L&T Insurance - Sr. Manager - Compensation & Benefits

Human Resources - Compensation & Benefits - Lead

Organization : L&T Financial Services

Designation : Senior Manager

Role : Lead - Compensation & Benefits

Function/Department : Human Resources

Level : FML II

Sub-Unit : Compensation & Benefits

Reporting to (position) : Head - C&B/ Head - Human Resources

Geographical location : Mumbai, India

Purpose of the Role:

- The purpose of this role is to develop and manage compensation strategy, philosophy, policies and governance in alignment with the group’s overall strategic objectives and vision.

- To contribute to growth and profitability by ensuring that pay structures and benefits plans are competitive, and that they are designed and managed to attract and retain a top-quality workforce.

- To monitor salary structures and balance employee needs with cost controls

Areas of Responsibility:

- Responsible at group level for compensation and benefits process that will involve compensation strategy, research and benchmarking across Financial Services. Set policy and create the framework for the compensation structure and benefits-

- Lead the development and implementation of compensation and benefit programs that are competitive, legally compliant and fairly applied and which support the business in recruiting, retaining and motivating all levels of employees in the varied employment markets.

- Design comp/benefit structures in line with industry practices, handling compensation surveys and benchmarking on a large scale.

- Evaluating C&B processes and policies to ensure they are current, competitive and in compliance with local legal and taxation rules and regulations.

- Negotiate and administer healthcare and retirement plans

- Responsible for end to end planning and execution of compensation budgets.

- Develops and shares knowledge capital in the compensation area.

- Should be able to resolve compensation issues and independently make appropriate recommendations to the management, wherever required.

- Conducting reviews of current base salary levels and proposing salary changes based on job evaluation, internal salary data and external market data

- Lead reward due diligence with respect of new market/business expansions

- Monitor salary structure and benefits at all times & develop competitive benefit packages

- Develops and recommends proposals for the annual pay review program that take account of complex factors (e.g. position versus market, legal requirements, internal feedback, business strategies, cost to revenue ratio, budgets available, etc.)

- Ensures that effective processes, automation and controls are in place to support new and existing programs. Manages compensation programs to ensure required service levels and compliance with established parameters.

- Participates in the design of effective employee incentive programs and variable pay plans that directly support the business strategy and goals

- Ensures that program details are effectively communicated, managed and within approved parameters.

- Ensures timely notification of job grades and supporting rationales to relevant areas and implements effective processes to ensure the grades are correctly applied and controlled.

- Evaluate competitor compensation and benefits packages, creating policies and procedures; monitor the payroll interface to ensure compliance and data integrity.

- Manage service agreements with established providers/consulting companies (consultants, pension actuaries, insurance companies, health care providers etc.) and ensures costs are correctly reviewed and controlled in line with the contractual terms. Ensures appropriate research and evaluation of new vendors and leads/participates in the selection process and establishment of service level agreement.

- Lead the manpower budgeting and forecasting process across organization. Analyze / monitor variation in staff cost vis - a - vis budgets.

- Ensure personal & professional development of team members.

Indicative KRA’s/Budgetary and Revenue Responsibilities:

- Gathering Market intelligence

- Monitoring and ensuring controls based on actual and budgeted staff costs

- Monitor budgets pertaining to HR initiatives and employee engagement

- Structure compensation and benefits packages, and measure their success.

- Annual increment and bonus exercise

- Internal Customer Satisfaction index

Qualification & Experience: (Education, Experience, specific knowledge, skills, understanding, attitude)

Education: Minimum: Full Time PG/MBA in HR or any Global Equivalent Degree

Additional: Certifications pertaining to HR/ Statistics

Experience: 8-12 years of work experience in Compensation & benefits and HR project roll outs in a global organization

Knowledge & Key Skills:

- In-depth knowledge and understanding of systems and processes

- Knowledge of Compensation & Benefits Models and business models

- Knowledge of HR tool kits and best practices

- Demonstrate financial management and budgeting skills

- Proficiency in MS tools/ Software /Systems

- Ability to Innovate and enhance procedures and methods to increase productivity & cost effectiveness

Interested candidates can apply to this position and please note that candidates who are being interviewed in the last 6 months with L&T Financial Servies are not eligible for the same.