The pandemic has brought a refreshed focus on fair and responsible remuneration in SA
By now everyone is familiar with the theme of the “great reset” in response to the pandemic. Many of the trends PwC SA has been predicting, but which many said were three to five years away at least, have been accelerated. Suddenly we find ourselves in uncharted territory, wondering whether we should back-pedal and try to revert to the “old normal” or swim for a new shore.
The pandemic has emphasised that traditionally undervalued roles such as nursing, childcare and teaching, which are dominated by women, are vital to the effective functioning of society and are among the jobs most exposed to the virus. In our view this phenomenon will only increase as we move towards a more digitally fit world, where jobs that were traditionally valued and well remunerated will be filled by machines.
In SA, as with most countries, there is a premium paid to CEOs compared with other executive directors, and this has an impact on the pay gap. The bigger the company is, the more complex it tends to be, and this means a bigger CEO pay package. As one might imagine, the problem is worse within the large caps compared with small caps . Industries such as financial services seem to be doing better, with “only” a 7% gap.
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