Our Capitals
Remuneration report: Rewarding our people fairly for skills, experience and delivery
Our Capitals
Remuneration report: Rewarding our people fairly for skills, experience and delivery
Rewarding key talent
In addition to evolving remuneration, SANBS has a comprehensive talent management framework designed to attract, develop, and retain high-performing and mission-critical talent across the company. Utilisation of both financial and non-financial rewards is crucial for motivating employees and retaining top talent. Consideration is being given to dual career pathways in specialist or management roles, offering employees a chance for career growth within the company.
SANBS believes in supporting career growth and mobility. During the current financial year, management successfully finalised annual salary negotiations, which resulted in implemented salary increases. The RAD Academy provides structured learning opportunities to further support employee development. Employees are encouraged to stay updated with their skills, and continuous professional development is acknowledged with certificates upon completion of programmes, whether funded by SANBS or self-funded.
Opportunities for cross-collaboration, such as interdivisional projects, are significant for personal development and inclusivity. Individual and group coaching is also available to employees upon request to enhance their skills further.
Remuneration governance
The governance of remuneration is overseen by the Human Capital Management division and the Human Resources and Remuneration Committee (HR and RemCo), which advises the Board.
At the beginning of each financial year, the Board approves the business strategy and targets and reviews the outcomes at the end of the year before making final decisions regarding any potential incentive payments.
Equitable reward and remuneration
SANBS is committed to maintaining sustainability while ensuring that employees are rewarded equitably. The company values fairness and is dedicated to assessing pay across race and gender to eliminate any potential inequalities.
Management conducted a pay equity analysis that revealed no major pay disparities, attributing differences in remuneration to the length of tenure of employees rather than systemic inequalities.
SANBS ensures that no employee receives a salary below the minimum salary scale and regularly verifies this through internal audits. The company’s roles are also assessed periodically to confirm to alignment with industry standards.
While SANBS operates as a non-profit company, it strives to offer remuneration that is competitive with similar-sized organisations in the industry. This benchmarking is vital to attract and retain specialised skills required within the company. A benchmark was undertaken in 2023 and another exercise is planned for this year.
SANBS’ rewards programmes
SANBS’ rewards programmes are directed by several key policies which are reviewed annually for relevance and effectiveness. The main aim of these policies is to establish remuneration practices that are fair, inclusive, competitive, and consistent with best practices. These policies cover:
Remuneration: Ensuring competitive pay structures.
Performance management: Evaluating employee performance regularly.
Discretionary bonus: Providing bonuses based on company and individual performance.