 Can South African workers look forward to increases in line with the cost of living this year?
According to Dr Mark Bussin, Master Reward Specialist and EXCO member at the South African Reward Association (SARA), economic instability in the country makes this unlikely – unless the government takes drastic action soon. "Unfortunately, the current state of South Africa means the financial outlook for companies is generally bleak and this will have a direct impact on their ability to offer any kind of meaningful increases to employees," he says. Dr Bussin provides an overview of the causes of the situation, their impact on employee rewards, and solutions that should be implemented promptly to improve conditions. How will increase decisions be impacted by the current economic climate? "First, we need to ascertain what is meant by 'current economic climate'," says Dr Bussin. He highlights the following key factors that define the country's economic situation and impede employers' ability to make favourable increase decisions:
These economic failings will inevitably cause employers to:
"You can ask a thousand economists this question and you will get a thousand different answers," says Dr Bussin. However, from a company perspective, relative to the decisions around making salary increases possible, he believes the following must happen at all levels of government:
What does this mean for employees? "Until the government takes decisive and proactive steps to remove these economic barriers, organisations will be unable to respond positively to their employees' cost-of-living requirements," says Dr Bussin. He encourages companies and concern groups to continue to put pressure on the nation's leaders to make tangible reforms that will help South Africa recover from crippling economic deficiencies. "We can talk about working together towards a solution all we want. But, if the proper political, legal and socio-economic foundations are not in place, there is no footing to climb out of the hole in which we collectively find ourselves," he says. ENDS MEDIA CONTACT: Rosa-Mari Le Roux, [email protected], 060 995 6277, www.atthatpoint.co.za For more information on SARA please visit: Website: www.sara.co.za Twitter: @SA_reward LinkedIn: South African Reward Association Facebook: SARA – South African Reward Association If you do not want to receive emails from us, please use the link: Click here to unsubscribe.
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 At the recently held 2020 Reward Awards ceremony hosted by the South African Reward Association (SARA), FNB won the Reward Project of the Year award while ABSA won the Remuneration Report award.
Yolanda Sedlmaier won the prestigious President’s Award. The annual rewards celebrate the companies and professionals who design total reward solutions that attract, retain, motivate, and engage employees in a way that makes a difference to their organisations. Reward Project Award The 2020 SARA Reward Project award recognised the team from FNB that developed an Annual Salary Review (ASR) conversation guide for managers on the FNB App. Research from Gartner (Corporate Leadership Council) shows that 70% of employees want information about reward from their managers, and that communication by managers is three times more likely to positively impact loyalty to both the manager and the organisation than if it were to come from HR. The ASR conversation guide for managers is built into a section of the FNB Banking App that is only visible to employees, and offers an innovative way to provide personalised, contextual support for managers to have effective reward conversations. In an environment where the majority of the workforce is working off-campus/off-site, the ASR Guide has been essential to provide managers with as much support as possible through the annual salary review process. ASR has enabled virtual management of the annual increase process, and resulted in an increase of 100% in active App users. The other placed nominees of the 2020 SARA Reward Project of the Year award were Anglo Platinum in second place for their Team+ Performance Management and Reward project, and Standard Bank in third place for their COVID-19 Employee Support and Relief project. Remuneration Report Award The winner of the 2020 SARA Remuneration Report of the Year award is ABSA. Goldfields received 2nd Place and Vodacom received 3rd place for their submissions. This award recognises organisations for the alignment of their remuneration reporting and disclosure, against the key principles of the King IVTM governance guidelines which exemplify fair, responsible and transparent policy and practice. Submissions were evaluated by a panel of independent and expert judges across all spheres of stakeholders. President’s Award A special President's Award that honours outstanding achievement in the field of total reward was awarded to Yolanda Sedlmaier (Chartered Reward Specialist). Yolanda has been involved in SARA’s Internship Programme since its inception in 2006, and she has been the Chair of the programme since 2010. Over the past 14 years, the programme has delivered an impressive 55 new total reward professionals into the industry through the active involvement of the committee and superb support from Sponsor and Host companies. Yolanda has worked tirelessly with her team of passionate and dedicated volunteers to enhance and improve the programme, on top of her demanding roles at Deloitte and more recently Mercer. Yolanda has been described as a selfless leader who is passionate about talent development and thrives on seeing young graduates of the programme go on to lead successful, fulfilling careers. Her no-nonsense style, combined with her love and passion for mentoring graduates, has made her a highly respected total reward professional and deserving recipient of the 2020 award. ENDS MEDIA CONTACT: Rosa-Mari Le Roux, 060 995 6277, [email protected], www.atthatpoint.co.za For more information on SARA please visit: Website: www.sara.co.za Twitter: @SA_reward LinkedIn: South African Reward Association Facebook: SARA – South African Reward Association At the 3 November 2018 Reward Awards ceremony hosted by the South African Reward Association (SARA), Standard Bank won the Reward Project award while the Nu Clicks Group won the Remuneration Report award. Martin Hopkins received the prestigious President’s Award.
