Manager-Compensation and Benefits
2 weeks ago
ROLE PURPOSE & OBJECTIVE:
- This role is required since is critical to the for design and deployment of various compensation programs to drive organizational performance
- The compensation programs will contribute to the retention of employees and a competitive workplace.
- This role will also help project the brand and reputation of the organization by benchmarking compensation practices, governance and building employee experience.
KEY DUTIES & RESPONSIBILITIES OF THE ROLE:
Equity Compensation Management:
- Participate in Equity compensation scheme designs for the bank under the guidance of the National Manager for Total Rewards, Performance Management and Shared services
- Manage pool availability and allocation
- Evaluate affordability of grants using established methods of actuarial valuation to understand the impact of the planned grants on Bank’s P&L
- Coordinate allotment of employee exercises within SEBI specified timelines in partnership with the Company Secretarial teams
- Calculation and submission of perquisite details to taxation and payroll team post allotment
- Lead strategic/ key initiatives within the compensation practice or outside, as assigned
HR Budgeting, Expense Tracking, Variance Analysis, provisioning
- Support business, finance and HR teams in creating measures and models to manage people costs
- Coordination of the budgeting exercise for the HR function including Manpower costing and HR Expenses budgeting
- Disseminate finalized, approved budgets to relevant stakeholders
- Prepare Budget Vs Actual variance of the expenses incurred month on month in coordination with the F&A team and collate responses from stakeholders within HR, for the variance
- Prepare and publish HR expense analysis to stakeholders
- Collate and submit provisioning, analyze impact of provisioning on of HR expenses
- Responsible for design, review and rollout of various dashboards for eg HR Scorecard.
Innovation & Learning
- Update and stay abreast with changes in the labour laws framework in the country as well as industry trends, company policies, systems etc and resulting changes in the compensation frameworks
- Develop targeted education programs and communication material on compensation offerings and educate employees
- Educate leaders, supervisors on application of compensation policies.
- Drives all team related activities such as goal setting, driving productivity, coaching and development.
- Connect and establish networks with industry peers and bodies.
Educational/Qualifications:
Graduate or Post Graduate in Human Resources
Experience:
8-12 years’ experience (at least 6 years in compensation design, analyses, socialization and support of compensation management in Banks)
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