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Lead Compensation

1 month ago

Gurugram, India Client of Prudent HR Consultant LLP Full time

Lead - Compensation & BenefitsCompany - Housing NBFCPosition Overview:The Lead Compensation & Benefits role is responsible for developing, implementing, and managing the company’s compensation and benefits strategies. This position ensures the organization remains competitive in attracting and retaining top talent by providing equitable, performance-driven, and sustainable compensation packages. The Lead will also oversee the design and execution of employee benefits programs to ensure alignment with organizational goals and employee well-being.Key Responsibilities:Compensation Strategy Development:- Design and implement the company’s compensation philosophy, ensuring it aligns with business objectives and the market.- Conduct regular salary benchmarking and market analysis to ensure competitive pay practices.- Develop job grades, pay structures, and bonus/incentive schemes.- Lead the creation of compensation policies and practices, ensuring compliance with legal and regulatory standards.- Lead the implementation of job evaluation frameworks to assess job roles,responsibilities, and levels, ensuring clear distinctions in compensation fordifferent job gradesBenefits Program Management:- Design, implement, and manage comprehensive employee benefits programs (e.g., health insurance, retirement plans, paid time off, wellness programs).- Ensure benefits packages are competitive, cost-effective, and compliant with all applicable regulations.- Act as a liaison between the company and external vendors/providers to manage benefits administration.- Oversee annual open enrollment processes and assist with communication strategies to enhance employee understanding of benefits.Compensation and Benefits Analysis:- Analyze compensation and benefits data to ensure the effectiveness and competitiveness of current offerings.- Provide regular reports to senior leadership on compensation trends, market analysis, and benefits usage.- Monitor compensation and benefits trends and recommend adjustments to ensure organizational competitiveness.Compliance and Legal Adherence:- Stay updated on labor laws and regulations related to compensation and benefits, ensuring all policies adhere to federal, state, and local legal requirements.- Lead audits to ensure compliance with compensation and benefits-related regulations and standards.- Handle and resolve compensation-related disputes or escalations.