Remuneration Handbook for Africa - 2nd Updated Edition (PDF E-book)

  • ID: 2903284
  • Book
  • Region: Africa
  • 482 pages
  • Knowledge Resources
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How we remunerate employees reflects the dynamics of the market and context in which we operate It aligns at all times to the strategic direction and specific value drivers of the businesses within which our organisation operates Remuneration plays a critical role in attracting, motivating and retaining high-performing individuals Remuneration also reinforces, encourages and promotes superior performance.

Through variable remuneration linked to value drivers, superior performance is recognised and rewarded, while poor performance and under-achievement are coached and managed Remuneration is never a stand-alone management process, but is rather fully integrated into other management processes, such as the performance management process, and the overall Human Resources policies.

Dr Mark Bussin is the Chairperson of 21st Century Pay Solutions Group, a specialist remuneration consultancy Mark is a guest lecturer at several universities around the country and supervises Masters’ and Doctoral theses in the Reward area He is the current President of SARA (South African Reward Association) and a Commissioner for the remuneration of Public Office Bearers in the Presidency.
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Chapter 1 Remuneration Policy and Strategy
11 Introduction
12 Context
13 Flexible reward practices
14 Multi-dimensional construct of reward
15 Remuneration strategy
16 Remuneration policy
17 Role of the remuneration committee
18 Conclusion
Chapter 2 Job Roles and Competence
21 Overview
22 Terminology
23 Uses for job descriptions
24 Factors influencing jobs
25 Planning and preparation for job description writing
26 Understanding a typical job description form
27 The job description interview
28 Writing up the job description
29 Checking and obtaining commitment to a job description
Chapter 3 Job Evaluation
31 Introduction
32 The need for job evaluation
33 When should job evaluation be used?
34 Terminology
35 Why job evaluation?
36 Benefits of job evaluation
37 Understanding the organisation structure
38 Information for recruitment
39 Further benefits
310 Job evaluation process
311 Job descriptions and job grading (stage 1)
312 Why job evaluation systems fail
313 Choice of a job evaluation system
314 Categorisation of job evaluation systems
315 Points to remember when evaluating jobs
316 Job evaluation: frequently asked questions and sample answers
Chapter 4 Broad-banding
41 Broad-banding
42 Reasons for implementing broad-banding
43 Implementation of the broad-banding strategy
44 Paradigm shifts: new versus traditional business models
45 The customer-driven approach
46 Broad-banding fundamentals
47 The mechanics of broad-banding
48 Job family design
49 Pay administration
410 Benefits of broad-banding
411 Potential results of broad-banding
412 Development
413 Changes to organisational structure
414 Essentials for implementation of broad-banding
415 Readiness matrix example
416 Practical toolkit to prepare for broad-banding
Chapter 5 Individual Performance-, Competence- and Skills-based Pay
51 Definitions, reasons for, and objectives of performance-related pay
52 The mechanics of PRP
53 Critical success factors for PRP
54 Definitions, reasons and objectives of competency-based pay
55 The mechanics of CBP
56 Competency-based reward systems
57 Comparison of mechanics of PRP and CBP
58 Skills-based pay
59 The mechanics of skills-based pay
510 Critical success factors: integration of PRP, CBP and SBP
Chapter 6 Pay Structures
61 Understanding what a pay structure is
62 Why organisations have pay structures
63 Features of well-designed pay structures
64 What influences the design of pay structures?
65 Developing a pay structure
66 Designing an effective pay structure
67 Terminology
68 Different pay structures: applications
69 Pay progression policy guidelines
610 Trends towards pay structure integration
611 Implementation of pay structures: a checklist
Chapter 7 Setting Pay Levels
71 Why use market surveys?
72 Statistics and definitions
73 Definitions
74 Regional and organisation variables
75 Job matching
76 Club surveys
77 Published surveys
78 Other sources of pay data
79 Layout of information
710 Setting the CEO’s pay
711 Guidelines for setting CEO and executive pay
712 Selecting comparators for remuneration benchmarking
Chapter 8 Total Packages
81 The remuneration model and where the total package fits in
82 What does “total package” mean?
83 Why the trend?
84 How the total package works
85 Package structuring options
86 A typical process
87 Do’s and don’ts for traditional remuneration in the total package approach
88 Suggestions on software use
89 Role of HR and finance
810 Ongoing maintenance of the system
Chapter 9 Payroll
91 Payroll management
92 The role of the payroll department
93 The payroll, HR and benefits manager’s role
94 Items affecting payroll administration
95 Payroll trends
