1. Compensation Strategy and Design-
- Develop and implement compensation strategies:- Collaborate with senior management to design competitive compensation structures that align with the company's strategic goals and market practices.
- Market analysis:- Conduct regular benchmarking and market surveys to ensure the company's compensation packages remain competitive within the BFSI sector.
- Job evaluation:- Lead job analysis and evaluation processes to determine appropriate job levels, grades, and salary ranges for all positions.
- Incentive programs:- Design and manage incentive programs, including bonuses, commissions, and other performance-based rewards, ensuring they drive desired behaviors and business outcomes.
2. Benefits Management-
- Benefits program design:- Oversee the design, implementation, and administration of employee benefits programs, including health insurance, retirement plans, wellness initiatives, and other perks.
- Vendor management:- Manage relationships with benefits providers, ensuring the best possible services and value for the company and its employees.
- Compliance:- Ensure all benefits programs comply with relevant laws and regulations, including labor laws, tax regulations, and other statutory requirements.
3. Employee Engagement and Communication-
- Communication strategies:- Develop and execute effective communication plans to educate employees about the company's rewards programs, ensuring transparency and understanding.
- Employee feedback:- Gather and analyze employee feedback on rewards programs, making recommendations for improvements and adjustments as needed.
- Recognition programs:- Design and manage employee recognition programs that align with the company's culture and values, fostering a positive and motivating work environment.
4. Performance Management-
- Performance-related rewards:- Align compensation and rewards programs with the company's performance management processes, ensuring that pay-for-performance principles are effectively applied.
- Data analysis:- Utilize data analytics to assess the effectiveness of performance-based rewards and make data-driven recommendations for adjustments.
- Annual review process:- Lead the annual salary review process, ensuring fairness, consistency, and alignment with budgetary guidelines.
5. Regulatory Compliance and Governance-
- Compliance management:- Ensure all rewards and compensation practices comply with local, regional, and national laws and regulations.
- Audit and governance:- Lead audits of compensation and benefits programs, ensuring adherence to internal policies and external regulatory requirements.
- Risk management:- Identify and mitigate risks related to compensation and benefits, including financial, legal, and reputational risks.
6. Stakeholder Management-
- Collaboration with HR Business Partners:- Work closely with HR Business Partners to ensure alignment of rewards programs with overall HR strategies and business goals.
Didn’t find the job appropriate? Report this Job
Download the iimjobs app to
apply for jobs anywhere, anytime
Download on
App Store
Get it on
Google Play
Scan to Download