Kotak Life Insurance - DVP/Lead - Performance & Rewards

Objective of the Role:

The Performance and Reward lead is responsible for overseeing and managing all aspects of Performance and Reward management within an organization. This role requires a deep understanding of compensation & reward strategies, performance evaluation methods, and the ability to align these functions with the company's overall business objectives. The Performance and Reward lead plays a crucial role in attracting, retaining, and motivating employees while ensuring that their performance contributes to the company's success

Key Responsibilities:

- Develop, implement, and continuously refine the organization's compensation strategy to attract and retain top talent.

- Analyze industry trends, benchmarking data, and market conditions to ensure competitive compensation packages.

- Ensure compliance with all relevant laws and regulations related to compensation

- Designing and Managing all aspects of compensation planning, including salary structures, bonuses, incentives, and equity programs, pay for performance.

- Conduct regular compensation reviews to maintain fairness and equity within the organization.

- Assist in the evaluation and classification of jobs within the organization to ensure internal equity.

- Review job descriptions to determine appropriate salary ranges and job classifications.

- Provide guidance to HR and managers on salary-related matters, including salary offers, promotions, and adjustments.

- Participate in salary surveys to gather external market data and ensure the organization's compensation practices remain competitive.

- Design, develop, implement and oversee the performance management framework, including performance appraisal processes, goal setting, performance evaluations feedback mechanisms and performance improvement plans.

- Collaborate with department heads and managers to establish clear, measurable, and achievable performance objectives for employees.

- Ensure that individual and team goals are aligned with the organization's strategic goals and objectives.

- Provide guidance and training to managers and employees on performance management best practices.

- Collaborate with HR and communication teams to ensure clear and effective communication of compensation and performance-related information to employees.

- Work with HR and department heads to identify training and development opportunities for employees to improve their performance and career growth.

- Foster a culture of transparency and fairness in compensation and performance practices.

- Implement succession planning strategies to ensure a strong pipeline of talent.

- Stay up-to-date with changes in employment laws and regulations to ensure compliance.

- Develop and manage the compensation and performance management budgets. Monitor expenses and optimize resources to achieve departmental goals.

- Collaborate with HR and finance teams to ensure accurate and timely payroll processing.

Education: Post Graduate

Work experience in years:

- A minimum of 10-15 years of experience in compensation and performance management.

- In-depth knowledge of compensation principles, performance management best practices, and relevant employment laws.

- Expert knowledge in Excel, PowerPoint (making and delivering presentations)

- Ability to develop and maintain effective working relationships with various stakeholders.

- Proficiency in HRIS (Human Resources Information System) and data analysis tools.

- Quick response time to queries

- Collaboration in working with cross functional teams and solution oriented behavior

Skills / experience required:

- Reports, analytics and MIS and data driven decision-making skills.

- Excellent communication and interpersonal skills.

- Problem Solving and Critical Thinking, Collaborative, Influencing Skills

- Strong Networking skills Post Graduate

- Quick response time to queries

- Collaboration in working with cross functional teams and solution oriented behavior