Specialist - Compensation & Benefit - BFS (3-6 yrs)

3 weeks ago


Chennai, Tamil Nadu, India iimjobs Full time

Purpose:

Plan, design, implement and administer comprehensive rewards strategies and programs for the bank in line with the bank's philosophy and compliance framework.


Responsibilities:

  • Help identify compensation trends and bestinclass practices and policies to ensure organization's competitive advantage
  • Provide analysis driven inputs to leadership on all compensation related matters and recommend changes appropriately.
  • Work closely with Business HR Leads on employee feedback and to understand impact of comp reviews and benefits.
  • Regularly evaluate compensation structure and policies are in compliance with regulatory guidelines and frameworks.
  • Participate in annual benchmarking surveys, analyze results and publish reports for senior management
  • Assist in the development of effective communication that enhances the understanding and value of compensation programs of the bank.
  • Engage with Business HR Leads to help design various reward programs for the bank across roles, levels and functions.
  • Design and support annual compensation review process covering annual increments, performance based payments, longterm incentive programs etc.
  • Design and manage long term incentives programs of the Bank (ESOP, Deferred Cash, etc.)
  • Support in design and implement Executive compensation.
  • Evaluate and design new employee benefits program.
  • Responsible for yearly renewals of insurance programs (Medical Insurance and Life Insurance)


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