Compensation & Benefits Partner

6 days ago

Mumbai, Maharashtra, India Riverforest Connections Full time ₹ 20,00,000 - ₹ 25,00,000 per year

The C&B Partner will be responsible for driving and managing the reward agenda for designated business verticals of the Bank. Acting as the central point of contact for all compensation and benefits matters, the role will focus on aligning reward programs with business objectives, ensuring internal equity, external competitiveness, and compliance with regulatory guidelines. The role will also play a key part in job evaluation, salary fitments, reward analytics, and performance-linked pay design to support talent attraction, retention, and motivation.

Key Responsibilities

1. Reward Strategy & Business Partnership

  • Partner with business leaders and HR Business Partners to design and implement reward solutions aligned with business strategy.
  • Act as a trusted advisor on compensation and benefits matters for assigned business verticals.
  • Ensure reward practices drive employee performance, engagement, and retention.

2. Compensation Management

  • Manage annual compensation planning cycles including salary reviews, promotions, and bonus processes.
  • Conduct job evaluations using standard methodologies (e.g., Mercer, Hay) and ensure proper job leveling across functions.
  • Provide recommendations on salary fitments for new hires, role changes, and internal transfers.
  • Benchmark compensation structures against market practices and recommend competitive positioning.

3. Performance-Linked Pay & Incentive Design

  • Support the design and implementation of performance-linked pay programs.
  • Partner with business leaders to structure incentive plans aligned with performance and regulatory requirements.
  • Monitor effectiveness of pay-for-performance frameworks and recommend improvements.

4. Reward Analytics & Insights

  • Deliver data-driven insights through compensation analytics, dashboards, and reports for leadership decision-making.
  • Conduct internal equity analysis and ensure compliance with pay parity and regulatory guidelines.
  • Monitor reward cost implications and contribute to workforce budgeting exercises.

5. Governance & Compliance

  • Ensure all compensation practices comply with internal governance standards and external regulatory requirements.
  • Support audits, compliance checks, and reporting requirements for compensation.
  • Maintain accurate documentation of job evaluations, pay decisions, and incentive structures.

Qualifications & Experience

  • MBA/PGDM in HR, or equivalent professional qualification.
  • 38 years of progressive HR experience with a strong focus on Compensation & Benefits.
  • Prior experience in the banking/financial services sector or large multinational organizations preferred.
  • Strong understanding of job evaluation methodologies, compensation surveys, and market benchmarking.
  • Proficiency in HR systems, data analytics, and advanced Excel/Power BI skills.

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