Head - Rewards - Retail

Position - Rewards Head

Location - Mumbai

As the Head of Rewards, primary responsibility is to develop and implement a comprehensive rewards and compensation strategy that aligns with the organization-s overall goals and objectives while catering to the unique needs of different business units. Cross-functional collaboration and tailoring rewards strategies to suit the specific needs of each unit would be an important attribute for this role

Key Responsibility :

1. Compensation Strategy: Develop and execute a competitive compensation strategy that attracts and retains top talent while aligning with the budget and business objectives.

2. Sr Management & Benefits Management: Oversee the design, implementation, and administration of employee benefits programs. Design the structure and benefit for Senior Profiles and Executive compensation.

3. Salary Benchmarking: Conduct regular market research and analysis to ensure the salary and compensation packages within each business unit remain competitive and aligned with industry standards. Stay current with industry trends and innovations in rewards and compensation.

4. Incentive Programs: Collaborate with leaders of each business unit to design and manage incentive programs, ensuring they motivate employees and align with the unique goals of each unit. Creating and deploying Long Term Incentive Plans (LTIP), Restricted Stock Units, that can be tailored to different business units would be critical.

5. Compliance and Governance: Ensure that all compensation and rewards programs across business units are compliant with relevant laws, regulations, and company policies.

6. Communication and Education: Effectively create communication strategies (with the Communication team) and provide tailored education on rewards strategies to employees, HR teams, and senior management.

7. Budget Management: Manage rewards budgets, ensuring cost-effectiveness while maintaining employee satisfaction. Working on the Annual Operating plan from a compensation perspective and planning/budgeting for the same.

8. Data Analysis: Analyze data to measure the effectiveness of incentives/rewards programs/Health Insurance etc identifying unit-specific trends and making data-driven decisions.

9. Employee Recognition: Work with the Talent management team to customize employee recognition programs to acknowledge and appreciate the contributions and achievements of employees within each business unit.

10. Team Management: Lead and manage a team responsible for rewards and compensation administration, ensuring they are well-versed in unit-specific requirements.

Qualification : MBA