What is required to become a Reward Professional? Payroll competencies versus the competencies required for the various Reward Profession Levels.

Transcription

1 Is there a natural progression from Payroll into the Reward Profession?

2 Introduction The Value Chain Concept What is the Reward Profession? What is required to become a Reward Professional? Payroll competencies versus the competencies required for the various Reward Profession Levels. Closure

3 Market Research Client Needs Developing/ Design Products and Services Delivery Attract & Retain Clients Reward Management Market Trends & Developments Different Types & Levels of Employees Developing/ Design Products and Services Delivery Attract & Retain Employees

4 Historical development Years ago in SA Developing from basic administration reactive focus into a strategic pro-active function that can contribute to the achievement of business objectives: Understand business strategy Understand ROI Understand human behaviour Understand Total Reward solutions

5 Is it really a recognised profession in SA? Not formally but SARA is working on professionalisation No formal specialised university qualification programmes however B Degree/equivalent qualification is essential SARA offers the Global Reward Professional (GRP) Programmes Companies are appointing different level of Reward Practitioners Remuneration Analyst Reward Manager Reward Executive Global Developments: ACA changed to W@W

6 3 different roles defined: Payroll Clerk Employee data Filing system Process management Payroll query resolution Payrun Payroll Administrator Payroll systems Business reports Statutory Returns Statutory Compliance Payments Process Management Document Management

7 Payroll Manager Payroll Department Payroll Payroll information Audited payroll

8 PAYROLL Monthly process and with Annual Reconciliation Detailed orientated and deals with all the cash and benefit components of an employee s remuneration Concerned with employee s contractual package, employer s contractual benefit schemes and delivery thereof to employee Interested in tax treatment and tax disclosures Uses contracts and the law as a base Limited innovation as operating within the bounds of contractual terms already determined and legislation REWARD MANAGEMENT Annual process of remuneration benchmarking, with interim increases and special surveys / events Detailed orientated and covers Total Rewards Model, including cash and benefit components Concerned with correct Total Rewards Model and the correct quantum that will give balance between employer cost and employee remuneration More concerned with correct gross values which should be attributable to an employee Uses market information, trends, methodology and strategy as base Innovative and with due consideration to international trends, competitiveness for talent, employee attraction and retention

9 Payroll Interested in Individual components as take-home and tax treatment determined by the nature of each such individual component Remuneration and Reward Practitioner interested in Total Rewards Strategy

10 Business Context Be in touch with market trends and developments Be up to date with legislative changes Understand human resources requirements Well Rounded Reward Professional Understand payroll implications & requirements Understand financial requirements

11 HR Strategy Business Strategy REWARD STRATEGY & PHILOSOPHY REMUNERATION & BENEFITS REWARD ENVIRONMENT Organisation Team Individual Salary Pension & Medical FIXED Other (Leave, etc.) Short Term Incentives Long Term Incentives VARIABLE Character, Reputation & Achievements of the Org Org Relationships, Synergy and Support Team & Leadership Meaningful Work & Role Clarity Employee Well-being Individual Recognition & Fair Rewards The challenge to truly engage your workforce lies in creating a balance between the Remuneration and Benefits offering and a Reward Environment where employees are recognised as whole people, where they feel valued and where they can grow and develop within a team and organisational environment that is healthy and attractive.