Compensation Strategist
1 month ago
Job Title: Senior Manager
Location: Mumbai
Job Description:
Develop and implement strategies to attract, motivate, and retain top talent through competitive compensation and benefits packages. Conduct market research to ensure competitive salaries, manage salary benchmarking, and oversee the appraisal process. Build a comprehensive compensation framework, including performance bonuses and incentive schemes, to align with business outcomes. Standardize job families and titles across the organization, and communicate policies clearly to all employees.
Your Key Responsibilities:
- Develop and implement compensation strategies that drive business outcomes
- Collaborate with external vendors to conduct market research and analysis
- Report compensation and benefits costs and trends
- Build a future-focused employee rewards strategy and compensation philosophy
- Manage salary benchmarking, annual pay review processes, and incentive schemes
- Oversee the employee appraisal process from initiation to completion
- Conduct rating calibrations with managers and apply standard methodologies
- Evaluate and recommend new benefit programs or policy modifications
- Communicate compensation and benefits policies to employees and managers
- Manage the budget for the compensation program
Performance Management:
- Support the performance management process by aligning compensation strategies with performance outcomes
- Provide guidance on job evaluations and salary recommendations
- Strategize and prepare analyses on critical talent and develop action plans
- Prepare appraisal budgeting and planning documents
- Review ESOP plan and execute strategies for employees
Requirements:
- Strong analytical and problem-solving skills
- Excellent communication and interpersonal skills
- In-depth knowledge of compensation and benefits laws and regulations
- Ability to work independently and manage multiple priorities
- Significant experience in compensation and benefits management
- Demonstrated experience with compensation and benefits benchmarking and analysis
Personal Attributes:
- Attention to detail and high level of accuracy
- Strong organizational skills
- Ability to maintain confidentiality
- Strategic thinking and business acumen
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