Head - Rewards - Life Insurance

Connections is an Executive Search Firm catering to Pan India requirements. At present we are looking for Head Rewards in a leading Insurance Company.

Position : Head- Rewards

Job Description: This role will be responsible for supporting implementation of broad range of reward practices & policies for the organisation. This role is a key subject matter expert of the Compensation and Benefits functions locally; the role provides local insights, consultation and advice to Human Resources Business Partners and the senior business leaders as required.

Supervisory Responsibilities

- This position will have 3-4 people reporting.

- Will have to partner closely with Business HR Team & COE functions i.e., OD & L&D, HR Services & Talent Acquisition Team

Key Responsibilities

- Conceptualise, lead, and manage all compensation and benefits programs (PMS, annually salary survey, merit increase, Bonus & CXO Compensation design, Retention Program, Promotions etc.), and deeply understand business strategy and support businesses to propose, design and implement the total compensation solution to attract & retain talent in the Company.

- Closely monitor the market trends, constantly improve the effectiveness of the C&B system, and interact with market/businesses on the major changes and surging trend in LI space.

- Review & renew our compensation plans with monetary and non-monetary benefits based including but not limited to Group Term Insurances, Vehicle policy, Mediclaim policy, Loans Policy, wellness program etc on employee needs

- Acts as an SME on job evaluation, grading system etc. to provide timely support for BU

- Participate & network with LI Companies in annual merit cycle including guideline, process etc.

- Monitor and evaluate the company's benefits programs & HR Policies and improve the benefits programs (not limited to above) to meet the local people plan within Company's stated principles, also to optimize the people cost investment

- Lead the internal HR working group to have a good alignment and achieve synergy and support the C&B project communication to foster a common understanding of the rewards policies in all businesses across levels.

- Provide coaching and counselling to BHR, HR managers and business leaders in the Company.

- Play an expertise role from the view of local statutory legislation in C&B policy development

- Management of external HR service vendors to ensure their service delivered on time and at a qualified standard; centralize appointment of vendors to maximize cost-savings, efficiency, and improvement productivity

- Support BU on C&B compliance against internal policies and government requirements

- Will lead the entire PMS Process for the Company

- Will lead, manage, supervise & oversee the entire Payroll function for the Company.

- Responsible for creating & establishing norms for job mapping, job evaluation, Job grading, JD management for entire Company.

Qualifications:

- MBA, preferably in HR/Graduate in Economics/Mathematics, consulting background plus corporate HR background

- 12-15 years compensation & benefits experience in Life Insurance/NBFC Banking environment

- Should have exposure on Regulatory requirements especially for CEO Compensation guidelines in IRDAI

- Good understanding of local law of employment, benefits, taxations, and labour market trends

- Good at English fluency in both written and spoken