Tata Power - Specialist - Compensation & Benefits

Are you reading to embark on a purposeful journey with an Institution in Perpetuity that has been in existence for over 108 years, that Takes Pride in Lighting up Lives', and is now on a mission to 'Create a Greener, Better Tomorrow, today?

If yes, then read on !

Exposure Required:

- Knowledge of compensation practices, benefits administration, and relevant employment laws and regulations

- Experience in restructuring compensation programs to align with market trends and business goals

- Strong analytical skills with the ability to interpret and analyze data, identify trends, and make data-driven recommendations

- Knowledge of LTI and Exposure to management of LTI schemes

- Prior experience in HR operations and knowledge of best practices

- Exposure to participating in compensation and benefits surveys and analyzing the outcomes

- Certification in compensation or benefits (e.g., Aon C&B Professional) would be an added advantage

Key Deliverables:

- Analyze and evaluate existing compensation structures, and recommend changes or improvements to enhance the attractiveness and effectiveness of the structure

- Design and implement compensation and benefits programs that are competitive, attractive, and aligned with applicable laws and regulations

- Conduct market research and benchmarking, participate in salary surveys and other market research initiatives to gather data for compensation analysis and decision-making, and ensure our compensation packages remain competitive in the industry

- Work closely with senior management to develop and implement long-term incentive plans

- Ensure compliance with legal requirements related to compensation and benefits, including taxation, labor laws, and reporting obligations

- Keep abreast of industry trends, best practices, and legal developments in compensation and benefits, and make recommendations for adjustments to the company's programs

- Conduct job evaluations to determine appropriate salary levels and job classifications

- Review proposals for salary corrections basis analysis of market data and internal pay parity

- Partner with the Talent Acquisition and HRBP teams to develop competitive and compelling offers for potential employees across grade levels

- Make recommendations in compensation-related matters, including salary reviews, performance based incentives and increments, and benefits

- Create transition plans for harmonisation of compensation structures across Tata Power Group

- Design incentive plans basis performance aligned to the business and functional requirements e.g. project incentive / sales incentive plans

- Model the compensation for various scenarios of increments and variable pay for competitiveness

- Develop material to educate employees on compensation and benefits offerings

- Compute monetary value of various benefits extended by the employee and plan for suitable communication to employees