Compensation & Benefits Role - Bank

Opportunity with a leading Bank

Role- C&B

Reporting- Executive VP Head

JD

Compensation Benchmarking

- Actively work on compensation benchmarking study for various sponsored and forum based survey

- Work closely with Business HR Team for various compensation needs for business verticals

- Analysis basis comp survey outcome internal parity and input for decision on compensation

Compensation Review Process:

- Actively work on annual compensation budgeting, simulations & planning for execution

- Work with Business team for finalizing the compensation, rating normalization process and build the proposals as per the plan

- Interact with leadership team for comp review process

- Actively involved in the roll out and conclusion of the process

- Handle off cycle comp reviews

- Proactively work on various comp plans required linked to internal comp, market comp and retention challenges to address the talent needs from comp perspective for the respective segments.

Variable Pay:

- Actively work on incentive scheme formation keeping in mind the role deliverables, productivity benchmarks and balance of Fixed to Variable ratio of the compensation

- Work on incentive calculations, analysis and approvals process

- Payout monitoring of Incentives

- Work on the annual bonus plan budgeting, simulation and total variable pay impact linkages to business performance

- Work with Business Team for finalizing the annual bonus plan

- Interact with leadership team for comp review process

Job Band and Pay Bands & Projects:

- Handle Job Evaluation for respective segment and work with the Job evaluation committee from time to time for this.

- Defining comp bands for the fast moving roles for hiring. Review and control the hiring ranges in the line with agreed comp ranges

- Work on various central projects cutting across the organization from HR process or product point of view

- Propose interventions required based on linkage of the various comp analysis to retention, proactive corrections & productivity improvement

Compensation System:

- Work on comp system for interaction with line managers for the various touch point of the comp process

- Handle cycle set up, process management and system configurations on Fusion Compensation system.

Compensation Analytics:

- Comp Analytics pre, during and post compensation review cycle

- Comp analysis basis internal, benchmarking data, hiring data and other market insights

- Industry insights on the area of business for trends, benchmarking on various compensation related area

- Variable pay linkage analysis with business output, productivity and earning analysis