75 / 102
71
Our business
Operating context
Delivering on our strategy
Our governance structure
Administration
Summary of our remuneration structure
Purpose and link to strategy
Operation
Guaranteed
package (GP)
•
To attract and retain the best talent.
g
g
GPs are reviewed annually in July and
delivered in 12 payments.
g
g
Reflects the individuals’ competence and
skills and the scope and nature of the role.
g
g
Internal and external equity.
g
g
Provides competitive pay and rewards
performance.
Short-term
incentive (STIP)
•
To drive a high-performance culture.
•
Motivates and rewards achievement of
business and individual performance.
•
Keeps employees focused on the defined
business imperatives.
•
The financial measures are designed to drive
our growth strategies while also focusing on
improving operating efficiencies.
g
g
Variable – usually paid in cash in June each
year for performance over the prior financial
year.
g
g
Directly linked to business, strategic and
individual performance.
g
g
Reviewed annually to ensure measures and
weightings drive the desired behaviours and
support the business strategy.
Long-term
incentive (LTIP)
•
Drives sustainable longer term performance.
•
Retention of key skills by linking performance
to long-term value creation.
•
Encourages loyalty and ownership, by aligning
the interests of executives to those of the
Group and its shareholders.
•
Wealth creation.
g
g
Variable in the form of Vodacom and/or
Vodafone shares, which vest over a
three-year period.
g
g
Dividends which are received bi-annually.
g
g
Reviewed annually to ensure measures and
weighting drive the right behaviours and
support the business strategy.
Retirement
funding
•
To provide financial security when an
employee retires.
g
g
All contributions are included in the GP.
g
g
Both pension and provident funds are defined
contribution funds.
g
g
Flexible contribution rates.
Flexible benefit
programmes
•
Our flexible benefit programmes offer
employees a variety of choice to meet
personal needs and positions us as an
employer of choice.
•
Integrated approach to drive employee
engagement.
g
g
Costs included in GP.
g
g
Managing the total cost of employment.
g
g
Provide quality health and wellness benefits.
g
g
Financial protection in the event of illness,
disability or death.
g
g
Addressing diverse employee needs across
differing cultures and age groups.
Recognition
programmes
•
Programmes designed as a platform for
employee recognition.
g
g
Formal recognition programmes that
recognises employees for living the Vodacom
Way and delivering a great customer
experience.
Other
programmes
•
Position Vodacom as an employer of choice.
g
g
Access to lifestyle benefits such as staff
discounts, preferential insurance rates, etc.
g
g
Cell phone benefits.
g
g
Maternity and paternity leave benefits.
g
g
Annual executive health checks.