Lead - Compensation & Benefits

Rewards Lead

Job Summary:

- The Rewards Lead will be responsible for managing and administering compensation and benefits programs for employees within IDFC.

- This includes salary planning, bonus management, allowance structures, and performance management.

- The role involves collaborating with HR, Finance, and other departments to ensure that compensation policies align with company objectives and comply with local regulations.

- Experience with compensation tools such as SAP HR, SuccessFactors, and Salesforce is required.

Key Responsibilities:

Compensation Planning:

- Prepare and implement compensation offers in line with company policies and market standards.

- Manage the annual and mid-year pay planning process, ensuring timely execution within budget constraints.

- Prepare salary structures for annual increments and oversee adjustments as needed.

- Conduct analysis on salary fitment for new hires, promotions, and internal movements to maintain internal parity.

Bonus & Incentive Management:

- Calculate and prepare bonus letters for employees in line with company guidelines.

- Handle bonus payouts, ensuring alignment with the budget and performance metrics.

- Monitor and audit bonus payments, partnering with the finance team for accurate monthly provisions.

Allowance & Benefits Management:

- Analyze and manage the allowance structure for employees, ensuring compliance with local regulations.

- Implement retention bonuses and other incentive programs as required.

- Renew and manage employee benefits, including Group Mediclaim Cover, Group Life Insurance, and Group Accident Benefit Cover.

Performance Management:

- Coordinate the goal-setting and performance management process.

- Facilitate performance rating calibration discussions with business heads and HR.

- Perform audits on performance ratings to ensure compliance and fairness across business units.

Payroll & Compliance:

- Support the monthly payroll process and ensure all statutory compliance is met.

- Address employee queries related to salary, bonuses, and other compensation components.

- Liaise with external audit teams to ensure 100% compliance with compensation regulations.

Compensation Analytics & Reporting:

- Conduct compensation benchmarking surveys and prepare reports for internal and external use.

- Generate HR analytics reports to support compensation decisions.

- Provide salary benchmarking data to vendors during appraisal cycles.

HR Systems Management:

- Manage compensation tools for compensation and performance tracking.

- Manage system-related queries and support.

Key Requirements:

- Bachelor's/Master's degree in Human Resources, Business Administration, or related field with 12+ years of relevant experience.

- Proven experience in compensation & benefits management.

- Proficiency in related HRIS tools.

- Strong analytical skills and the ability to generate and interpret compensation reports.

- Excellent attention to detail and the ability to manage multiple priorities.