Senior Manager/AVP - Compensation and Benefits

Key Responsibilities:<\/b>

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• Annual Appraisals & Performance Management<\/b>: 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.

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• Compensation & Budget Management<\/b>: Forecast and manage the compensation budget to ensure financial sustainability while remaining competitive. Align salary ranges and structures to market standards and internal equity.

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• Market Benchmarking<\/b>: Conduct regular market benchmarking (e.g., Aon, industry peers) to ensure competitive salary and benefits offerings, reducing the risk of talent attrition.

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• Bonuses & Long -Term Incentives<\/b>: Manage bonuses, LTIP, and phantom stock schemes to align employee performance with organizational goals.

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• Benefits Operations<\/b>: Administer key benefits like group mediclaim, life insurance, car leases, and employee wellness programs. Ensure timely processing and comprehensive coverage.

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• Regulatory Compliance<\/b>: Ensure adherence to regulatory guidelines (IRDAI, etc.) regarding compensation and benefits to avoid legal risks and penalties.

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• Stakeholder Management<\/b>: Collaborate with internal stakeholders (HR, finance, leadership) and external vendors (insurance providers, consultants) to align compensation programs with company objectives.

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• Executive Compensation<\/b>: Support the Nomination and Remuneration Committee (NRC) with senior executive compensation decisions, aligning them with business strategy.

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• Financial Oversight<\/b>: Optimize compensation and benefits costs through careful financial management, vendor negotiations, and cost -benefit analysis.

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Requirements<\/h3>Qualifications:<\/b>

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• Education<\/b>: Bachelor’s degree in HR, Business Administration, or related field; Master’s or professional certifications (CCP, CEBS) preferred.

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• Experience<\/b>: 15+ years in compensation and benefits, including leadership experience, preferably in the insurance industry.

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• Skills<\/b>: Strong knowledge of compensation strategy, benefits administration, regulatory compliance, and financial management.

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