Benefits Manager
1 month ago
ROLE SUMMARY
The Manager of Compensation and Benefits role at a MFL plays a crucial role in designing, implementing, and managing the employee compensation and benefits programs. This includes ensuring that employees are fairly and competitively compensated, managing benefits packages, and complying with relevant laws and regulations.
KEY RESPONSIBILITIES
Compensation Strategy
Developing and implementing a comprehensive compensation strategy that aligns with the MFL’s strategic goals and ensures competitive pay structures.
Creating and maintaining the company’s salary structure, which includes defining pay grades, salary ranges, and annual salary increases.
Designing and managing incentive programs, such as bonuses, stock options, and profit-sharing, to motivate and retain top talent.
Overseeing employee benefits, which may include health insurance, retirement plans, wellness programs, and other perks.
Managing the budget for compensation and benefits, optimizing costs while providing attractive employee packages.
Conduct regular market surveys to compare the MFL’s compensation packages with industry standards and adjust them as needed to remain competitive.
Creation of policies about compensation and make amendments in existing policies.
Employee Benefits
Design, develop, and execute long-term and short-term incentive programs.
Integrating compensation with performance management systems to reward high performers and promote a culture of accountability.
Communicating changes and updates to compensation and benefits packages to employees and assisting with any queries or concerns.
Managing equity issues, including stock options, and ensuring fairness in the distribution of equity-based rewards.
Collaborating with the HR department to streamline compensation-related processes, such as onboarding and payroll.
Implementing cost-effective strategies for compensation and benefits without compromising quality
Data, Compliance, and Reporting
Ensuring that compensation and benefits programs comply with Indian laws, as well as industry regulations.
Utilizing data and analytics to assess the effectiveness of compensation and benefits programs, making data-driven recommendations for improvements.
Continuously benchmarking the company’s practices against industry standards and best practices
Preparing reports and presentations for senior management to convey the status and effectiveness of compensation and benefits programs.
KEY INTERACTIONS
Internal Stakeholders
External Stakeholders
Senior Management
Business and functional leaders
People & Culture Team
Finance
External vendors
KEY ROLE DIMENSIONS
Geographical coverage – PAN India
Direct reportees – Individual contributor
Total team size – Individual contributor
KEY SKILLS & BEHAVIOURAL ATTRIBUTES
Key Skills
Analytical Skills, Communication, Data Analysis, legal and regulatory knowledge, strategic thinking, problem-solving, interpersonal skills, financial acumen, conversant with technology and the optimal use of applications, adaptability, and project management skills.
Behavioral Attributes- Driven and aligned with our Purpose “Transforming the life of the common man by improving their financial well-being” and anchored by our core values of integrity, collaboration, and excellence.
EDUCATION / EXPERIENCE
Educational Qualification – Graduate / Postgraduate, Desirable – MBA (HR)
Experience – Minimum 3 years of experience in roles directly related to compensation and benefits, and broader HR functions.
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