Specialist - Compensation & Benefits

Key Responsibilities:

The person is responsible for overseeing the end-to-end process for employee exit settlements, ensuring accurate and timely processing of all financial and statutory dues owed to departing employees. This role involves close coordination with HR, Finance, and Compliance teams to manage settlements in line with company policies and legal regulations. The ideal candidate will have a strong understanding of payroll, labor laws, and compliance, along with excellent communication and problem-solving skills

1. Full & Final Settlement Processing:

• Manage and execute the full and final settlement process for departing employees, ensuring accuracy, completeness, and compliance with company policy and local labor laws.
• Calculate pending dues, unpaid leave, bonuses, gratuity, and any other employee entitlements. o Process any deductions, such as loan repayments, salary advances, or notice period dues, as per policy

2. Payroll Operations Management:

• Oversee payroll operations to ensure accurate and timely payroll processing in coordination with F&F settlements.
• Collaborate with the payroll team to align F&F processes with overall payroll cycles, ensuring seamless integration

3. Car Lease Operations:

• Manage and coordinate car lease processes related to F&F settlements, including return, buyout, or transfer of leased vehicles upon employee exit.
• Ensure all financial aspects of car lease settlements are accounted for accurately in coordination with payroll and finance teams

4. Compliance and Statutory Requirements:

• Ensure settlements adhere to statutory compliance requirements, such as tax deductions, provident fund, gratuity, and other regulatory requirements.
• Stay updated on labor laws and regulations impacting employee settlements and make necessary adjustments to policies and processes

5. Coordination with HR and Finance Teams:

• Collaborate with HR to verify employee exit details, documentation, and data for accuracy.
• Work closely with the Finance team to ensure accurate recording and reconciliation of F&F settlements.
• Ensure accurate tax calculations and coordinate with Finance for income tax adjustments related to settlements

6. Employee Communication and Query Resolution:

• Serve as the main point of contact for departing employees regarding F&F settlements, addressing their queries and concerns promptly.
• Provide clear and concise information to employees on the components of their settlement, deductions, and payment timelines.
• Handle escalations professionally and ensure a positive employee experience.

7. Process Improvement and Documentation:

• Continuously review the F&F process to identify areas for improvement and enhance efficiency and accuracy.
• Document F&F policies, procedures, and workflows, ensuring clarity and consistency in process execution.

o Implement automation and process streamlining to reduce manual errors and processing time

8. Reporting and Analysis:

• Prepare and maintain monthly F&F settlement reports, including status updates, trends, and key metrics.
• Analyze settlement data to identify common issues, trends, or gaps and propose solutions for improvement.
• Provide F&F-related insights to the HR and Finance teams to support strategic planning

Qualifications and Skills:

• Education: Bachelors degree in Finance, Accounting, Business Administration, or a related field.

• Strong organizational skills and the ability to manage multiple priorities.

• High level of integrity, confidentiality, and commitment to compliance.
• Ability to work effectively in a cross-functional, collaborative environment.

Additional Requirements:

• Ability to handle confidential information with integrity.

• Strong analytical skills and high attention to detail.

• Adaptable to a fast-paced environment and change management