At the leading edge of electric motor technology and related sectors, the Zest WEG Group is also innovating its empowerment initiatives by facilitating ownership of its shares by two black owned Non Profit Organisations (NPOs) that directly benefits communities in need.
Hot off the press is the announcement that the two NPOs, together with the company’s employees Trust, now hold 51.6 % of Zest WEG Electric, the South African arm of the Zest WEG Group. One of the NPOs is in the education sector and the other in the micro-enterprise support sector. Significantly, the shareholding comprises 31,68% black female beneficiaries.
Zest WEG Group CEO Louis Meiring says that not only will most of the beneficiaries of the NPOs be black women, but the arrangement will sustain the good work of these NPOs into the future.
“We previously readily achieved our Level 4 status, based on our shareholding, skills development, supplier support and community investment, and this is simply the next step in our transformation journey,” says Meiring. “Now, this ownership-related initiative takes us significantly further on our pathway as a responsible corporate citizen.”
Zest WEG Group provides a range of skills development resources to schools, universities and the broader community including teaching, equipment, financial aid and infrastructure. These aim to develop local talent and capacity, bringing young learners into the business and industry.
“With our double-digit growth, even through the recent downturn, our business is creating opportunities for job seekers, and we prepare them well to replenish the positions that our expansion requires,” says Juliano Vargas, Zest WEG Group’s logistics and operations director.
Skills are developed in-house through apprenticeships, internships and mentoring in various disciplines and are sometimes also supported with study bursaries.
“Through our involvement with small business incubators, we even select and support small enterprises before they are in a position to become our suppliers,” he says. “Those that progress well may earn contracts from group companies, following which we review their performance and keep track of them to ensure that they deliver good value in their services and products” he said.