Manager/Senior Manager - Rewards - BFSI

1. Compensation Strategy and Design-

- Develop and implement compensation strategies:- Collaborate with senior management to design competitive compensation structures that align with the company's strategic goals and market practices.

- Market analysis:- Conduct regular benchmarking and market surveys to ensure the company's compensation packages remain competitive within the BFSI sector.

- Job evaluation:- Lead job analysis and evaluation processes to determine appropriate job levels, grades, and salary ranges for all positions.

- Incentive programs:- Design and manage incentive programs, including bonuses, commissions, and other performance-based rewards, ensuring they drive desired behaviors and business outcomes.

2. Benefits Management-

- Benefits program design:- Oversee the design, implementation, and administration of employee benefits programs, including health insurance, retirement plans, wellness initiatives, and other perks.

- Vendor management:- Manage relationships with benefits providers, ensuring the best possible services and value for the company and its employees.

- Compliance:- Ensure all benefits programs comply with relevant laws and regulations, including labor laws, tax regulations, and other statutory requirements.

3. Employee Engagement and Communication-

- Communication strategies:- Develop and execute effective communication plans to educate employees about the company's rewards programs, ensuring transparency and understanding.

- Employee feedback:- Gather and analyze employee feedback on rewards programs, making recommendations for improvements and adjustments as needed.

- Recognition programs:- Design and manage employee recognition programs that align with the company's culture and values, fostering a positive and motivating work environment.

4. Performance Management-

- Performance-related rewards:- Align compensation and rewards programs with the company's performance management processes, ensuring that pay-for-performance principles are effectively applied.

- Data analysis:- Utilize data analytics to assess the effectiveness of performance-based rewards and make data-driven recommendations for adjustments.

- Annual review process:- Lead the annual salary review process, ensuring fairness, consistency, and alignment with budgetary guidelines.

5. Regulatory Compliance and Governance-

- Compliance management:- Ensure all rewards and compensation practices comply with local, regional, and national laws and regulations.

- Audit and governance:- Lead audits of compensation and benefits programs, ensuring adherence to internal policies and external regulatory requirements.

- Risk management:- Identify and mitigate risks related to compensation and benefits, including financial, legal, and reputational risks.

6. Stakeholder Management-

- Collaboration with HR Business Partners:- Work closely with HR Business Partners to ensure alignment of rewards programs with overall HR strategies and business goals.