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Ethos

Sanlam ensures that all employees are compensated fairly with market-related packages that allow for complete flexibility.

Reward principles

  • Market-related compensation: Sanlam follows a Total Guaranteed Package (TGP) approach to reward which is based on market-relatedness. Individual performance, competence and potential is further recognised and remunerated.
  • Flexibility: Sanlam’s highly advanced SAP payroll system and processes allow for complete flexibility. Customised reward processes ensure maximum tax-efficiency and benefit choices to match each employee’s personal needs and lifestyle.
  • Equality and fairness: Unfair discrimination in pay rates is avoided at all costs and we ensure that employees are remunerated in line with the demands of their jobs. Equality and fairness are upheld through our best practice employment processes.

Rewards

In order to attract and retain key skills, Sanlam provides competitive remuneration, bonus and benefit packages.

Employee remuneration and benefits

All Sanlam employees have access to a range of Group benefits, including:

  • Retirement savings through Sanlam’s Staff Umbrella Fund.
  • Medical aid.
  • Preferential rates for life, disability and family cover.
  • Annual, sick and occasional leave.
  • Flexible work hours depending on the employee’s role within the business.
  • Training programmes and personal development support in the form of study bursaries or interest-free study loans.
  • Employee wellness initiatives, including access to financial advisers and free health screening.

Through performance-driven incentives, we assist employees in both gauging and improving their performance. In total, __% of employees receive variable pay based on performance reviews. An Annual Performance Bonus, based on company and individual performance, is paid on top of Total Guaranteed Package (TGP) for permanent employees. And due to its sterling performance, Sanlam has paid exceptionally good performance bonuses over the past number of years.

Furthermore, senior management and key talent are given the option to participate in the Sanlam Share Scheme. This scheme is based on performance, potential, and the individual’s overall value to the business. The assessment of our executive leaders’ performance combines a focus on measurable past performance as well as progress against long-term strategic initiatives. This ensures a focus on the long term sustainability of the organisation.

A Total Reward Statement that summarises the total value of individual remuneration packages, including all benefits, is available to all employees on SAP. This also shows the accumulated values in their Sanlam Staff Umbrella Fund (Retirement Savings; Death, Trauma & Income Protection benefits).

Recognising excellence

Sanlam offers a number of recognition programmes across the Group, the most noteworthy of which include the Chief Executive Awards, the Group Office Kudos Awards, the Personal Finance Activator Awards and the Investments Living the Values programmes. All of these programmes aim to recognise employees for living the company values and for making a contribution to the strategic objectives of the business.

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