DURBAN - Standard Bank and the Nu Clicks Group were both winners at the 2018 Reward Awards ceremony hosted by the South African Reward Association (SARA).
Standard Bank won the Reward Project award and the Nu Clicks Group won the Remuneration Report award while Martin Hopkins received the prestigious President’s Award.
The annual awards are sponsored by Remuneration Consultants and 21st Century. The rewards awards celebrate teams of reward professionals that create reward structures with a mix of innovation, business acumen and technical expertise in the financial and non-financial aspects of pay.
The design of an effective reward structure is essential for organisations that want to draw in, retain, motivate, and engage the employees that are best suited to helping the organisation achieve its goals.
These remuneration structures have to be created for and applied in the unique South African context and include the numerous economic and social challenges employees have to face.
Reward Project Award
The award for the 2018 SARA Reward Project of the year recognised the team from Nu Clicks Group that was responsible and actively involved in the development and implementation of a new reward project. The aim of the project was to make employees shareholders of the Nu Clicks Group, not only to attract and keep specialist talent like pharmacists but to ensure that all employees understood the value of their contributions.
The Nu Clicks Group was congratulated for not only achieving B-BBEE milestones but also creating wealth for employees. At the request of Cosatu, the project methodology is being shared with other organisations.
Remuneration Report Award
The winner of the 2018 SARA Remuneration Report of the year award is Standard Bank.
The Remuneration Report Award recognises organisations for how well they have shown compliance with the King IVTM principles through clear and to the point disclosure of the company’s remuneration philosophy and its application.
President’s Award
A special President's Award that honours outstanding achievement in the field of reward was awarded to Martin Hopkins. Hopkins received his award for his significant and notable contributions in shaping and uplifting the reward profession both during and prior to being a SARA Exco member.
During his career, Martin has created and nurtured many young reward professionals. As a consultant, he has developed leading edge remuneration programmes for companies based locally and abroad.