Manager - Compensation & Benefits

Objective:

The Compensation and Benefits Manager require to plan and oversee our company's compensation and benefits programs.

This role will be responsible for reviewing and modifying existing C&B programs, ensuring these comply with current legislation, supporting the recruitment process, and managing day-to-day compensation and benefits-related activities.

To be successful as a Compensation and Benefits Manager, the candidate should be able to develop competitive and cost-efficient programs that will assist with employee retention and attract top talent. The candidate should have extensive experience leading compensation and benefits programs, along with excellent decision-making skills.

I. Accountability:

1. Design, evaluate and modify C&B policies to ensure that programs are current, competitive and in compliance with legal requirements.

2. Analyze compensation policies, government regulations, and prevailing wage rates to develop competitive compensation plan.

3. Mediate between Management and employees, by assisting in the handling of employees' benefits-related questions or recognizing suggestions.

4. Analyze statistical data and reports to identify and determine causes of personnel concerns and develop recommendations for improvement of organization's personnel policies and practices.

5. Implement C&B programs throughout the organization, including annual compensation planning, incentive planning, reviews, and payout etc.

6. Provide compensation and benefits competitiveness and market trend insights to design appropriate programs to attract, motivate and retain talents

7. Participating in conciliations, negotiations or other negotiator processes if necessary, to reach industrial awards, settlements etc. acceptable to the management.

8. Helping the Management to determine the optimum level of cost to company in the case of new joiners and mediating the negotiations if necessary.

9. Managing Annual Budgets, MIS reports and presentations.

10. Creating structures of compensation within the policy framework by considering the cost to company and employee take home pay keeping in view the compensation policy, personal taxation on income.

II. Knowledge Required:

1. Human Resources - Knowledge of principles and processes of personnel recruitment, compensation and benefits, labor relations, and personnel information systems.

2. Administration and Management - Knowledge of business and management principles involved in resource allocation, MIS on people comp & benefits, Interfacing with external entities such as Banks, Insurance companies, Auditors etc.,

3. Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations.

4. Understanding of New Labour Code and its impact on Organization and Employees.

III. Qualifications and Experience

1. The incumbent should have relevant experience of around 10 years out of which 3 years as a Manager.

2. Should preferably be an MBA in HRM

IV. Responsibilities:

1. Monitoring the organisation's salary structure and benefits provision to ensure a balance between control of costs and attracting and retaining talent.

2. Researching and analysing salary rates and benefits offered by similar employers in the FMCG sector.

3. Undertaking job evaluations to ensure that the differences in pay between those doing different jobs within the organization are fair and are perceived to be so;

4. Making recommendations on changes to employee comp & ben schemes (pension and insurance schemes).

5. Identifying, developing and implementing new benefit packages, ensuring that these are current and competitive and in line with legal requirements

6. Payroll Management & MIS reporting.

7. Developing and maintaining personnel record systems in accordance with current legislation.

V. Requirements:

1. Proven working experience as a compensation and benefits Manager

2. Prior experience in HR practices and compensation cycle management

3. Working knowledge of job evaluation and job analysis systems. Familiarity with various types of incentives and benefits

4. Extensive knowledge of HRIS and MS Office

5. Strong quantitative and analytical skills

6. Desire for Innovation with good experience in Compensation & Benefits

7. Motivated individual with good interpersonal skills and ability to influence