Compensation Benefits Manager

4 weeks ago

Mumbai, India 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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