Compensation Benefits Manager

4 weeks ago

Mumbai Maharashtra India, Maharashtra Kotak Mahindra Bank Full time

Compensation Benchmarking

  • Actively work on compensation benchmarking study for various sponsored and forum based surveys
  • Work closely with Business HR Team for evaluating compensation needs for business verticals
  • Analysis basis comp survey outcome, internal parity and input for decision on compensation


Compensation Review Process:

  • Actively work on annual compensation budgeting, simulations & planning for execution
  • Work with Business team for finalizing the compensation, rating normalization process and building the proposals as per the plan
  • Interact with leadership team for comp review process
  • Actively involved in the roll out and conclusion of the process
  • Handle off cycle comp reviews
  • Proactively review compensation of employees in the respective business segments based to internal comp, market comp and retention challenges


Variable Pay:

  • Actively work on incentive scheme formation keeping in mind the role deliverables, productivity benchmarks and balance of Fixed to Variable ratio of the compensation.
  • Work on incentive calculations, analysis and approval process.
  • Monitoring of payout of Incentives.
  • Work on the annual bonus plan budgeting, simulation and total variable pay impact linkages to business performance.
  • Work with Business Team for finalizing the annual bonus plan.
  • Interact with leadership team for comp review process.


Job Band and Pay Bands & Projects:

  • Handle Job Evaluation for respective segment and work with the Job evaluation committee from time to time.
  • Defining comp bands for the fast moving roles for hiring. Review and control the hiring ranges in line with agreed comp ranges.
  • Work on various central projects cutting across the organization from HR process or product point of view.


Compensation Analytics:

  • Comp Analytics pre, during and post compensation review cycle.
  • Comp analysis basis internal, market benchmark data, hiring data and other market insights.
  • Industry trends/ Market insights on compensation for the area of business.
  • Variable pay linkage analysis with business output, productivity and earning analysis.
  • Propose interventions based on comp analysis for retention, proactive corrections & productivity improvement.


Skills:

  • MBA with specialization in HR or Masters in Statistics.
  • Excellent data handling capability with hands-on experience in working on excel complex formulas.
  • Knowledge of working on Macros and Power BI will be added advantage
  • Excellent stakeholder management skills.
  • Prior experience of 4 -5 years in HR with 1-2 years in compensation role.

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