While executive pay continues to make headlines, not enough emphasis is placed on how companies should determine pay policies and structures across entire organisations.
Employees can be rewarded in both financial and non-financial ways. Global reports on employee satisfaction highlight the importance of a structured approach that sensibly combines both with consideration of the total experience the employee has, not just the financial experience.
“The way an organisation rewards its employees is critical to overall productivity and the success of the business,” says Morag Phillips, Master Reward Specialist and Executive Committee Member at the South African Reward Association (SARA), a professional body focused on promoting, developing, and empowering reward professionals and practices in South Africa.
“It is crucial that companies make considered decisions about not only the pay of their executives, but their entire workforce.”
To encourage and promote the development and improvement of total reward practices – the combination of financial remuneration and non-financial benefits – the South African Reward Association (SARA) established the annual Reward Awards in 2003.
The awards highlight those reward programmes that take into account more than just base pay. The entrants also have to look at what people need to be productive and positive in a fast-changing work environment, especially with technology significantly changing the way organisations do business.
Last year AngloGold Ashanti walked away with top honours in both the Reward Project and Remuneration Report categories. Sasol, Aveng, Avbob, and Gautrain Management Services were also recognised for outstanding submissions. Peet Kruger – a well known and respected reward professional and Master Reward Specialist – received the prestigious President’s Award.
The three award categories recognise reward professionals, teams and organisations that have lead the way in promoting and developing the reward profession.
Entries for the 2018 awards are now open at http://www.sara.co.za/EVENTS/RewardAwards.aspx until 14 August. The winners will be announced on 3 November 2018 at the Wanderers Club in Illovo at the SARA Reward Awards Banquet, sponsored by 21st Century and Remuneration Consultants.