed. Transferring existing businesses into black hands achieve little. What is needed is new additional businesses owned by black hands. The economy must be grown to accommodate all, not just shifted.
Yes, let’s follow the failed policies of the past with even worse policies. Grow the economy if you want to see equity numbers improve, and stop making more stupid rules.
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