SimplePay is all about providing you with a high quality payroll solution so that paying your employees becomes a breeze. But we realise that when it comes to employee remuneration, processing payroll is only half the story – your ability to employ and pay individuals depends on the success of your business. Today’s blog post is therefore broader than payroll processing and highlights schemes and incentives to help businesses succeed, allowing them to create job opportunities in the process.
At the Budget 31 conference in July, Productivity SA was presented with a R104 million grant by the UIF for the purposes of promoting employment growth and productivity. The bulk of the grant is being directed towards the Business Turnaround and Recovery Programme (BT & R). We should also point out though that there is more support available for companies at all stages of maturity, such as their Continuous Improvement Services. More information can be found on the Productivity SA website.
What is the Business Turnaround and Recovery Programme?
The BT & R is a programme aimed at intervening to help companies in distress. By working closely with the UIF, CCMA and TERS as strategic partners, Productivity SA aims to turn around companies’ fortunes and put them on a profitable trajectory. The programme will last approximately 9 months for the selected companies. The programme focuses on the following key areas:
- Assessing problem areas, managing crises and developing strategies to help turn the company around.
- Enhancing company performance through aiding in improvements to marketing, operations, HR and financial strategies.
- Educating employees on basic business principles and operations, so that they can understand how their actions impact the entire operational process.
- Building capacity and staff training to improve and sustain productivity, long after the intervention.
By doing this, it is hoped that the turnaround programme will:
- Improve productivity of company operations and in doing so promote economic and employment growth;
- improve operational efficiency to make businesses financially viable and competitive; and
- provide productivity measures so the productivity improvement of the workplace can be measured.
You can find a more detailed outline of the BT & R programme on their relevant web page.
What are the Eligibility Criteria?
For your company to be able to partake in the BT & R programme, there are some requirements which are mandatory to qualify, and others which are beneficial but not essential.
Mandatory requirements are:
- Your company must be in distress or showing decline, as evidenced by income statements, cash flow statements and / or other documents that may prove decline / distress;
- you must be in good standing with the UIF and SARS, as the UIF is the source of Productivity SA’s funding to run the programme; and
- there must be a genuine potential or likelihood that intervention will result in making the business profitable.
Whilst not mandatory, it would be beneficial if your company fulfils one or more of the below:
- Your company employs at least 20 employees.
- Your company meets one or more of the targets laid out in the Government’s New Growth Plan, Industrial Policy Action Plan or National Infrastructure Plan. These plans are mainly aligned with the manufacturing and industrial sectors.
- Funding your company would promote black industrialists or entrepreneurs.
How can you Apply?
If the above is of interest you can get more information directly from Productivity SA by emailing them at [email protected]. In response, they should be able to provide you with the application forms required and further details of the programme.
We hope the above information has proved useful to you. If you have any queries on any of the programmes mentioned in this blog, we would recommend that you reach out to Productivity SA. If you have any questions for us, we’d love to hear from you! You can contact us at [email protected].
Keep well and stay safe.