Rewards and Pay Strategist

1 week ago

Hubli, Karnataka, India beBeeCompensation Full time ₹ 6,00,000 - ₹ 12,00,000

Job Summary

We are seeking a highly analytical and strategic Compensation 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.

The ideal candidate will have strong analytical and problem-solving skills, with the ability to analyze complex data sets and develop effective solutions. They will also possess excellent communication and interpersonal skills, with the ability to build strong relationships with stakeholders at all levels of the organization.

  • Develop and implement a comprehensive compensation strategy that attracts, retains, and motivates top talent.
  • 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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