Assistant Manager - Compensation & Benefits - BFSI Sector

Role Summary:(Insurance Sector)

- Participate in Compensation and Benchmark study,

- Hands on Salary Revision exercise and long Term Incentive plans.

- Manage Payroll Input, Monitor Statutory deductions and compliance related laws

- Use HRMS Oracle, People strong system, Pay review and Comport knowledge effectively for PMS, merit management and budgets,

- Manage HC and Cost Budget for the organization,

- Guide Flexi Benefits to employees, help to understand Tax calculations as per taxation rules/ sections, Understands flexi components and taxable benefit such as Car and related components, Meal coupons, other flexi benefits, etc

- Understand and explain guidelines given by Government, IRDAI with logical reasoning,

- Use innovative ideas while preparing presentations.

Key Result Areas:

- Prepare Comp & Benefit Budgets

- Participate in Compensation and Benefit Benchmark study with consultants such as Aon, Deloitte, etc.

- Study the reports and prepare presentation based on analysis from Benchmark study

- Suggest innovative ideas basis market study

- Prepare HC and Cost Budget

- Prepare Actual Compensation Revision cycle for the organization on excel as well as system base

- Prepare CTC calculator/ distribution files considering various factors.

- Manage end to end process of salary Revision simulation to letter generation and updation in system

- Management of existing process linked with Payroll management

- Participate in Process Audits

- Recommend enhancements in Comp & Ben area

- Timebound reporting - Statutory and MIS preparation

- Participate in risk mitigation plans, contingency planning, business continuity programs by executing and reporting within defined timelines. Highlight and recommend process gaps, flaws and process changes.

- Participate in budget and renewal process of different benefit policies such as GMC, GPA, GTL, EDLI

- Use and extend network for Market insight

- Closely work on Long Term Incentive programs for Employees

- Closely work on HR budgets and monitor with the help of F&A

- Work in digital space and Drive HRMS initiatives and different modules

- Work closely on Flexi Benefits Plan and enhance effectiveness

- Prepare Hiring ranges and shadow dashboard

- Work closely on HR policies and SOP

- Participate in Employee Engagement Activities at Organization Level

- Participate in Employee Retention strategies and programs, prepare mid-term letters

- Prepare and monitor Org Structure in system perspective

Essential Desired:

- Qualification Post Graduate/PGDBM/ MBA - Human Resources

- Experience 4-5 years in HR Compensation