Specialist - Compensation & Benefits

1 month ago

uttar pradesh, India Innovaccer Full time
Your Role
As the Specialist - Compensation & Benefits, you are responsible for designing, overseeing, and implementing a firm's compensation and benefits programs. Their primary role is to ensure that the company's pay scale and benefits offerings are competitive, equitable, and align with the company's strategic goals. Below is a job description for a Compensation and Benefits:
The Compensation and Benefits specialist plans, develops, and implements new and revised compensation and benefits programs, policies, and procedures to be responsive to the company's goals and competitive practices. This position is also responsible for ensuring that company compensation and benefits standards comply with company policies and/or other regulations or legislation.
A Day in the Life
● Design, implement, and manage, total rewards framework- salary structures, create pay policies,
pay-for-performance programs, create long term incentive plan.
● Ensure that compensation practices comply with current laws and regulations (such as equal pay laws/ pay parity, minimum wage, overtime, and workers' compensation, etc.).
● Conduct competitive market research to establish pay practices and pay bands that help to recruit and retain superior staff.
● Monitor all pay practices and systems for effectiveness and cost containment.
● Lead participation in salary and labor market surveys to determine prevailing pay rates and benefits.
● Differentiate pay systems to invest in the segments of the workforce that contribute the most value.
● Oversee the distribution of pay and benefits information to the company's employees.
● Prepare and maintain reports necessary to carry out the functions of the department; prepare periodic reports for management, as necessary or requested.
● Manage the design and development of tools to assist employees in benefits selection, and to guide managers through compensation decisions.
● Prepare and execute, with legal consultation, benefits documentation, such as original and amended plan texts, benefit agreements, and insurance policies. Instruct insurance carriers, trustees, and other administrative agencies outside the company to effect changes in the benefit program.
What You Need
● Bachelor's degree in human resources, business administration, finance, or a related field; a Master's degree is preferred.
● Certified Compensation Professional (CCP) and/or Certified Employee Benefit Specialist (CEBS) designations are advantageous.
● 5+ years of experience in compensation, benefits administration, or human resources management.
● Strong understanding of the legal requirements and regulations affecting compensation and benefits programs.
● Excellent analytical skills and the ability to interpret and communicate data.
● Strong leadership and team management skills.
● Proficient with HRIS (exposure to SAP systems will be an added advantage) and compensation management software tools.
● Excellent communication and interpersonal skills.

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