Manager - Compensation & Benefits - BFS

KEY DUTIES & RESPONSIBILITIES OF THE ROLE

1. Business/Financials (Only Relevant roles)

Equity Compensation Management

- Participate in Equity compensation scheme designs for the bank under the guidance of the National Manager for Total Rewards, Performance Management and Shared services

- Administration of ESOP & ESPS schemes of the Bank and Holding Company.

- Manage new ESOP & ESPS scheme/grant rollouts including calculation of options, rollout and employee communication

- Manage pool availability and allocation

- Evaluate affordability of grants using established methods of actuarial valuation to understand the impact of the planned grants on Bank's P&L

- Coordinate the valuation of ESOPs for the Bank with other departments such as Finance & Accounts

- Coordinate allotment of employee exercises within SEBI specified timelines in partnership with the Company Secretarial teams

- Calculation and submission of perquisite details to taxation and payroll team post allotment

- Create and drive all employee communication related to all ESOP activities

- Lead strategic/key initiatives within the compensation practice or outside, as assigned

HR Budgeting, Expense Tracking, Variance Analysis, provisioning

- Support business, finance and HR teams in creating measures and models to manage people costs

- Coordination of the budgeting exercise for the HR function including Manpower costing and HR Expenses budgeting

- Disseminate finalized, approved budgets to relevant stakeholders

- Prepare Budget Vs Actual variance of the expenses incurred month on month in coordination with the F&A team and collate responses from stakeholders within HR, for the variance

- Prepare and publish HR expense analysis to stakeholders

- Collate and submit provisioning, analyze impact of provisioning on of HR expenses

- Responsible for design, review and rollout of various dashboards for eg HR Scorecard.

2. Customer (Both Internal & External)

- Manage employee communication via various mediums for any policy changes/ amendments in order in increase employee awareness on policies

- Identify and automate compensation and benefits/ HR Operations processes which will help in effectively managing processes within timelines and improving employee satisfaction.

- Review and process variable pay in a timely manner

3. Internal Process

- Ensure 100% compliance to key organizational processes relating to procurement, vendor onboarding, contracting etc

- Drive accountability and ROI across all vendors appointed and managed on behalf of the Bank.

- Timely collaboration with other COEs, regional HR teams and employees on process efficiencies and design

- Translate the data requirements from Finance & Accounts, Risk, Secretarial and Compliance for various regulatory and audit requirement for the specific functional areas

- Provide audit data on need basis including interaction with auditors

- Query management pertaining to compensation programs of the bank with a 9 hour first response TAT

- Timely and accurate employee communication.

- Support timely policy renewals

- Contribute to various dashboards/ reports for HR for management consumption (incentives/ HR Monthly update etc.) - accurately and on time

- Independently resolve escalated compensation issues and recommend optimal solutions for issues of high complexity within TAT

- Monitor and drive key HR projects assigned in collaboration with various stakeholders and ensure timely closure and delivery of projects.

- Support in submission of all regulatory reporting requirement accurately and on time

- Back up for the benefits and performance management COE for the Bank

4. Innovation & Learning

- Update and stay abreast with changes in the labour laws framework in the country as well as industry trends, company policies, systems etc and resulting changes in the compensation frameworks

- Develop targeted education programs and communication material on compensation offerings and educate employees

- Educate leaders, supervisors on application of compensation policies

- Drives all team related activities such as goal setting, driving productivity, coaching and development

- Connect and establish networks with industry peers and bodies

Educational Qualifications

- Graduate or Post Graduate in Human Resources

Experience

- 8-12 years' experience (at least 6 years in compensation design, analyses, socialization and support of compensation management in Banks)

- Experience launching large scale projects that involve multiple functions and stakeholders