Tag: salary

While many factors indicated the possibility of a rate hike, the South African Reserve Bank (SARB)’s decision to hold their key lending rate provides some relief after a challenging year.

The Employment Equity Act 55 of 1998 aims to promote equal opportunity and fair treatment in employment through the elimination of unfair discrimination and the implementation of affirmative action measures. The Act requires designated employers to submit annual reports on their progress in achieving employment equity goals.

Cash flow management is a critical aspect of running a successful small or medium-sized business. For many South African businesses, ensuring that there is always enough money for payroll and salaries can be a daunting challenge.

You’ve done the hard yards; gone the extra mile and you’re adding value to the organisation. You feel it’s high time your efforts are recognised and you get to climb up the next rung of the corporate ladder. So, how do you go about convincing the powers that be that you have promotion potential?

Recently, I wrote about what I would tell my 26-year-old self. This piece was well-received because it resonated with many people. You see, hindsight is 20/20, and so the ability to have access to some wisdom that comes with age is priceless.

We often hear that South Africans are not saving and investing enough. A report from Genesis Analytics in partnership with the Financial Sector Conduct Authority (FSCA) showed that 90% of South African retirees can’t sustain their standard of living prior to retirement, and two-thirds of members have less than R50,000 in their retirement fund.

How small businesses manage growth, and the expansion of their teams is always a hot topic. We are often asked how best to go about it as many businesses make the mistake of thinking growth and expansion is directly linked to their staff complement, yet this could not be further from the truth.

In 2021 alone, The Great Resignation saw 47 percent of high-performing employees leave companies to join another - for better perks, for greater resonance with their values or for more flexible, remote working - or to seek the fertile, fast-growing pastures of digital nomadism. And in terms of those who stayed?

Do your employees fully understand the processes behind payroll? Payroll, for many people, remains a mystery. The processes and calculations that sit behind the monthly amount that lands in the bank account are vague and complicated. Many employees find navigating the maze of benefits, healthcare and pension payments to be overwhelming and often don’t really understand why they’ve been paid more or less each month.

It’s month-end. Your employee gets a notification on their phone that their salary has cleared into their bank account. Jackpot! They’ve received more than what is due to them. Mistakes and human miscalculations can occur easily, leaving employers in a difficult position. How should you address a genuine mistake that has been made resulting in employees receiving payments that they have not earned?