HR Manager - Compensation & Benefits - NBFC

JOB DESCRIPTION :

Human Resources - Compensation & Benefits

Function/Department : Human Resources

Geographical location : Mumbai, India

Purpose of the Role:

- The purpose of this role is to develop and manage compensation strategy, philosophy, policies and governance in alignment with the group's overall strategic objectives and vision.

- To contribute to growth and profitability by ensuring that pay structures and benefits plans are competitive, and that they are designed and managed to attract and retain a top-quality workforce.

- To monitor salary structures and balance employee needs with cost controls

Areas of Responsibility:

- Responsible for compensation and benefits process that will involve compensation strategy, research and benchmarking across Financial Services.

- Lead the development and implementation of compensation and benefit programs that are competitive, legally compliant and fairly applied and which support the business in recruiting, retaining and motivating all levels of employees in the varied employment markets.

- Design comp/benefit structures in line with industry practices, handling compensation surveys and benchmarking on a large scale.

- Evaluating C&B processes and policies to ensure they are current, competitive and in compliance with local legal and taxation rules and regulations.

- Bench marking of Leadership Compensation through comparison of internal pay parity with market data.

- Ensures that effective processes, automation and controls are in place to support new and existing programs. Manages compensation programs to ensure required service levels and compliance with established parameters.

- Participates in the design of effective employee incentive programs and variable pay plans that directly support the business strategy and goals.

- Ensures that program details are effectively communicated, managed and within approved parameters.

- Evaluate competitor compensation and benefits packages, creating policies and procedures; monitor the payroll interface to ensure compliance and data integrity.

- Responsible for running the appraisal cycle, in partnership with Business HR teams. Includes creation of matrix, simulation of employee data, setting budgets, ensuring adherence to matrix as well as timelines, execution of promotions cycle as well as effective communication to employees about the same.

- Budgeting HR Cost for the year; Maintenance of HR Cost Sheet; analysis of burn rate & other relevant details; ensuring working of the HR Department within set budget.

- Projection of recruitment cost basis grade-wise & platform-wise trend of recruitment.

Qualification & Experience:

- Education: Minimum: Full Time PG/MBA in HR or any Equivalent Degree

- Experience: 6-10 years of work experience in Compensation & benefits

Knowledge & Key Skills:

- In-depth knowledge and understanding of systems and processes

- Knowledge of Compensation & Benefits Models and business models

- Knowledge of HR tool kits and best practices

- Demonstrate financial management and budgeting skills

- Proficiency in MS tools/ Software /Systems

- Ability to Innovate and enhance procedures and methods to increase productivity & cost effectiveness