96 Integration of payroll and HR databases
97 Web-based solutions
98 Payroll services
Chapter 10 Team-based Pay
101 Types of teams
102 Parallel teams and pay
103 Project teams and pay
104 Work teams and pay
105 Best practice guidelines
106 Why teams fail: research results
107 What makes a good team?
108 Team-based pay plans
109 Design considerations
1010 Performance measurement
1011 Rewarding top performers
1012 Pay – the final frontier
1013 Advantages and disadvantages of various team incentive schemes
1014 Some final thoughts on teams and pay
1015 Conclusion
Chapter 11 Sales Force Incentives
111 Introduction and context
112 Key sales remuneration definitions
113 Designing a total remuneration strategy for sales force executives
114 Basic design issues
115 Types of sales force remuneration plans
116 Sales roles as drivers
117 Sales roles change focus over time
118 Sales bonus or commission schemes: advantages and disadvantages
119 The use of decelerators
1110 Elements of a sales remuneration plan
1111 Non-cash incentives
1112 Sales remuneration and the e-world
1113 Cross-selling incentives
1114 Sales manager incentives
1115 Incentives for relationship management
1116 Tax treatment
1117 New sales roles
Chapter 12 Variable Pay and Incentive Schemes
121 Variable pay and incentive schemes
122 Difference between variable pay and “pay at risk”
123 Why implement variable pay?
124 The business case for incentives and good rewards
125 Implementation considerations
126 Design considerations
127 Incentive scheme design and framework
128 Design process
129 Goals for incentive scheme
1210 Non-negotiable principles for effective incentives
1211 Choice of scheme
1212 Size of the incentive award
1213 Performance measures
1214 Incentive award determination
1215 Main features of various types of incentive scheme
1216 Conclusion
Chapter 13 How to Design an Incentive Scheme
131 Requirements of a functioning incentive scheme
132 Design and implement an incentive scheme
Chapter 14 Share Schemes
141 Share schemes defined
142 What is a share scheme?
143 Taxation of participants
144 Factors affecting value to participants
145 Real shares or phantom shares for listed companies?
146 Accounting for share-based payments (IFRS 2)
147 Topping-up practice
148 Performance conditions
149 Legal aspects
1410 Foreign listings
1411 Design trends
1412 Stakeholder requirements
Chapter 15 International Assignment Remuneration
151 Context and linkage
152 Types of international employment
153 Definitions, and underlying philosophy
154 Approaches to international assignment remuneration
155 Positioning international assignment remuneration in the total reward system
156 Design considerations
157 Critical success factors
158 Current issues
159 Case study: guidelines to management
1510 Sample expatriate philosophy for ABC Group
Chapter 16 Remuneration Trends in Africa
161 Introduction
162 South Africa
163 Botswana
164 Kenya
165 Ghana
166 Namibia
167 Zimbabwe
168 Lesotho
169 Swaziland
1610 Mozambique
1611 Nigeria
1611 Conclusion
Chapter 17 Retention and Engagement
171 Retention strategy framework
172 Remuneration options
173 Engagement
174 Hot skills
175 Business case for investing in employee engagement
176 The importance of measurement and benchmarks
177 Conclusion
Chapter 18 Reward and Recognition
181 Context and linkage
182 Definitions and differences clearly understood
183 Positioning recognition in the total reward system
184 The business case for implementing a total reward system
185 Design considerations
186 Reward and recognition schemes: the lottery
187 Critical success factors
188 “Virtual scorecard” approach
189 Case study: guidelines to management
1810 Rewarding employees
1811 Conclusion
Chapter 19 Remuneration Committees and Boardroom Pay
191 Background and context
192 Impact of pay policy on organisations
193 Remuneration frameworks and models
194 Structure of executive pay
195 Current trends and issues in linking executive pay to performance
196 Definition of philosophy underlying executive remuneration programmes
197 Why do we need a remuneration committee?
198 Non-executive directors’ pay
199 Factors to consider when setting NED pay
1910 Remuneration committees (RemCos)
1911 Selection criteria for remuneration committee members
1912 Critical success factors for good corporate governance
1913 The high-level duties of RemCos
1914 Where the CEO fits in
1915 Remuneration policy
1916 Committee meeting guidelines
1917 Independent determination
Chapter 20 Remuneration Governance
201 Corporate governance
202 The King III Code of Good Governance
203 How to improve remuneration governance
Chapter 21 Reward Trends
211 Trend 1: Global remuneration
212 Trend 2: Retention and engagement of employees
213 Trend 3: Media scrutiny
214 Trend 4: Setting non-executive director (NED) pay
215 Trend 5: New long-term incentives
216 Trend 6: Specialist career tracks
217 Trend 7: Linking pay to performance
218 Trend 8: More flexibility
219 Trend 9: Governance
2110 Trend 10: Branding
2111 Conclusion
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