The annual awards – sponsored by Remuneration Consultants and 21st Century – celebrate teams of reward professionals that design reward structures with a mix of innovation, business acumen and technical expertise in the financial and non-financial aspects of pay. The design of an effective reward structure is crucial for organisations that want to attract, retain, motivate, and engage the employees that are best suited to helping the organisation achieve its goals. These remuneration structures have to be designed for and applied in the unique South African context and take into account the numerous economic and social challenges employees have to face. Reward Project Award The award for the 2018 SARA Reward Project of the year recognised the team from Nu Clicks Group that was responsible and actively involved in the development and implementation of a new reward project. The aim of the project was to make employees shareholders of the Nu Clicks Group, not only to attract and retain specialist talent like pharmacists but to ensure that all employees realised the value of their contributions. The Nu Clicks Group was congratulated for not only achieving B-BBEE milestones but also creating wealth for employees. The project touched peoples’ lives in an unimaginable way and received coverage in various media. At the request of Cosatu, the project methodology is being shared with other organisations. The other placed nominees of the 2018 SARA Reward Project of the year award were ACSA in second place, and St Stithians College in third. Remuneration Report Award The winner of the 2018 SARA Remuneration Report of the year award is Standard Bank. Anglo Gold Ashanti received 2nd place and Sasol received 3rd place for their submissions. The Remuneration Report Award recognises organisations for how well they have demonstrated compliance with the King IVTM principles through clear and concise disclosure of the company’s remuneration philosophy and its application. The King IV Report was published on 1 November 2016 and is effective in respect of financial years commencing on or after 1 April 2017, and therefore this year’s submissions were the first evaluated against the King IV principles. A panel of judges evaluated nominations and considered how organisations are demonstrating the broad principles of transparency, fairness and responsible pay decisions. Specific focus was given to how organisations report on the remuneration detail, including fixed and variable pay. President’s Award A special President's Award that honours outstanding achievement in the field of reward was awarded to Martin Hopkins for his significant and notable contributions in shaping and uplifting the reward profession both during and prior to being a SARA Exco member. During his career, Martin has developed and nurtured many young reward professionals. As a consultant, he has developed leading edge remuneration programmes for companies based locally and abroad. Martin has also been the Remuneration Lead in the development of the King III and King IV remuneration governance sections. By continuing to host the Reward Awards, SARA hopes to highlight pay practices that adhere to good governance and industry best practice. The association hopes to inspire reward professionals to always aim for transparency, fairness, and responsibility in determining how employees and executives are rewarded for their effort. ENDS MEDIA CONTACT: Juanita Vorster, 079 523 8374, [email protected], www.atthatpoint.co.za For more information on SARA please visit: Website: www.sara.co.za Twitter: @SA_reward LinkedIn: South African Reward Association Facebook: SARA – South African Reward Association  While executive pay continues to make headlines, companies that use a Total Reward strategy to guide and inform remuneration decisions and practices will soon be awarded top honours by the South African Reward Association (SARA). The awards encourage and promote the development and improvement of total reward practices in South Africa.
