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).