2018 Namibia Employee Benefit Survey
10 August 2018 | Business
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.
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