What is Total Reward and how does it affect me? “Total Reward includes everything valuable to an employee in relation to his/her employment, including salary, benefits and their experience of their workplace,” says Peet Kruger, executive committee member of SARA, a professional body that promotes and develops the reward profession and practices in South Africa. “Reward professionals ensure that an employer does everything it can to attract, inspire and retain the best possible workforce, while still increasing profits year on year,” says Kruger. “The annual Reward Awards aim to recognise thought leaders that make a noticeable impact to business through reward strategies and practices that deliver business results and support the objectives or the organisation.” Why South African businesses need to take note Award winners represent the top of the reward game amongst their peers, and represent what each organisation should be aiming for and doing when it comes to adding the necessary value for their organisations to remain competitive and successful in today’s competitive business environment. The criteria allow an organisation to focus on what traits good reward practices should embody. 2015 winners included reward specialists from Standard Bank (Africa) Pty Ltd, MTN, Aveng and Siemens. Entries are invited annually and judged independently by various experts in the reward industry, using criteria relevant to each award. Entries for the 2016 awards are now open until 17 August, with the winners being announced on 4 November 2016 in Midrand at the SARA Reward Awards Banquet, sponsored by 21st Century, Remuneration Consultants, and Synntech People Solutions. The three award categories recognise reward professionals, teams and organisations that have lead the way in promoting and developing the reward profession. Remuneration Report of the Year Award This award recognises organisations that demonstrate reporting and disclosure of the company’s remuneration philosophy and its application as stipulated by legislative requirements and corporate governance principles. The judging panel will also consider established commitments to best practice, and how the company’s approach to remuneration supports the business strategy and aligns the interests of its stakeholders. Reward Project of the Year Award This award recognises an individual or team for the development and implementation of a reward project that uses reward practices and principles in a manner that contributes significantly towards the achievement of the organisation’s objectives or success. President’s Award This award recognises an individual that has shaped or significantly contributed to the ongoing development of the reward profession, or has been responsible for the design of complex reward interventions or programmes that have set the standard for best practice in South Africa or internationally. For more detailed information on the annual SARA Reward Awards please visit www.sara.co.za ENDS MEDIA CONTACT: Cathlen Fourie, 082 222 9198, [email protected], www.atthatpoint.co.za For more information on SARA please visit: Website: www.sara.co.za Twitter: @SA_reward LinkedIn: South African Reward Association Facebook: SARA – South African Reward Association Standard Bank and MTN Group Management Services were awarded top honours by the South African Reward Association (SARA) at the annual Reward Awards event on 7 November 2015.
The Reward Awards aim to recognise thought leaders that make a noticeable impact to business through reward strategies and practices that deliver business results and support the objectives of a company. “Reward professionals ensure that an employer does everything it can to attract, inspire and retain the best possible workforce, while still increasing profits year on year,” says Peet Kruger, executive committee member of SARA, a professional body that promotes and develops the reward profession and practices in South Africa. The three award categories recognise reward professionals, teams and organisations that have lead the way in promoting and developing the reward profession. Reward includes everything valuable to an employee in relation to his/her employment, including salary, benefits, and their experience of their workplace. Remuneration Report of the Year Award Standard Bank was awarded the 2015 Remuneration Report of the Year Award. Nominees for this category also included Anglo American Kumba Iron Ore, Aveng (Africa) Pty Ltd, Goldfields, Group Five, Impala Platinum Ltd, and Liberty Holdings Ltd. This award recognises organisations that apply the key reporting and disclosure principles and requirements stipulated by King III. Furthermore, the judging panel considers demonstrated commitments to best practice, and how the company’s approach to remuneration supports the business strategy, good governance and how it aligns the interests of its stakeholders. Reward Project of the Year Award MTN Group Management Services was awarded the first prize for the 2015 Reward Project of the Year. Second place went to Aveng (Africa) Pty