If you can IMAGINE it, you can achieve it
~William Arthur Ward
SARA is pleased to announce the opening of nominations for the 2020 Reward Awards.
Our 2020 Reward Awards will be taking place on Thursday 5 November 2020, from 15:00-17:00 as part of our 2020 Annual Virtual Conference, as we celebrate the best in Total Rewards, our 2020 GRP graduates, and the 2020 SARA Interns.
We invite nominations for the 2020:
- Remuneration Report of the Year Award;
- Reward Project of the Year Award.
Closing date for nominations was 19 August 2020
2020 Reward Project of the Year Nomination
In this category, we recognise an individual or team who have been responsible and actively involved in the development and implementation of a new Reward Project that:
- May be of a short-term or long-term nature;
- Has a procedural, operational or strategic impact on the organisation; and
- Has an impact horizon range from 2 months to more than 12 months.
The individual or team would have been responsible for a Reward Project which demonstrates innovative and relevant reward practices that support the unique business environment and business strategy and contributes towards the organisation’s objectives and success (financial or humanitarian).
The global pandemic has had an astonishing impact on businesses and individuals, challenging employees’ ways of working and their Total Reward solutions. Although these challenging times may result in the re-evaluation of previously planned Reward initiatives, it also provides an opportunity for innovation in a field that very seldom lends itself to significant change. As a result, we will also recognise novel and creative Reward interventions that have gone above and beyond in limiting the negative impact to businesses and employees. The nomination could be for an individual, or a team, and must demonstrate the impact the intervention had on the business.
The winners will not only receive the acclaim and recognition from their peers, but will also receive a cash prize of R30 000 for the 1st prize, R20 000 for the 2nd prize and R10 000 for the 3rd prize.
2020 Remuneration Report of the Year Nomination
This award recognises organisations for the alignment of their remuneration reporting and disclosure, against the key principles of the King IVTM governance guidelines which exemplify fair, responsible and transparent policy and practice.
The judging panel will evaluate nominations against the King IV principles, and the report worthy of an award will demonstrate the following:
- Contextual setting to the remuneration report; background statement; demonstration of principles of remunerating fairly, responsibly and transparently;
- Remuneration committee - Remit, activities, decisions & composition;
- Remuneration philosophy - Summary of the philosophy and general principles applied;
- Remuneration policy - Details of the policy and the various components;
- Base Pay - Description of how it is set and increases awarded;
- Shareholder engagement - Description of the voting results and the shareholder engagement;
- STI - Description of the plan, earnings potential and KPIs (as applicable);
- LTI - Description of the plan(s), earnings potential and performance conditions;
- Retention payments - Description of payments/plans which deal specifically with retention as opposed to incentives;
- Remuneration paid - Details of remuneration paid during the year and outcomes from KPIs/performance targets;
- Share plan dilution – Overall limits, headroom available etc.;
- Minimum Shareholding requirements – Including actual shareholding;
- Employment contracts - Key features per relevant individual; and
- Non-Executive directors - Description of fee structures and payments made.
We will be recognising the top 3 nominated organisations (through third, second and first place) and celebrating the success of those who are building tomorrow’s total reward practices today.
Remuneration reports published prior to 30 June 2020 and in respect of financial years ending on or before 31 March 2020 will be eligible for nomination.
To submit your nomination, click here.
2020 President’s Award
The President’s Award is intended to recognise an individual who has been responsible for the design of complex reward interventions or programmes that have set the standard for best practice in South Africa or internationally, or who has been responsible for initiatives that have shaped the reward profession, or have contributed to the profession as a whole, thereby uplifting the reputation of the reward profession in general.
This intervention or best practice or overall contribution to the profession would have a long term impact of several years.