VP - Rewards & HR Operations - BFSI

With leading Life Insurance Company

Role Purpose (overall high level summary of the role)

This role involves:

- Being a strategic business partner by designing compensation & benefits policies in alignment with business & employee needs, and market competitiveness.

- Ensuring external and internal parity of salaries conducting the market salary benchmarking, annual salary review and pay range design process

- Engaging the Top leadership team (CEO, HODs etc) and the Regional Team for approvals on policy matter

- Proposal finalization for obtaining REMCO approval on any new policies or changes to old ones;

- Design and launch incentive plans across the organisation in partnership with business

- Responsible for annual budgeting (AOP) of the HR function;

- Expat management

- Plan, manage and lead areas of HR Operations like Payroll, HR Systems and Statutory Compliance.

Principal Accountabilities: Key activities and decision making areas/Typical Targets and Measures

Impact on the Business / Function [COMPLETE 3-4 AREAS]

- Strategic Business partner: Design compensation & benefits policies in alignment with business needs, organisational guidelines and market competitiveness.

- Engage with the Top Leadership (HRMG) to obtain approvals for the C&B policies

- Prepare the proposal for obtaining approvals from the Board (REMCO) on policy matters

- End to end administration of inbound/outbound international assignees, viz., contract letter finalisation, pre and post joining formalities, payroll processing, salary reimbursements, Interfacing with the Region on computing the compensation and benefits packages of outbound / inbound seconded employees. etc.

- Compensation and benefits Management

- Policies Conceptualization, designing, stakeholder management and implementation

To ensure that there are no material breaches vis-à-vis

1. Monthly payroll processing

2. Submission of statutory deposits and returns

3. All due payment and recovery is made in full and final settlement or earlier

4. Control on recovery of F&F dues from ex-employees

5. Monitoring vendor bills and ensuring payment as per terms and conditions

To ensure end to end delivery on all activities falling under HR Operations

- Adherence to timelines for placing policy matters for approvals in HRMG and REMCO meetings

- Obtain timely approvals / concurrence from various stakeholders on policy matters

- Timely implementation of policies approved by HRMG

- Adherence to timelines for all the existing processes, accuracy in reporting, files documentation, database management.

- Compensation structure designing,, Ensure external competitiveness of compensation and benefits by benchmarking the same with the identified comparator basket through a third party consultant, design, obtain approvals and recommendations from stakeholders and execute the annual compensation review process. Drive design, approvals and implementation of incentive schemes and contests.

- Drafting, getting approvals from various stakeholders and rolling out of policies as per the business requirements, regular review of polices basis feedback/market data etc, policy awareness for the target group.

- “NIL” cases of any excess/ short payment in monthly payroll; Notice on late payment of statutory dues;

- Notice period dues, if not fully recoverable from F&F, to be recovered before the last working day of the employee; All F&F recovery cases to be closed within 12 months of date of resignation Customers / Stakeholders [COMPLETE 3-4 AREAS]

- Extensive interaction and coordination with Inbound and Outbound International Assignees/ Regional HSBC Teams/ Internal Support Services Team/ External Vendors and the Top Management Team.

- Timely closure of the assigned activities/issues, if any.

Leadership & Teamwork [COMPLETE 3-4 AREAS]

- Ensure that team members are fully skilled and technically competent to manage the day to day expectations from them

- Corporate Social Responsibility Initiatives

- Develop team member by nominating team member to relevant programs for skill development

- The team member will undergo the desired training in their respective areas to enhance/ upgrade their skills

- All team members will volunteer for at least one CSR activity in one half year assessment cycle Operational Effectiveness & Control [COMPLETE 3-4 AREAS]

- To timely report any emerging or inadequately controlled risks and operational risk losses to their line management and the Risk Management Function

- Timely reporting of any emerging or inadequately controlled risks and operational risk losses to the line management and the Risk Management Function.


Major Challenges (The challenges inherent in the role that require a continual test of the role holder’s abilities)

- Aligning the aspirations of employees/expats with the business needs, keeping in view the market trends as well.

- Interacting with various internal and external teams.

Interacting with the top leadership team on compensation, benefits and expat matters

Ensuring error free payroll – Due to extensive spread of offices and manpower, timely communication and coordination between all locations is a challenge

Statutory Compliance – Given the spread of our office locations across India coupled with the archaic laws, ensuring statutory compliance at each location for all the compliances is a challenging task

HR Systems – Developing HR Systems is beyond the evolution stage today and in the back drop of control on costs it is a challenge to choose between must have and good to have features/ system upgradation

HR Risk and Control - Mitigating risks and ensuring complete control is an ongoing activity, with frauds on the increase maintaining tight controls and compliance is a challenge.

Role Context (The environment and operating conditions of the role including the extent of guidance and authority)

- Ensure 100% confidentiality of the data and zero error while salary payouts and audits.

- Extensive interaction and coordination with various internal and external team

Independently handling of operational day-to-day activities with certain amount of supervision for important decisions.

- Post Graduate (Regular) with at least 10-15 years of experience in Insurance Industry preferably.

- Profiles from financial Services can be considered.

- Experience in Compensation and Benefits is mandatory

Call on 9820470040