Compensation Benefits Manager

5 days ago

Kolkata, West Bengal, India Faxoc Full time

Job Summary

We are seeking a highly analytical and strategic Compensation & Benefits Manager to design, implement, and manage the organization's compensation structures, rewards programs, and employee benefits. The role is critical in ensuring fair, competitive, and performance-driven pay practices that attract, retain, and motivate top talent while aligning with the company's business goals and compliance requirements.

  • Design, implement, and manage the company's compensation structure (salary bands, pay grades, allowances, bonuses, incentives).
  • Conduct benchmarking and market surveys to ensure competitive pay practices within the industry.
  • Partner with HR and business leaders to develop compensation strategies aligned with organizational goals.
  • Ensure internal equity and consistency across roles, levels, and geographies.
  • Manage employee benefits programs (health insurance, retirement plans, wellness initiatives, leave policies, etc.).
  • Negotiate with insurance providers, PF/ESI consultants, and benefits vendors for cost efficiency.
  • Regularly review and update benefits to ensure relevance, competitiveness, and employee satisfaction.
  • Develop and manage incentive programs, performance bonuses, and recognition frameworks.
  • Work closely with HRBPs and line managers to link performance with compensation outcomes.
  • Administer annual salary reviews, promotions, and variable pay cycles.
  • Ensure compliance with statutory labor laws, tax regulations, and wage legislation (PF, ESI, gratuity, bonus act, etc.).
  • Support internal and external audits related to payroll and benefits.
  • Maintain accurate compensation records, policies, and reporting standards.
  • Develop dashboards and analytics on compensation trends, cost impact, and employee benefit utilization.
  • Prepare management reports on salary structures, workforce costs, and pay competitiveness.
  • Provide insights for workforce planning, budgeting, and retention strategies.

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