Implementing the rewards and benefits policies within the organization, ensuring that these programmes support the business objectives and meet all legal and statutory requirements is a vital part of the role.
The continuous evaluation of the Company's compensation and benefits packages, including base pay, incentive pay, health and welfare benefits, and retirement benefits is a fundamental part of this role. This role is expected to manage budgets and have an understanding of Company targets and business profitability.
Purpose of the role:
- Developing and implementing the reward strategy, including: salary benchmarking, pension arrangements, benefits management and annual compensation events such as bonus and salary review.
- Responsibility for salary reviews to ensure relevant market benchmarking and consistency of application.
- Should possess latest market knowledge, including recent tax inferences particularly in relation to benefits and pay
- Designing and implementing relevant and intuitive compensation schemes
Job Role:
- Design compensation packages and bonus programs that align with the company's strategic plan
- Ensure salaries and benefits comply with the current legislation about human rights and pay equity
- Keep track of prevailing pay rates and make sure we offer competitive compensation plans
- Structure compensation in ways that will yield the highest value for the organization
- Forecast budget for salary increases
- Administer and manage employee insurance plans
- Oversee pension and savings plans
- Advise on salary increase requests
- Negotiate collective agreements on behalf of employers or workers
- Making recommendations based on data analysis
- Manage the long term and short term incentive schemes for the Company
- Handle senior management compensation
- Provide analytics on the comparative compensation trend in the company for decision making
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