Job Description Lead, Compensation & Benefits

Position: Lead Compensation & Benefits

Function: Human Resources / Total Rewards

Industry: Banking / Financial Services

Experience: 10-15 years

Location: Mumbai

Reporting To: Head Human Resources / Total Rewards

Role Overview:

The Lead Compensation & Benefits will be responsible for designing, managing and continuously enhancing the Banks compensation and benefits framework. The role will ensure that compensation practices are competitive, equitable, performance-driven, cost-effective and compliant with applicable regulatory requirements. The incumbent will partner closely with HR leadership, Business Heads, Finance, Risk, Compliance and senior management to drive compensation strategy, annual compensation cycles, incentive plans, market benchmarking, benefits programs and rewards governance.

Key Responsibilities:

1. Compensation Strategy & Planning:

- Develop and implement the Banks compensation philosophy and framework aligned with business strategy and talent priorities.

- Lead annual compensation review, increment, promotion, bonus and off-cycle correction processes.

- Drive salary structures, pay ranges, job grades and compensation positioning.

- Conduct compensation cost modelling, budgeting and payout simulations for senior management.

- Ensure internal equity and external competitiveness across employee segments.

2. Variable Pay & Incentive Management:

- Design and manage variable pay, performance bonus and incentive frameworks.

- Partner with business teams to develop appropriate incentive structures for sales, relationship management and other performance-driven roles.

- Review incentive effectiveness, payout economics and behavioural outcomes.

- Ensure incentive plans are aligned with performance, risk and governance principles.

3. Market Benchmarking:

- Lead participation in compensation and benefits surveys such as Mercer, Aon and WTW.

- Conduct market benchmarking for critical and niche banking roles including Risk, Credit, Treasury, Technology, Analytics and senior leadership.

- Analyse market trends and recommend compensation interventions for critical/hard-to-hire talent.

- Develop insights on pay positioning, market movement and competitive practices.

4. Benefits & Total Rewards:

- Manage the Banks employee benefits portfolio, including insurance, retirement benefits, wellness and other employee programs.

- Review benefits effectiveness, utilization and employee feedback.

- Evaluate vendors, negotiate commercial terms and drive benefits optimisation.

- Identify opportunities to improve employee value proposition while maintaining cost discipline.

5. Governance, Compliance & Policy:

- Develop and maintain compensation and benefits policies, frameworks and SOPs.

- Ensure alignment with applicable banking, labour and regulatory requirements.

- Partner with Compliance, Risk, Legal and Internal Audit on compensation governance.

- Maintain appropriate documentation, controls and audit trails.

- Ensure confidentiality and integrity of compensation data.

6. HR Analytics & Reporting:

- Develop compensation dashboards, MIS and management reports.

- Analyse compensation trends, workforce costs, pay equity, attrition and reward effectiveness.

- Provide data-driven recommendations to HR and business leadership.

- Build scenario models for restructuring, workforce planning and compensation decisions.

7. Stakeholder Management:

- Work closely with CHRO/HR leadership, Business Heads, Finance, Risk, Compliance and senior management.

- Present compensation recommendations and insights to senior leadership and relevant governance committees.

- Manage external consultants, survey partners and benefits vendors.

- Lead and mentor C&B team members.

Candidate Profile:

- 10-15 years of progressive experience in Compensation & Benefits / Total Rewards, preferably within banking, BFSI, financial services or a large corporate environment.

- Strong understanding of compensation structures, annual compensation cycles, variable pay and incentive design.

- Experience in compensation benchmarking and salary survey participation.

- Strong analytical and financial modelling skills.

- Advanced Excel and proficiency with HRIS/compensation systems; experience with Workday, SuccessFactors, Oracle or similar platforms is desirable.

- Strong understanding of compensation governance, benefits and applicable regulatory considerations.

- Excellent stakeholder management and communication skills.

- Ability to work with confidential and sensitive employee data.

- MBA/PGDM in HR, Finance or a related discipline from a reputed institution preferred.

Key Competencies:

- Compensation & Rewards Strategy

- Variable Pay & Incentive Design

- Market Benchmarking

- Benefits Management

- HR Analytics & Data Modelling

- Compensation Governance

- Regulatory & Policy Compliance

- Financial Acumen

- Stakeholder Management

- Executive Communication

- People Leadership

Key Success Measures:

- Timely and accurate completion of compensation cycles

- Market competitiveness and internal equity of compensation

- Effective management of compensation budgets

- Quality and governance of incentive programs

- Benefits cost optimisation and employee experience

- Accuracy of C&B analytics and reporting

- Audit and regulatory compliance

- Stakeholder satisfaction