Reward Philosophy and Policy

SKU SKU906
 
SKU906 
Format : Adobe Acrobat / PDF plus MS Word
Pages:   12 pages
Delivery: Electronic Download
 
This comprehensive reward or remuneration policy cover the following areas:
Overall objective of the reward strategy
Remuneration philosophy statement
Core reward principles
  1. Internal and external parity
  2. Objective reward decisions
  3. Maximum discretion for decision-makers
  4. Open and transparent communication
  5. Rand-amount increases
  6. Elimination of discriminatory practices
  7. Geographic differences
  8. Performance-based reward
  9. Fixed and variable reward for performance
  10. Total-package approach
  11. Affordability
  12. Non-inflation-linked reward
  13. "Purse" remuneration
REMUNERATION MODEL
  1. Factors which influence remuneration
  2. Job value, market value and individual value
  3. Performance/Outputs/Measures
  4. Specific occupation and skills
  5. Package elements
  6. "Permanent Cash"
  7. "Pensionable Remuneration"
  8. Salary
  9. Entertainment allowances
  10. Car allowance
  11. Annual bonus
  12. Company contributions
  13. Discretionary temporary money
  14. Other ad hoc remuneration
Guidelines for awarding increases
  1. Awarding an increase on total package
  2. Discretionary temporary money
  3. Timing of the allocation of permanent as opposed to temporary money
  4. Managing remuneration costs
Remuneration Committee GUIDELINES
  1. Composition of the Committee
  2. Terms of Reference of the Committee
  3. Meetings and functioning
  4. Reporting structure
 
 
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