Bajaj Electricals - Specialist - Compensation & Benefits

Job Title Compensation & Benefits Specialist

Department/ BU Human Resources Location Sion office

Reporting To Vertical Head - Performance and Rewards

Organizational Description :

- Bajaj Electricals Limited (BEL), a globally renowned and trusted company, with a turnover of - 4813 crores (FY 21-22), is a part of "Bajaj Group". Our business includes Consumer Products (Appliances, Fans, Lighting), Exports, Illumination and Transmission & Distribution (Transmission Line and Power Distribution). Our strong presence in premium range of home appliances and cookware with brands like Morphy Richards and Nirlep makes us one of the most lovable brands for our consumers.

- While we are known for our innovative consumer products, other businesses such as Illumination and Power Distribution & Transmission have contributed significantly towards nation building. With a rich legacy of nearly 8 decades, we have perfected our business model and at the same time continue to transform ourselves with a culture built on ethics & integrity, agility, straight talking, teamwork and aiming for the best.

It is an exciting time to join Bajaj Electricals as we are creating a future-ready organisation based on key pillars of customer centricity, robust governance and best talent.

If it sounds like the place for you, Welcome Onboard! An exciting journey awaits!

Job Purpose & Scope:

- Part of the compensation and benefits function responsible for employee benefits, performance management, HR policies, rewards and recognition and annual appraisal process

Major Areas of Responsibilities & Authorities :

- Ensure smooth deployment and maintenance of key employee benefits. Participate in benchmarking studies to ensure competitiveness of our benefits.

- Design skill-based hiring ranges based on internal and external market inputs.

- Deliver value through Total Rewards Strategies, policies and solutions that enhance the attraction and retention of top talent.

- Incubate, implement and drive various compensation programs including Market Benchmarking, Merit Increase, pay for performance programs and compensation planning etc. for diverse job profiles.

- Support the design and execution of annual performance management process for the assigned business. Act as an SME and guide the HR generalists and line leaders in defining objective business, team and individual level scorecards to strengthen the performance management architecture.

- Manage the implementation of relevant HR policies and programs within the business and coordinate the relevant key strategic processes

- Design and program manage the Annual Compensation Review cycle for Manufacturing entities to ensure complete budget management and timeline adherence.

- Liaise with Finance and Payroll team for smooth administering of total rewards programs

- Guide new HR business partners on the compensation philosophy of the organization, salary structure and variable pay, allowances and increments

- Identify opportunities for improvement and consult with the leaders to agree on solutions. Imbibe a culture of continuous service improvement.

- Experience in managing compensation through systems (SAP) and an understanding of automation of compensation module ,performance management and employee central will be an added advantage.

- Drive Rewards and Recognition program and other employee engagement initiatives

Qualification:

Essential: MBA in Human Resources from Tier 2 / Tier 3 institute

Good knowledge of candidate's selection methods & Employer Branding

Ability to assess behavioral competency as per job requirement

Experience:

4 to 7 years of experience in total rewards covering compensation and benefits operations, designing rewards programs and solutions that align with unique needs of business

Other Requirements:

a) Must have an analytical mind with good interpersonal, communication and presentation skills

b) Proficiency in MS excel and strong hold in analysis of data

c) Excellent verbal and written communication skills

d) Must have team handling capabilities

e) Ability to collaborate and work with stakeholders across levels and teams.