AVP - Total Rewards & Analytics - Insurance Firm

About Client :

Max Life Insurance, one of the leading non-bank promoted private life insurers, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is part of the Max Group, which is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of the MS&AD Insurance Group, which is amongst the leading insurers in the world.

Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 20 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision 'To be the most admired life insurance company by securing the financial future of our customers. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.

During the financial year 2018-19, Max Life achieved - Gross Written Premium- of Rs. 14,575 crore & had sum assured in force of Rs. 7,03,972 Crore. As on 31st March 2019, the Company had Rs. 62,798 crore of AUM & a share capital including reserves & surplus of Rs. 2,767 crore. The Company has nearly 35 lakh customers serviced by its 12,082 employees & 48,522 agent advisors through 239 offices across the country

Description:

Position : Total Rewards & Analytics

Location : HO- Gurgaon

Department : Human Resources

Function : Total Rewards & Analytics

Reporting to : VP Total Rewards & Analytics

Job Summary :

Responsible for Total Rewards portfolio and support the function in specific areas including salary design and benchmarking, merit and bonus administration for ~15000 staff, policies and benefits review, performance management and benefits, employee recognition initiatives, rewards and recognition, lead NRC agenda and IRDA compliance requirements for Executive Committee, and extend support to functional projects across the portfolio

Responsibilities :

Salary & Benefits Administration :

- Evaluate the basic compensation structures in the organization (grading system, job evaluation system, job description policy, promotion policy, etc.) aligned with the organisation culture and the values. Designs and effectively communicate the set of different compensation and benefits policies. Monitors the organization's salary structure and benefits provision to ensure a balance between control of costs and attracting and retaining staff.

- Leads and coordinates compensation processes like the annual salary planning, bonus planning and incentive schemes development.

- Streamline and manage the monthly promotion process, related payroll inputs, recognition awards

- Responsible for projects related sales incentives and long terms incentive programs for different audiences - design to delivery

Performance Management :

- Design and implement refreshed Performance Management Plan and specific components from time-to-time.

- Facilitate goal setting and other milestone processes across levels: Finalize goal sheet templates for all positions to ensure alignment with the business, Timely uploading of templates on the system.

- Design and deliver staff communications to implement the philosophy

- Coordinate with IT to ensure smooth functioning of system

- Responsible for projects related to Senior Leadership Team such as: Executive Pay, Developments, Comp revision, LTI program creation and Bonus payouts

Executive Pay and NRC Support:

- Responsible for projects related to Senior Leadership Team such as: Executive Pay, Developments, Comp revision, LTI program creation and Bonus payouts

- Work with leadership team members to design, deliver a coordinated agenda on key HR and Total reward updates

- Support Annual executive pay review and projects across executive long term plans, LTIs and other benefits

Policy and Benefits design :

- Developing/ refreshing and implementing policy and benefit programs, ensuring that these are current and competitive and in line with legal requirements. Making recommendations on changes to benefits programs and insurance schemes.

- Researching and analyzing policies and benefits offered by other employers in the same sector or in the target sector.

- Supporting policy communication programs/ HRBP queries and other exception requirements from time to time

Business Partnering Business Partnership :

- Work closely with HR business heads, HR business partners, business heads to identify and address compensation issues, and evangelize Total Compensation philosophy, strongly linked to pay for performance and support it by effective communication to drive the change

External Competitiveness :

- Researching and analyzing salary rates and benefits offered by other employers in the same sector or in the target sector.

- Undertaking job evaluations to ensure that the differences in pay between those doing different jobs within the organization are fair.

- Appreciate the influence of technology & current trend in Comp & Ben

- Leads different HR Projects (beyond Total Rewards).

- Lead audit requirements across various audits taking place internally and externally

Key competencies/skills required :

- Strategic Planning & execution

- Analytical skills and process orientation

- Strong Presentation and communication skills

- Strong Project management skills

- Ability to think design, planning and budgeting

- Strong relationship, networking and influencing skills & negotiation skills

- Ability to think creatively

- Ability to work under pressure and tough deadlines. Result Orientation

- Team Player