Manager - Compensation & Benefits - IIM/XLRI/SCMHRD/TISS (2-3 yrs)

Manager- Compensation and Benefits

The Compensation and Benefits Manager plays an important role in effective management of compensation and benefits across all business units within the organization. This role carries the responsibility of ensuring that the compensation and benefits programs are competitive, equitable, and aligned with the organization's strategic objectives. Additionally, the Compensation and Benefits Manager drives the people analytics function, utilizing data-driven insights to inform decision-making processes related to compensation, benefits, and overall workforce management.

Qualifications:

- MBA (from one of the premier institutes)

- Post qualification 2-3 years of experience in compensation and benefits management in well-known large companies.

- In-depth knowledge of compensation principles, practices, and regulatory requirements.

- Strong understanding of employee benefits programs and trends.

- Proficiency in HRIS systems and advanced IT skills for data analysis.

- Excellent communication and interpersonal skills.

- Analytical mind-set with the ability to translate data into actionable insights.

- Proven ability to collaborate effectively across diverse stakeholders and drive results in a matrix organization.

- Should be open to relocate.

Key Responsibilities:

Compensation Management:

- Develop, implement, and manage compensation strategies and programs to attract, retain, and motivate employees.

- Conduct regular benchmarking and market analysis to ensure the organization's compensation packages remain competitive.

- Collaborate with leadership to establish and maintain salary structures, pay scales, and incentive programs.

Benefits Administration:

- Design, implementation, and administration of employee benefits programs.

- Monitor benefits trends and regulatory developments to ensure compliance and competitiveness.

- Evaluate the effectiveness of existing benefits programs and recommend enhancements or changes as needed.

Policy Development and Compliance:

- Develop, review, and update compensation and benefits policies and procedures to ensure alignment with legal requirements and organizational objectives.

- Stay abreast of relevant laws and regulations governing compensation.

- Ensure adherence to internal policies and external regulations related to compensation and benefits practices.

Employee Communication and Education:

- Communicate compensation and benefits policies, programs, and changes to employees effectively.

- Provide guidance and support to employees regarding compensation and benefits inquiries or issues.

People Analytics:

- Development and implementation of a comprehensive people analytics strategy.

- Collect, analyze, and interpret HR data to identify trends, patterns, and insights related to compensation, benefits, and workforce demographics.

- Utilize data-driven insights to inform decision-making processes and drive continuous improvement in compensation and benefits programs.

- Collaborate with cross-functional teams to leverage people analytics for talent acquisition, retention, performance management, and succession planning.

Stakeholder Collaboration:

- Partner with senior leadership, HR business partners, finance, and other relevant stakeholders to align compensation and benefits strategies with business objectives.

- Collaborate with external vendors, consultants, and industry peers to gather insights and best practices in compensation and benefits management.

- Serve as a subject matter expert on compensation and benefits-related matters, providing guidance and recommendations to stakeholders as needed.

This job description is intended as a representation of the primary responsibilities of and qualifications for this position. The job description is not intended as inclusive of all duties an individual in this position might be asked to perform or of all qualifications that may be required either now or in the future