2018 Namibia Employee Benefit Survey

10 August 2018 | Business

Mari-Nelia Hough



The results of the 2018 PwC Namibian Employee Benefit Survey was recently published.

The research was conducted to ascertain the benefit trends utilised by Namibian organisations, in both the public and private business sectors, for the attraction, engagement and retention of key skills in a highly competitive marketplace.

This publication provides Namibian organisations with a best practice guide and provides detailed guidance in terms of their decision-making processes. Where meaningful, both the employee level and the business sector analysis has been provided.

Survey background

The Total Guaranteed Package (TGP) concept has been firmly entrenched in organisations for years. The unintended consequence thereof, however, is reducing the perceived value and importance of benefits.

A typical TGP comprises around 30% benefits. These typically include retirement, medical aid, a housing and vehicle allowance, and in some instances, a guaranteed end-of-year bonus.

Employees focus on TGP and do not always consider the value of these benefits and the real costs or savings therein.

For example, retirement funding at rates well below market costs, due to closed funds with significant negotiating power.

While paying a higher TGP to employees is costly and might differentiate you from the market, having a detailed benefit structure that is attractive to your employees’ individual needs will make your company’s reward structure distinctive from the market.

There is, however, very little known trends in the market on how to effectively apply a comprehensive benefit structure and actual practises are broad with no guidelines.

The 2018 PwC Namibian Employee Benefit Survey is a comprehensive publication that will provide Namibian organisations with a best practise guide in making informed decisions regarding their employee reward systems or at a minimum provide a ‘checklist’ of typical benefits utilised in the market.

This guide will provide the ability to benchmark the competitiveness of benefits, such as leave, housing and travel allowances, retirement funding, medical coverage, etc. and communicate the market practices effectively to employees.

This publication provides detailed and current benefit trend information for employee policies and benefits across a broad spectrum of industries.

It is clear from the analysed market trends that very few guidelines existed within Namibia and companies were forced to ‘invent’ their own application rules of benefits.

Furthermore, it is vital to not only have a feel for what the market is doing, as there is no ‘one size fits all’, but more so, companies need to know what employees’ specific needs are in this regard. Take the time and effort and allow them to voice their needs either informally or with a formal employee survey.

We hope that this publication and future publications in this regard will provide you with the best practises to build on those employee benefit structures that will not just differentiate your organisation from the rest, but put you at that distinctive level to be the employer of choice to your employees.

Mari-Nelia Hough is the senior manager: people & organisation: reward at PwC Namibia

Similar News

 

NBL concludes wage agreement

1 day - 19 October 2018 | Business

Namibia Breweries Limited (NBL) – a subsidiary of the Ohlthaver & List (O&L) Group - successfully concluded its wage negotiations with the Shop Steward Committee...

Company news in brief

1 day - 19 October 2018 | Business

Old Mutual to sell Nedbank sharesSouth Africa’s Old Mutual Ltd said on Wednesday it would sell around 5.5 million shares in Nedbank Group Ltd to...

Ghana positive about Air Namibia Accra-London route

2 days ago - 18 October 2018 | Business

Air Namibia could introduce a scheduled flight from Accra, Ghana to London as from early 2019 once an agreement between the two countries has been...

Otjikoto remains a B2Gold heavyweight

3 days ago - 17 October 2018 | Business

Jo-Maré Duddy – The Otjikoto gold mine, majority-owned by B2Gold Corp, was the third biggest contributor to the Vancouver-based miner’s total production for the first...

Company news in brief

3 days ago - 17 October 2018 | Business

Pick n Pay H1 profit jumpsSouth African supermarket chain Pick n Pay Stores yesterday said half-year profit before tax jumped 19.1% as price cuts attracted...

Mutorwa reinstates Gawanas-Vugs

4 days ago - 16 October 2018 | Business

Transport minister John Mutorwa has back-flipped on his decision to fire Beverly Gawanas-Vugs from the Namibia Airports Company (NAC) board.Mutorwa fired the entire NAC board...

Company news in brief

4 days ago - 16 October 2018 | Business

B2Gold keen on any African assetsCanada's B2Gold Corp is “definitely interested” in any West African assets that Barrick Gold Corp may put up for sale...

New MD for Rössing

5 days ago - 15 October 2018 | Business

Richard Storrie has been appointed as the new managing director of Rössing Uranium Limited, effective 29 October 2018. He joins Rössing from Rio Tinto Serbia...

Otjikoto’s gold production above budget

5 days ago - 15 October 2018 | Business

B2Gold’s Otjikoto Mine in Namibia delivered another quarter of solid production in the past quarter, producing 42 403 ounces of gold, the company said...

The taxability of rental deposits received

5 days ago - 15 October 2018 | Business

A general pitfall we see being applied in practice is that landlords argue the fact that because they have an unconditional liability to repay the...

Latest News

Nail errant nurses - Haufiku

1 day - 19 October 2018 | Health

Health ministry permanent secretary Ben Nangombe has issued a directive that no nurses may use their cellphones while on duty, and that no health facilities...

No peace for Cheryl's family

1 day - 19 October 2018 | Crime

The police are still working around the clock to catch the killer, or killers, of nine-year-old Cheryl Avihe Ujaha although there has been a lack...

Recruiting the best staff

1 day - 19 October 2018 | Supplements

Below are some tips for employers on how to go about this often arduous task.Improve your candidate poolCompanies that select new employees from the candidates...

Taking Namfisa to new and...

1 day - 19 October 2018 | Supplements

Octavia Tsibes As the deputy CEO of prudential supervision at the Namibia Financial Institutions Supervisory Authority (Namfisa), Erna Motinga is responsible for strengthening its supervisory...

Our dismal public healthcare

1 day - 19 October 2018 | Columns

There appears to be no end in sight to the many and deep-seated problems at the heart of Namibia's public healthcare sector. It goes without...

A vivacious young woman

1 day - 19 October 2018 | Supplements

Born and raised in a small village called Kayira-yira, situated eight kilometres west of Rundu, Zonia worked very hard throughout her school years and moved...

Improving sustainability through change

1 day - 19 October 2018 | Supplements

Justicia Shipena Her key role is to help Namport deliver sustainable performance improvement by utilising people. Futher focusing on how change can influence, which includes...

Airport downgrade a major threat

1 day - 19 October 2018 | Transport

Analysts believe that if Hosea Kutako International Airport (HKIA) is downgraded by the International Civil Aviation Organisation (ICAO), it would lead to massive job losses,...

'Arrogant' Utoni under fire

1 day - 19 October 2018 | Government

Land reform minister Utoni Nujoma has been described as crude, dismissive and arrogant when it comes to dealing with the media.These were the sentiments of...

Load More