Senior Manager/Assistant Vice President - Compensation & Benefits - BFS

Key Responsibilities:

- Annual Appraisals & Performance Management: Oversee the annual appraisal process, ensuring timely and fair evaluations, salary increments, and bonus distribution. Manage the performance management system (PMS) to link employee performance with rewards.

- Compensation & Budget Management: Forecast and manage the compensation budget to ensure financial sustainability while remaining competitive. Align salary ranges and structures to market standards and internal equity.

- Market Benchmarking: Conduct regular market benchmarking (e.g., Aon, industry peers) to ensure competitive salary and benefits offerings, reducing the risk of talent attrition.

- Bonuses & Long-Term Incentives: Manage bonuses, LTIP, and phantom stock schemes to align employee performance with organizational goals.

- Benefits Operations: Administer key benefits like group mediclaim, life insurance, car leases, and employee wellness programs. Ensure timely processing and comprehensive coverage.

- Regulatory Compliance: Ensure adherence to regulatory guidelines (IRDAI, etc.) regarding compensation and benefits to avoid legal risks and penalties.

- Stakeholder Management: Collaborate with internal stakeholders (HR, finance, leadership) and external vendors (insurance providers, consultants) to align compensation programs with company objectives.

- Executive Compensation: Support the Nomination and Remuneration Committee (NRC) with senior executive compensation decisions, aligning them with business strategy.

- Financial Oversight: Optimize compensation and benefits costs through careful financial management, vendor negotiations, and cost-benefit analysis.