Reward Specialist - Compensation and Benefit

Job Descriptions - Compensation and Benefit specialist (1+Year)

· 1 -5 years of relevant experience in Compensation & Benefits with and related Certifications of Compensation and benefit.

· Compensation and Benefits (C&B) expert for designing, implementing, and managing compensation and benefits programs that are fair, competitive, and compliant with regulations.

· Understanding the various methods for assessing the worth and complexity of different jobs within the organization. Participate in HO projects for Job Mapping based on recommended architecture.

· Salary Structures and Pay Ranges: Designing and maintaining fair and competitive pay structures with defined salary ranges for different positions. Salary recommendations and fitments on internal movements/transfers and promotions. Sharing Salary proposals to recruitment team for external candidates.

· Salary Administration: Responsible for administering salary increases, bonuses, Variable Pay, and incentive programs based on established guidelines and performance reviews. Liaison with payroll team on inputs.

· Market Research and Benchmarking (Internal & External): Staying informed about current compensation trends and conducting salary surveys to ensure the organization's pay offerings remain competitive within the market. Performing analysis on compensation benchmarking surveys carried out annually, bi-annual and as per requirement.

· Legal Compliance: Understanding and adhering to state wage laws impacting compensation practices. Keep an eye on statutory changes in acts and take proactive actions, Revisit and design salary structure on statutory compliance. Liaising with an external audit team and ensuring compliance is 100%.

· Attract and Retain Top Talent: Help the organization position itself as an employer of choice. This attracts qualified candidates and motivates current employees to stay with the company. Also, involves continuous suggestion on evolving trends, making our compensation programme more attractive and efficient.

· Benefits Design and Implementation: Designing and implementing various employee benefit programs to meet employee needs, considering factors like cost, compliance, and industry best practices.

· Benefit Programs: Introducing different programs which have benefit offerings such as health insurance plans, retirement savings plans, paid time off policies, and voluntary benefits.

· Benefits Vendor Management: Managing relationships with vendors who provide these benefits, ensuring they deliver services effectively and efficiently.

· Benefits Communication: Effectively explaining complex benefit plans and enrolment options to employees for ensuring informed decision-making.

· Benefits Regulations: Understanding relevant state regulations governing employee benefits. Being proactively updated on any changes in employee benefits.

· Negotiation: Participation in Negotiations and renewal of the Group Mediclaim Cover, Group Life Insurance, Group Accident Benefit Cover, etc. with the vendors.