Ltd, and third place was awarded to Siemens. Nominees for this category also included ArcelorMittal South Africa, BP South Africa, the Clicks Group, PPS Insurance, and PwC. This award recognises an individual or team for the development and implementation of a reward project that uses reward practices and principles in a manner that contributes significantly towards the achievement of the organisation’s objectives or success. Entries for the above Reward Awards are invited annually and judged independently by various experts in the reward industry, using criteria relevant to each award. President’s Award Dr Mark Bussin was awarded the 2015 President’s Award. This award is the prerogative of the President of SARA and recognises an individual that has shaped or significantly contributed to the ongoing development of the reward profession, or has been responsible for the design and implementation of complex reward strategies or programmes that have set the standard for best practice in South Africa or internationally. The winners of the 2015 awards were announced at the SARA Reward Awards Banquet. The event was sponsored by 21st Century, Remuneration Consultants, and Synntech People Solutions. For more detailed information on the annual SARA Reward Awards please visit www.sara.co.za ENDS MEDIA CONTACT: Cathlen Fourie, 012 644 2833, [email protected], www.atthatpoint.co.za For more information on SARA please visit: Website: www.sara.co.za Twitter: @SA_reward LinkedIn: South African Reward Association Facebook: SARA – South African Reward Association While unscrupulous remuneration activities continue to make headlines, companies that use a Total Reward strategy to guide and inform remuneration decisions and practices will soon be awarded top honours by the South African Reward Association (SARA).
“Total Reward includes everything valuable to an employee in relation to his/her employment, including salary, benefits and their experience of their workplace,” says Peet Kruger, executive committee member of SARA, a professional body that promotes and develops the reward profession and practices in South Africa. “Reward professionals ensure that an employer does everything it can to attract, inspire and retain the best possible workforce, while still increasing profits year on year,” says Kruger. “The annual Reward Awards aim to recognise thought leaders that make a noticeable impact to business through reward strategies and practices that deliver business results and support the objectives or the organisation.” Entries are invited annually and judged independently by various experts in the reward industry, using criteria relevant to each award. 2014 winners included reward specialists from Woolworths, the Clicks Group, Alexander Forbes, and Nedbank. The winners of the 2015 awards will be announced on 7 November 2015 in Midrand at the SARA Reward Awards Banquet, sponsored by 21st Century, Remuneration Consultants, and Synntech People Solutions. The three award categories recognise reward professionals, teams and organisations that have lead the way in promoting and developing the reward profession. Remuneration Report of the Year Award Nominees for the 2015 Remuneration Report of the Year include Aveng (Africa) Pty Ltd, Goldfields, Group Five, Impala Platinum Ltd, Liberty Holdings Ltd and Standard Bank. This award recognises organisations that demonstrate reporting and disclosure of the company’s remuneration philosophy and its application as stipulated by legislative requirements and corporate governance principles. The judging panel will also consider demonstrated commitments to best practice, and how the company’s approach to remuneration supports the business strategy and aligns the interests of its stakeholders. Reward Project of the Year Award Nominees for the 2015 Reward Project of the Year include ArcelorMittal South Africa, Aveng (Africa) Pty Ltd, BP South Africa, the Clicks Group, MTN Group Management Services, PPS Insurance, PwC, and Siemens. This award recognises an individual or team for the development and implementation of a reward project that uses reward practices and principles in a manner that contributes significantly towards the achievement of the organisation’s objectives or success. President’s Award This award recognises an individual that has shaped or significantly contributed to the ongoing development of the reward profession, or has been responsible for the design of complex reward interventions or programmes that have set the standard for best practice in South Africa or internationally. For more detailed information on the annual SARA Reward Awards please visit www.sara.co.za To request media attendance to or photos from the awards event, please contact [email protected] ENDS MEDIA CONTACT: Cathlen Fourie, 012 644 2833, [email protected], www.atthatpoint.co.za For more information on SARA please visit: Website: www.sara.co.za Twitter: @SA_reward LinkedIn: South African Reward Association Facebook: SARA – South African Reward Association |
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