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.
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