Associate Director - Compensation & Benefits - BFSI

Position Summary: 

- Serves as primary advisor to senior leadership by supporting resolution of compensation and benefits issues, analyzing situations and developing customized solutions to compensation matters.

- Alongside implementing the rewards and benefits policies, ensuring that these programmes support the business objectives and meet all legal requirements is a vital part of the role.

- The continual evaluation of a company's compensation and benefits packages in the competitive landscape, including base pay, incentive pay, health and welfare benefits and retirement benefits is a fundamental part of this role. Compensation and benefits Head will be expected to manage budgets and have an understanding of company aims and business profitability.

Key Duties & Responsibilities:

List key duties and responsibilities, management responsibilities and time spent (if applicable)

1. Developing and implementing the reward strategy, including salary benchmarking, pension arrangements, benefits management and annual compensation events such as bonus and salary review

2. Responsible for ensuring all regulatory compliance of benefits plans by maintaining current knowledge of applicable statutory requirements and informing management of needed actions.

3. Serves as a point of contact for external benefit vendors, third party administrators, etc., to ensure benefit administration and compliance.

4. Manages annual compensation processes (job reviews, salary surveys, promotion cycles, salary increases, etc.) for assigned client group(s).

5. Monitors effectiveness of existing compensation policies, guidelines and procedures and provides compensation trend analysis. Designing and implementing relevant and intuitive compensation schemes

6. Maintain and communicate methodology for pay decisions, job evaluations, and levelling in partnership with recruiting, HRBP and hiring managers.

7. Accountability for all policies relating to internal transfers. This will include knowledge of immigration, expatriate taxation and mobility practices

8. Being the trustee of several benefits arrangements (pensions, life assurance and healthcare)

9. Having the latest market knowledge, including recent tax inferences particularly in relation to benefits and pay