DVP-Performance & Rewards

1 week ago

Mumbai City District, India Kotak Life Insurance Full time ₹ 20,00,000 - ₹ 25,00,000 per year

Key Responsibilities,

  • Develop, implement, and continuously refine the organization's compensation strategy to attract and retain top talent.
  • Analyze industry trends, benchmarking data, and market conditions to ensure competitive compensation packages.
  • Ensure compliance with all relevant laws and regulations related to compensation
  • Designing and Managing all aspects of compensation planning, including salary structures, bonuses, incentives, and equity programs, pay for performance.
  • Conduct regular compensation reviews to maintain fairness and equity within the organization.
  • Assist in the evaluation and classification of jobs within the organization to ensure internal equity.
  • Review job descriptions to determine appropriate salary ranges and job classifications.
  • Provide guidance to HR and managers on salary-related matters, including salary offers, promotions, and adjustments.
  • Participate in salary surveys to gather external market data and ensure the organization's compensation practices remain competitive.
  • Design, develop, implement and oversee the performance management framework, including performance appraisal processes, goal setting, performance evaluations feedback mechanisms and performance improvement plans.
  • Collaborate with department heads and managers to establish clear, measurable, and achievable performance objectives for employees.
  • Ensure that individual and team goals are aligned with the organization's strategic goals and objectives.
  • Provide guidance and training to managers and employees on performance management best practices.
  • Collaborate with HR and communication teams to ensure clear and effective communication of compensation and performance-related information to employees.
  • Work with HR and department heads to identify training and development opportunities for employees to improve their performance and career growth.
  • Foster a culture of transparency and fairness in compensation and performance practices.
  • Implement succession planning strategies to ensure a strong pipeline of talent.
  • Stay up-to-date with changes in employment laws and regulations to ensure compliance.
  • Develop and manage the compensation and performance management budgets. Monitor expenses and optimize resources to achieve departmental goals.
  • Collaborate with HR and finance teams to ensure accurate and timely payroll processing.

Education:Post Graduate

Work experience in years:

  • A minimum of 8 years + experience in compensation and performance management.
  • In-depth knowledge of compensation principles, performance management best practices, and relevant employment laws.
  • Expert knowledge in Excel, PowerPoint (making and delivering presentations)
  • Ability to develop and maintain effective working relationships with various stakeholders.
  • Proficiency in HRIS (Human Resources Information System) and data analysis tools.
  • Quick response time to queries
  • Collaboration in working with cross functional teams and solution oriented behavior

Skills / experience required:

  • Reports, analytics and MIS and data driven decision-making skills.
  • Excellent communication and interpersonal skills.
  • Problem Solving and Critical Thinking, Collaborative, Influencing Skills
  • Strong Networking skills

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