Senior Manager - Rewards/Shared Services/Performance Management - BFSI

ROLE PURPOSE & OBJECTIVE

1. The objective of the role is to ensure effective staff engagement and our ability to attract, retain and motivate high-quality employees while reducing turnover and enhancing the Bank's profile as the best place to work. He/she manages the Total Rewards, Benefits as well as Performance Management.

2. Provides strategic and operational leadership in the design, development, implementation, administration, and communication of our Total Rewards programs and Performance Management in the Bank.

3. He/she oversees and administers the employees- monetary and non-monetary rewards and benefits by assessing and understanding employee needs and designing targeted programs that will increase performance, organizational trust, and satisfaction.

4. Drive the operational performance of HR Services across the Bank to ensure a high level of quality and compliance in our processes and procedures, while working to achieve excellent performance standards

KEY DUTIES & RESPONSIBILITIES OF THE ROLE

Business/ Financials :

- Ensure building of an effective rewards strategy year - on year, which aids retention of key talent and remains cost-effective.

- Drive the people expenses budgeting and planning for the Bank.

- Plan and budget for all activities within the annual budget cycle ensuring that Performance Management and Total Rewards activities are implemented within the agreed budgets.

- Ensure that people programs across the organization are undertaken based on affordability and track return on investment while balancing competitiveness.

- Drive design, implementation, and utilization of equity compensation in a fair, transparent manner which ensures future wealth creation for individuals but is affordable for the Bank.

- Oversee the management of vendor relationships and contract management for HR

- Analyze current rewards and recognition programs to ensure they align with the Bank's business strategy and ensure that rewards programs optimize the ability to attract, motivate and retain top talent.

- Lead the definition and designing of the Bank's Employee Value Proposition in relation to total rewards, benefits, performance management elements.

- Analyze the market competitiveness and cost-effectiveness of rewards to ensure they optimize our ability to attract top talent using various methods and techniques to make data-based decisions on direct financial, indirect financial, and non-financial compensation and benefits elements.

- Provide expertise for job analysis and evaluations in liaison with recruitment, and talent management teams.

- Participate in market surveys to determine prevailing performance, reward and benefits practices, rates, and benefits. Monitor comparators practices, market conditions, and classification and compensation trends to inform the formulation of baseline standards for the development of the total rewards strategy and policy in the Bank.

- Partner with corporate and business leadership and Human Resources Business Partners to leverage compensation and benefits programs and proposes differentiated pay systems to invest in the segments of the workforce that contribute the most value to meet organizational objectives.

- Lead the development and management of Human Resources Information Systems to enhance Human Resources processing/reporting and analytics capabilities.

- Design the Bank's rewards & performance philosophy and enhance it towards a Total Reward Model and Pay for Performance practices in the Bank.

- Lead the HR Service Advisory team across the Bank. Drive development & implementation of best-in-class operational processes for HR, which should predominantly be digital in nature.

- Deploy effective communication strategies and success metrics relating to rewards and performance management in the Bank; contribution to design and execution of the Bank's staff retention strategy.

- Conduct ongoing research into emerging trends, issues, and best practices and periodic audits to assess relevance and compliance of people practices in the area of rewards, benefits, and shared services.

- Take accountability for business escalations within the region to in timely and accurate information and resolution to key stakeholder groups.

Internal Process :

- Ensure that organizational policies, practices, and procedures are developed, implemented, and maintained ensuring employee satisfaction as well as legal & regulatory compliance in the areas such as (i) Total Reward (ii) Performance Management; (iii) HR transaction processing (iV) Regulatory or Board level reporting.

- Ensure SOPs are well documented for all areas of work and reviewed from time to time, for all functional areas.

- Work on the development of high-level strategic management reports including making recommendations for Management and Board consideration or for submission for regulatory oversight.

- In liaison with Management of the Bank, analyze performance management needs of the Bank and develop relevant long-term programs and strategies for implementation; including the necessary monitoring for Bank-wide standards and supervision of cycles, activities, milestones, and communications.

- Drive, via the Payroll lead, the delivery of payroll accurately and timely, for the Bank.

- Assist Human Resources Business Partners in the monitoring and review of staff performance and provide coaching and advice as needed.

- Support the department and Human Resources Business Partners on areas of research, data collection, statistical analysis and performance reporting, and Policies and Procedures. This may include the investigation of the causes of poor performance and in developing and implementing actions for the improvement of performance and delivery.

- Work with teams across the Human Resources Management department including Human Resources Business Partners to manage the more complex projects on total rewards and performance management and ensure internal capacity building and policy compliance.

- Seek out opportunities for the implementation of bespoke Human Resources interventions that build organizational resilience, capacity, and capability of services, evaluating interventions

- Develop best practice organizational performance policies and procedures and strategy that supports the implementation of performance management framework model having regard to

(i) Organizational Vision;( ii) Resources and skills; (iii) Accountability; (iv) Change management process and education, whilst creating a supporting culture committed to Organizational Performance as well as Learning and Development

- Benefits Management: Drive benefits awareness & communication, and control benefits expenditure with special regard to medical & life-related benefits including timely closure of benefits contracts within targeted budget & benefits claim admission & settlement

Innovation & Learning :

- Build trust by including others and by informing cross-functional teams informed about compensation, benefits, performance management, and Shared Services process changes and results/ outcomes

- Build the teams capability through training and work experiences

- Build a strong culture of recognition in the team

- Supervise, mentor, and/or coach staff and colleagues to build knowledge and capacity, ensuring a consistent standard of service delivery and strengthen pay for performance culture within the Human Resources Management department and Bank-wide.

- Contribute to the review of existing systems and policies; and develop new policies and programs in the areas of rewards and recognition, performance management.

MINIMUM REQUIREMENTS OF KNOWLEDGE & SKILLS

Educational Qualifications

- Master's degree or its equivalent in Human Resources Management, Organizational Development, Social Sciences, Business Administration, Compensation, Finance, Accounting, Statistics or related discipline;

- Additional professional qualification/certification in Human Resources Management, Rewards management, or performance management.

Experience

- 15+ years of overall experience with a minimum of 10 years out of it, in leading teams in the following specific areas: Performance Management, Compensation, and Benefits, Policy and Program, HRMS implementation, et

Functional Skills

Design and Operational depth in at least three of the under-listed skill areas (i) Compensation and benefits including Total Rewards (ii) Performance Management & Change Management (iii) Policies design (v) Learning & Development, (vi) Human Resources Information system.

- Strong financial skills and mathematical aptitude.

- Sound analytical skills - ability to build and analyze Human Resources data accurately including Human Resources approved key performances indicators.

- Solid organizational and project management skills

- Sound understanding of the business and operational needs with proven capacity to innovate, and promote change initiatives in corporate human resource policies and services in large organizations;

- Comprehensive applied knowledge of the fundamentals of employment relationships, legislation, and organizational development.

- Ability to exercise sound judgment and creativity in identifying options and risks in order to make the right decisions around issues that have the potential to have a significantly adverse effect on the organization both in financial and employee relations terms.

- Working Knowledge/ Understanding of regulatory requirements in the functional areas, for Indian Banks, is an added advantage

Behavioral Skills :

- Stakeholder Management

- Strong Communication and Presentation Skills

- Negotiation Skills

- Innovation

- Driving Execution

- Leading Change

- Cultivating Networks

KEY INTERACTIONSINTERNAL EXTERNAL

1. Employees

2. Team

3. Business/ Function Heads

4. Board of Directors

5. Vendors

6. Regulators

7. Industry bodies

8. Consultants