Employment Share Ownership Plan provides employees with 30% ownership.
Coolcumba Communications is among the first South African organisations to adopt the new broad-based black economic empowerment (BBBEE) Codes of Good Practice. By instituting a 31% black women-owned Employment Share Ownership Plan (ESOP), a priority element in the new codes, the company has fully embraced the ownership requirements of the codes and has thus been recognised as a BBBEE Level One contributor.
A full-service marketing agency that has been in operation for close to 14 years, Coolcumba has always been committed to empowerment and supporting entrepreneurial growth. It is this focus that has led to the organic growth that has seen the development of offices in both Johannesburg and Cape Town.
Keith Orffer from Lanham-Love Consulting, points out that by following the ESOP route, Coolcumba is allowing employees to genuinely participate in the future growth of the company.“By fully embracing the ownership requirements laid out in the new codes, the company’s value to its suppliers becomes enormous. Its procurement recognition is very high thanks to this approach, which means that Coolcumba can provide an even greater range of benefits to its clients,” he says.
Owner Debbie Whittaker adds that her business is committed to empowerment and to doing what is best for its clients. The company’s Level One ranking will not only provide a boost for the business but, she suggests, will assist it in venturing into new markets as well.
“Coolcumba prides itself on being flexible, proactive and passionate about what we do. Becoming an early adopter of the new codes certainly makes us more competitive in the marketplace, and the fact that many of our clients have been expressing the desire to be more compliant means that we can now deliver what they require in this regard,” she says.
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