Compensation Strategist

4 weeks ago

Mumbai, Maharashtra, India PharmEasy Full time

About Us:

PharmEasy is seeking a highly skilled Total Rewards Manager to join our team. In this role, you will be responsible for designing and implementing compensation strategies, managing benefits, and overseeing performance management processes to ensure that the organization remains competitive in the marketplace and fosters employee motivation, retention, and productivity.

Key Responsibilities:

  • Develop and implement comprehensive compensation and benefits programs to attract and retain top talent.
  • Collaborate with finance, HR, and business leaders to align reward programs with business objectives.
  • Design and program manage the Annual Compensation Review cycle for all entities in India to ensure complete budget management and timeline adherence.
  • Use statistical methods and techniques to make data-driven decisions on compensation.
  • Deploy effective communication strategies and success metrics for the compensation process.
  • Manage the annual variable pay process, coordinating with Finance and internal stakeholders to ensure timely payout finalization with the appropriate approvals.
  • Design solutions to address critical business needs around employee motivation, retention, and productivity enhancement.
  • Ensure smooth deployment and maintenance of key employee benefits.
  • Participate in benchmarking studies to assess competitiveness of benefits packages and make improvements.
  • Commission custom surveys and participate in industry salary benchmarking to analyze pay rates and benefits.
  • Build proposals on salary reviews and policy changes based on research into emerging trends and best practices.
  • Develop a comprehensive policy framework covering all stages of the employee lifecycle.
  • Ensure adherence to policies across the organization and conduct audits to assess their effectiveness.
  • Support special projects related to job grading and evaluations.
  • Partner with HR and business leaders to maintain an appropriate grade structure and ensure governance.
  • Support the design and execution of the annual performance management process.
  • Act as an SME for HR generalists and business leaders to create objective business, team, and individual scorecards.
  • Develop and deliver communication and training programs for managers and employees on reward initiatives.
  • Ensure effective implementation of these programs to drive improved business performance.
  • Set standards for key HR metrics, focusing on compensation spend and wage management.
  • Conduct data analysis to provide insights and recommendations for compensation and benefits improvements.
  • Collaborate with team members to deliver Rewards services to employees, handling manager queries and supporting HRBP during promotions and salary review cycles.
  • Manage the implementation of Total Rewards and Performance Management System policies within the business, coordinating strategic processes with HR Generalists.
  • Stay updated on competitor practices, market trends, and legislative developments.
  • Ensure the company remains compliant and competitive in its reward offerings.
  • Work with HR technology teams to improve reward systems, performing data audits, and ensuring timely followup actions.

Requirements:

  • Bachelor's or master's degree in Human Resources, Business Administration, or a related field.
  • Minimum of 5+ years of experience in compensation, rewards, and benefits management.
  • Strong knowledge of compensation structures, job evaluations, and market benchmarking.
  • Experience in managing annual salary revisions, incentive programs, and benefits.
  • Proficiency in HR analytics with experience using data for decision-making.
  • Excellent project management skills with experience in leading compensation and benefits projects.
  • Strong communication skills with experience in delivering training and developing communication strategies.
  • Familiarity with HR systems and data management processes.
  • Ability to work collaboratively with stakeholders across HR, finance, and business functions.

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