PhonePe - Lead - Compensation & Benefits - IIM/ISB/MDI/FMS/XLRI (4-6 yrs)

Role Overview:

Lead C&B will play a critical role in developing and implementing comprehensive compensation programs that attract, retain and motivate employees. Monitors the job market, latest trends in the compensation and benefits and reviews/recommends best practices for the organization without major impact on costs. Manages the compensation policies and procedures with flexibility while keeping the internal equity and the external competitiveness in mind.

Detailed responsibilities :

Compensation:

- Lead the design, implementation, and administration of all compensation programs, including base salary structures, variable pay plans, equity incentives

- Manage the annual compensation review cycle, including salary adjustments, promotions and bonuses

- Conduct regular benchmarking and analysis of compensation and benefits practices to ensure competitiveness and compliance with market trends and legal requirements.

- Collaborate with HR business partners and other stakeholders to provide guidance and support on compensation and benefits-related matters, including job evaluations, salary reviews, and benefits enrollment.

- Monitor expenditure against targets and implement adjustments for financial sustainability.

- Provide regular reporting on budget performance and variance analysis to senior leadership

- Design and administration of ESOP Plan for the organization

Benefits Administration:

- Oversee the management and administration of employee benefits programs, including health and welfare plans, retirement savings plans, and other employee benefits.

- Participate in market studies on topics related to benefits including but not limited to employee benefits trends, emerging practices, wellness, etc

- As a Benefits subject matter expert, support design and implementation of benefits programs, policies, and procedures.

- Evaluate and recommend changes to benefits offerings to ensure they meet the needs of our employees and remain competitive in the market

- Participate in renewal of insurance plans and other regular Benefits programs/functional projects.

- Support partner engagement, documentations and benefits communication towards an effective execution

- Collaborate with external vendors and brokers to negotiate contracts, resolve issues, and optimize the delivery of benefits services.

Qualification:

- Master in human resources with 4-6 years of experience from Tier 1 (XLRI, MDI, SIBM & TISS)

- Awareness of employment laws and regulations related to rewards and benefits.

- Good understanding of compensation structures, employee benefits, incentives, and recognition programs.

- Excellent analytical and problem-solving skills, with the ability to interpret and analyze complex data.

- Proficiency in using HR information systems and compensation software tools.

- Strong attention to detail and accuracy in all aspects of work