Compensation Benefits Manager

Job Title: Compensation & Benefits Manager

Department: Human Resources

Reports To: Head of Human Resources

Location: Pune

Position Type: Full-time

Job Overview:

The Compensation & Benefits Manager will be responsible for overseeing and managing the entire compensation and benefits process within the organization. This includes payroll administration, time and attendance management, compliance, salary benchmarking, policy implementation, and benefits management. The role involves ensuring that all compensation programs are competitive, equitable, and compliant with statutory regulations. The successful candidate will also lead a team and ensure the accurate execution of compensation processes, with a focus on employee satisfaction and business needs.

Key Responsibilities:

1. Payroll & Time Attendance Management:

• Supervise the payroll process ensuring timely and accurate processing of employee salaries.
• Oversee the management of time and attendance systems to ensure accuracy and compliance.
• Ensure that all deductions (taxes, provident fund, insurance) are handled in compliance with applicable laws and policies.
• Handled all Payroll related financial audits like IFC.
• Implement various Tax benefits Options for employees benefits.

2. Compensation Strategy & Policy:

• Develop and implement the organization's compensation and benefits strategy in line with business objectives.
• Create and update salary structures and salary brackets for respective stakeholder to maintain internal parity.
• Manage and execute annual merit cycles and salary adjustments based on performance and market trends.
• Design and implement variable pay and incentive programs to motivate and retain talent.

3. Compliance & Statutory Requirements:

• Ensure compliance with all statutory requirements including tax laws, provident fund,PT and other labour laws.
• Oversee audits related to compensation, benefits, and statutory compliance.
• Ensure adherence to legal frameworks and government regulations related to employee compensation and benefits.

4. Benefits Management:

• Oversee the organizations employee benefits programs, including but not limited to, Mediclaim insurance, life insurance, retirement benefits, and other fringe benefits.
• Regularly evaluate and benchmark the effectiveness and competitiveness of employee benefits offerings.
• Coordinate with external vendors for benefits administration, claims management, and program execution.

5. Salary Benchmarking & Market Research:

• Conduct periodic salary benchmarking to ensure the organization remains competitive in the industry.
• Provide insights and recommendations on adjusting salary brackets, structures, and benefits packages based on market trends.

6. Execution & Implementation of HR Processes:

• Oversee the execution of HRMS processes related to compensation, benefits, and payroll.
• Work closely with the HR team to ensure smooth communication and implementation of HR initiatives tied to compensation.

7. Employee Communication & Support:

• Act as a point of contact for employees regarding compensation and benefits queries and concerns.
• Create and deliver communications to employees regarding changes in compensation and benefits policies.

8. Leadership & Team Management:

• Lead and manage a team of Compensation & Benefits Specialists.
• Train, develop, and mentor team members to ensure continuous improvement and professional growth.
• Set performance goals, monitor progress, and provide regular feedback.

9. Audit & Reporting:

• Lead internal and external audits of compensation and benefits programs.
• Generate and analyze reports on compensation data, turnover, and budget compliance.
• Provide actionable insights to senior management regarding compensation trends, challenges, and opportunities.

Key Requirements:

Education & Experience:

• Bachelor's degree in Human Resources, Business Administration, or a related field. A Master's degree or HR certification (e.g., SHRM, HRCI) is preferred.
• Minimum of 10 years of experience in Compensation & Benefits,
• Strong experience with payroll management, statutory compliance, and HRMS systems.

Skills & Competencies:

• In-depth knowledge of compensation theory, salary benchmarking, and benefits programs.
• Strong understanding of Labor laws, tax regulations, and statutory compliance in the respective country.
• Excellent communication and interpersonal skills.
• Strong analytical and problem-solving abilities.
• Ability to work under pressure and manage multiple tasks simultaneously.
• Leadership and team management experience.

Technical Skills:

• Proficiency in HRMS, payroll software, and Microsoft Office (Excel, PowerPoint).
• Familiarity with data analytics tools for compensation analysis is a plus.

Personal Attributes:

• High level of integrity and discretion in handling confidential information.
• Strong attention to detail and accuracy.
• Proactive, results-oriented with a solutions-driven mindset.