About the role
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.
Requirements
Qualifications:
- Education:
Bachelor’s degree in HR, Business Administration, or related field;
Master’s or professional certifications (CCP, CEBS) preferred.
- Experience:
15+ years in compensation and benefits, including leadership experience,
preferably in the insurance industry.
- Skills:
Strong knowledge of compensation strategy, benefits administration,
regulatory compliance, and financial management.