Specialist - Compensation & Benefits - FMCG/Mfg/Oil & Gas/Power

- Planning, designing and communicating the company's reward philosophy.

- Designing and implementing effective and contemporary compensation structures for better administration and employees tax planning.

- Formalizing level wise benefit basket, liaising with external agencies like medical insurance vendors for annual renewals, claims settlements etc.

- Understanding all related statutory laws for effective compensation management

- Working knowledge or basic understanding of various approaches to International mobility, compensation & benefits, rules pertaining to expatriation & repatriation

Rewards & Recognition :

- Partnering with Business and Group HR Leaders in rolling out an effective R&R program cutting across all group initiatives and inline with the core values.

- Use of contemporary practices for implementation and day to management of all related schemes

Planning & Budgeting :

- Formalizing the pay planning and budgeting process along with integration with Revenue, Capex and Manpower budgets.

- Metrics to track internal equity of salaries and benefits.

- Cost control targets - Headcount and employee costs, compensation & incentive costs; cost to hire etc, increment budgets etc.

- Carrying out annual compensation reviews/surveys, position/level bench-marking, integrating the data from PMS for the purpose of promotions and up-gradations

Market Intelligence & Networking :

- Partner with external forums/agencies to bring in best practices knowledge.

- Maximize HR expertise in salary negotiations etc.

- Bench-marking of best in class policies, employee benefits and HR systems to make it a "Great Place to Work" especially regarding the company's reward practice.

Operations & Governance :

- Providing day to day support on matters pertaining to policy interpretation and rewards operations.

- Ensuring 100% compliance of all reward practicies - internal & external.

- Liasoning with the payroll to communicate the monthly advice, log changes, tracking discrepancies.

- Payroll advice and monitoring.

- Annual Performance bonus calculations and payouts.

- Audit and MIS for business

- Understanding and providing necessary support in matters pertaining to medical insurance, annual renewals, cost impact, budget implications both for staff & workmen category

Incentives :

- Creating an effective Incentive schemes that are commensurate with business objectives (short and long targets).

Performance Management :

- Designing the Performance Management Road-map (MBO/Balanced Score card) in-line with organisation strategy

- Providing direction for setting of KRAs/ Goal Setting and execution of Performance Management system.

- Implementing PMS Cycle through collaboration with Leadership Team, Designing and Monitoring the succession planning and leadership development.