REWARDING

PERFORMANCE

REWARDING PERFORMANCE

REMUNERATION PHILOSOPHY

SAICA’s subscribes to the belief that great people are the foundation of our success. SAICA recognises that, without the contribution of highly engaged, high performing employees, our strategic objectives cannot be achieved. It is therefore critical for the sustainability of SAICA that we continuously attract, develop, and retain high performing employees by providing a compelling value proposition to prospective and existing employees.

At the centre of the SAICA employee value proposition is the remuneration and reward strategy that balances both market competitiveness as well as affordability.

REMUNERATION PHILOSOPHY

SAICA’s subscribes to the belief that great people are the foundation of our success. SAICA recognises that, without the contribution of highly engaged, high performing employees, our strategic objectives cannot be achieved. It is therefore critical for the sustainability of SAICA that we continuously attract, develop, and retain high performing employees by providing a compelling value proposition to prospective and existing employees.

At the centre of the SAICA employee value proposition is the remuneration and reward strategy that balances both market competitiveness as well as affordability.

Remuneration structure

It is our opinion that we should continuously strive to transform to a broader definition of reward – that of total rewards – in order to achieve the balance between strategy and various demands of employees. The enabling Remuneration and Rewards Policy leverages the proper mix of rewards that satisfies the personal and financial needs of current and potential employees given existing operational conditions and constraints.

To achieve this, SAICA integrates two key reward elements:

COMPENSATION

FIXED SALARY

Benefits – pension fund, medical aid, wellness subscription, group risk insurance and funeral cover

Short-term incentives for performance

From a benefits perspective, in addition to the wellness subscription, SAICA has reviewed its wellness framework to ensure employee centredness. This includes wellness interventions that address financial wellness and resilience. SAICA has further supported its employees by undertaking to reimburse them for data connectivity costs to support the hybrid working arrangements.

SAICA, being a non-profit membership-based organisation, does not offer long-term incentives (LTI). However, to ensure SAICA’s ability to attract and retain capable talent, implementing several non-financial retention measures as well as recommending improvements of the short-term incentive (STI) to the Board were explored. The STI recommendations have been benchmarked and the Employee Recognition Scheme was reviewed and relaunched in line with the organisational values.

Remuneration structure

It is our opinion that we should continuously strive to transform to a broader definition of reward – that of total rewards – in order to achieve the balance between strategy and various demands of employees. The enabling Remuneration and Rewards Policy leverages the proper mix of rewards that satisfies the personal and financial needs of current and potential employees given existing operational conditions and constraints.

To achieve this, SAICA integrates two key reward elements:

COMPENSATION

FIXED SALARY

Benefits – pension fund, medical aid, wellness subscription, group risk insurance and funeral cover

Short-term incentives for performance

COMPASS
From a benefits perspective, in addition to the wellness subscription, SAICA has reviewed its wellness framework to ensure employee centredness. This includes wellness interventions that address financial wellness and resilience. SAICA has further supported its employees by undertaking to reimburse them for data connectivity costs to support the hybrid working arrangements.

SAICA, being a non-profit membership-based organisation, does not offer long-term incentives (LTI). However, to ensure SAICA’s ability to attract and retain capable talent, implementing several non-financial retention measures as well as recommending improvements of the short-term incentive (STI) to the Board were explored. The STI recommendations have been benchmarked and the Employee Recognition Scheme was reviewed and relaunched in line with the organisational values.

REMUNERATION policy

SAICA’s Remuneration 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.


Below is a summary of the policy:

OBJECTIVE

Serves to ensure standardised approach in the application of remuneration principles and practices

SCOPE

Competitive market-aligned remuneration balanced with the need for cost containment 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

COMPLIANCE

Reviewed every three years or as and when required, to ensure that the terms are current, fair and relevant corporate and industry conditions

IMPLEMENTATION

Developed the Human Capital Strategy Framework which encompassed key focused initiatives that would enable the attraction, development, and retention of high-performing employees

SALARY BENCHMARKING

An annual 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

REMUNERATION policy

SAICA’s Remuneration 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.


Below is a summary of the policy:

OBJECTIVE

Serves to ensure standardised approach in the application of remuneration principles and practices

SCOPE

Competitive market-aligned remuneration balanced with the need for cost containment 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

COMPLIANCE

Reviewed every three years or as and when required, to ensure that the terms are current, fair and relevant corporate and industry conditions

IMPLEMENTATION

Developed the Human Capital Strategy Framework which encompassed key focused initiatives that would enable the attraction, development, and retention of high-performing employees

SALARY BENCHMARKING

An annual 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

SHORT-TERM incentives (STIs)

For the reporting period, the annual salary adjustments, and the payment of the STIs were approved as per the policy for the employees in job grades 5–16. For the employees in job grades 2–4, only market movement factor annual salary adjustments were approved, that is, without the various performance rating linked additional percentages. There were also no STIs paid for the employees in job grades 2–4. This was a decision the Board took having considered the December 2021 APC incident and the regression of the enterprise risk management maturity level.

SHORT-TERM incentives (STIs)

For the reporting period, the annual salary adjustments, and the payment of the STIs were approved as per the policy for the employees in job grades 5–16. For the employees in job grades 2–4, only market movement factor annual salary adjustments were approved, that is, without the various performance rating linked additional percentages. There were also no STIs paid for the employees in job grades 2–4. This was a decision the Board took having considered the December 2021 APC incident and the regression of the enterprise risk management maturity level.

REMUNERATION POLICY IMPLEMENTATION REPORT

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SAICA Integrated Report 2022.
All Rights Reserved.

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SAICA Integrated Report 2022. All Rights Reserved.

Site Links

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Head Office