Thyssenkrupp - Compensation Manager

thyssenkrupp Industries India is looking for a Compensation Manager to support their enthusiastic and growing Human resources team!!

The roles and responsibilities would be as below :

STRATEGIC

- Define and recommend the Compensation and Benefits Reward Philosophy and strategy in line with overall organizational goals, business objectives, employee needs. and market alignment

- Periodically review the effectiveness of the C&B programs and make appropriate recommendations for change in strategy or in the program and conduct cost benefit analysis in this respect

- Review the overall employee cost periodically and highlight productivity metrics and comparative competitive cost comparisons and opportunities for optimization

OPERATIONAL

Rewards Management

- Periodically review the adequacy, effectiveness and efficiency of the company's reward plans, including, salary, variable pay, and various approaches to position evaluation etc. and develop action plans to prioritize and address the concern areas.

- Plan and facilitate job analysis to determine appropriate market pricing, review and approve salary increases and advise related stakeholders on compensation actions.

- Work with external consultants to benchmark data, process and practices to ensure the organization's compensation philosophy remains competitive in the market.

- Recommend the annual increment and bonus budget and provide required analysis and support for decision making in this respect

- Ensure timely processing of increments and bonuses for all employees, as per budget.

- Provide timely and accurate salary data to payroll and validations for timely salary disbursal.

- Maintain Standard Operating Procedure document

- Ensure proper documentation and record keeping of all policy changes affected, and ensure timely communication of the same to employees.

Performance Management System: Process Implementation and Management

- Roll out the annual appraisal cycle, ensure availability of appraisal forms, follow up on the cycle closure, facilitate moderation of performance rating distribution, and finalisation of the ratings

- Ensure performance counseling and feedback on performance given by managers through coordination with HRBPs to ensure that the performance focus of the organization improves.

- Provide training and support to managers to ensure that the overall quality of appraisal and feedback to employees continuously improves

- Facilitate goal setting process and review some individual KRAs to ensure that individual objectives are in line with company goals.

- Actively participate in the performance discussions with the leadership team of the organization to finalize performance ratings for middle and junior employees

- Provide required data and analysis to enable finalising of the senior managers rating by the leadership team.

- Coordinate the promotion processes, ensure adherence to timelines and accurate and fair reward decision monitor personnel issues/situations.

- Conduct audit on the quality of the appraisals across the organization.

- Proactively review the PMS system and process and recommend changes to improve the effectiveness and experience of the process including automation.

- Recommend new initiatives like 360 degree feedback, etc. to improve the overall performance culture

- Collate the data from the PMS to identify developmental needs and provide the required data to L&D

- Prepare the overall MIS on the performance ratings and feedback for management

DEVELOPMENTAL

New Initiatives

- Partner with the HR team, recommend and/or modify programs to create appropriate value to employees, control costs, improve program service levels or improve employee engagement.

- Direct the design of tools to help employees in selecting benefits and to assist managers through compensation decisions.

- Devise methodologies to gauge the expectations of the employees regarding the various compensation schemes, compare them with the current policies and propose modifications on the basis of the surveys and their impact on the cost to the company.

Employee Development

- Train the HR team regarding the PMS process, Compensation and Benefit practices and concepts with a view to develop and educate them and to help them provide effective HR delivery to their respective clusters.

- Coordinate with the Training and Development team in consolidating training inputs received through PMS and to enable the Training and Development team in preparing and delivering training to employees.

- Provide training and refresher workshops related to PMS.

Education: Post Graduate degree in Human Resources or equivalent

Experience: Incumbent with 6 + years of experience in Compensation and administration, PMS design in manufacturing / projects / engineering industry.