Senior Manager - Compensation & Benefits - Insurance

We have an opening with a leading insurance company for the post of Sr. Manager - Compensation & Benefits.

Job Purpose

The job purpose is to support and execute compensation and benefits initiatives such as market surveys, benefits plans as well as manage payroll process to ensure that the compensation & benefits plans are executed seamlessly

Principal Accountabilities

Accountability Supporting Actions:

Execute & monitor the payroll process to ensure that the Organization's pay cycle is completed effectively in a timely manner

- Provide data & conduct job role mapping for compensation to share market benchmark surveys & findings of the report.

- Perform budgeting analysis to determine salary increases and costs on payroll

- Supervise HRSS vendor on payroll aspects to ensure that the compensation framework is adhered on all payroll related changes & ensure audit compliance of payroll process

- Collate & capture Unit Performance Parameters and Annual Compensation Review details on HRIS as per the requirement of ABG Corporate Compensation Team

- Roll out compensation revision letters and annexures (including sales progression annexures)

- Ensure that queries, clarifications and grievances with regard to payroll and salary increments are addressed in timely manner

Execute the Annual Performance Management process with respect to data analyses in line with budgets & the proposal finalisation document as per given timelines:

- Analyse performance ratings, normal distribution curve and promotion recommendations

- Provide regular update on the rating summary pre / post performance appraisal to the Functional Heads

- Review employee records and ensure that information is uploaded on the Poornata system within defined TATs

Define and Provide MIS & Analytics periodically on compensation and benefits utilization & ensure controls:

- Analyse benefits utilization/ cash out trends

- Analyse and provide MIS on cost impact of existing benefit programs - medical, leave encashment, superannuation etc

- Provide monthly wage cost analysis with YTD actuals, compensation to OPEX ratio to budgets

- Analyse comp & ben costing with respect to Manpower budgets for the year

- Ensure audit controls on allowances with cash out options

Support in New initiatives / Special Projects:

- Provide data support in benchmarking and revisiting existing compensation / benefits structures in line with cost & budgets

- Provide inputs for system improvements in capturing compensation costs, audit and ensure correctness of compensation structures in HRIS platforms

- Support need-gap analysis and help administer new benefit plans as well as smoother operations of current schemes.

- Capture & collate market & agency based data & information on compensation penetration & sector changes (if any)