Rewarding performance (Remuneration Report)

The policy provides for competitive market-aligned remuneration balanced with the need for cost containment. The policy is founded on a total rewards context which embraces all elements of the employee value proposition including compensation, benefits, recognition, career and growth opportunities, and the work environment.

The Remuneration and Reward Policy is reviewed every three years, or as and when required, to ensure that the terms are current, fair and representative of relevant corporate and industry conditions.

To implement the policy provisions as envisaged, SAICA developed the Human Capital Strategy Framework encompassing key focused initiatives that would enable the attraction, development, and retention of high-performing employees.

The organisation conducts a bi-annual salary survey/benchmark to ensure that management rewards and remuneration are market related and kept at levels that will assist in retaining and attracting key leadership skills. SAICA remunerates in line with the 50th percentile (median) of the market to recruit and retain the management team to lead the organisation. Over and above the basic salary, eligible employees receive a performance incentive as per the Remuneration and Reward Policy.

For the reporting period, an independent review of the Remuneration and Reward Policy was conducted. The overall results of the review were aligned to SAICA’s objectives of ensuring that remuneration remains competitive. This enables SAICA to effectively manage its talent.

In accordance with the provisions of the policy, SAICA uses the services of an independent credible remuneration consultancy to provide increase trends reports in line with the Consumer Price Index (CPI).