Lodha Group - Compensation & Benefits Specialist

Role Objective :

The incumbent shall be responsible for managing the compensation and benefits system in the organization. He/She shall be responsible for complete execution of annual performance review process, market benchmarking, job evaluation, budgeting/forecasting comprising detailed rules on compensation reflecting the compensation philosophy of the organization, managing concerns emerging from the departments around compensation and participating in consulting surveys concerning compensation trends in the wider domain. In addition, he/she shall also be responsible for supporting Talent Acquisition (TA) with compensation of senior management hires and supporting the key talent retention program with inputs and action on compensations.

Key Responsibilities :

1. Annual Performance Review :

- Responsible for complete execution of performance review process - analyzing existing compensation in the organization, benchmarking with the market, simulations and reviewing organization standpoint on compensation and increments

- Liaise with PMS team to iteratively generate compensation fitment extracts basis recommended increments and promotions, explain fitment rules to stakeholders and close discussion on exceptions with HODs

- Manage, review and update compensation rules basis market practices, performance after discussion with relevant stakeholders and ensuring adherence to salary budgets.

- Responsible for creation of sheets detailing bonus payouts in co-ordination with PMS team, basis pre-set rules for performance bonus at the end of the FY

2. Talent Acquisition Support :

- Work with TA to gain market pulse and create market benchmarks on functions and key roles/levels.

- Advise and provide support to TA on hiring offers, deviations, managing exceptions, updating rules regarding offers across bands including changes in the compensation format to ensure complete transparency in our compensation break-up to all potential new recruits

3. Compensation :

- Market benchmarking, participation in compensation surveys

- Supporting in preparing/modifying compensation guidelines/hiring guidelines in alignment with our compensation philosophy and enhance market competitiveness

- Responsible for Compensation restructuring, discussing and formulating rules for various elements of compensation after discussions with relevant stakeholders

- Manage and administer changes to critical talent pay structure to ensure competitive compensation by implementing necessary corrections to compensation in alignment with market

- Responsible for communicating and educating employees and internal stakeholders on rewards philosophy and strategy

- Manage discussions around broad guidelines or red flags identified during compensation review such as internal parity, band flexibility for external hires and premium to be paid for critical talent

- Work on bonus & incentive structures/plans for all functions and liaise with payroll team on payouts of bonuses and incentives to ensure timely disbursal of pay to all associates as per agreed timelines

Skills : Excellent analytical skills, business acumen, Advanced MS Excel to perform data analytics, understanding of compensation fundamentals and practices, should have solution oriented approach and eye for details

Qualification : MBA, Graduate with 5+ experience in Compensation