The South African Reward Association (SARA)'s annual Reward Awards, which celebrates innovation, business acumen and technical expertise in the financial and non-financial aspects of pay structures, was held at the Wanderer's Club, Johannesburg, on 3 November 2018. The awards were sponsored by Remuneration Consultants and 21st Century.
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.
Nu Clicks Group
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.
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, Hopkins has developed and nurtured many young reward professionals. As a consultant, he has developed leading edge remuneration programmes for companies based locally and abroad.
Hopkins 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.
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