VP, Benefits

Business Function

Group Human Resources has the important role of attracting, retaining, and nurturing talent to ensure that DBS continues to be a competitive employer in Asia. With a well-established team of HR partners, we support and deliver effective people-based solutions and services across businesses. Our goal is to build a high-performance organisation by empowering and engaging our employees. Because we believe that banking is about people.

Role Objective

Report into the Head of Rewards HK, this role is responsible for overseeing and managing employee benefits programs in DBS Hong Kong. The primary goal will be to design, implement, and administer the whole suits of benefits offerings that help attracting and retaining top talent while ensuring compliance with legal and regulatory requirements. This role is expected to collaborate with various internal stakeholders and external service providers, to develop and execute effective benefits strategies that meet the needs of employees and support DBS Employee Value Proposition (EVP) and organizational goals.

Key Responsibilities

1. Benefits Program Design and Enhancement:

• Develop and implement a comprehensive benefits strategy that aligns with the organization's overall objectives
• Conduct research and analysis to stay updated on industry trends, emerging benefits practices, and regulatory changes
• Collaborate with HR and senior management to assess the organization's benefits needs and identify areas for improvement
• Design and recommend new benefit programs or modifications to existing programs based on research and analysis

1. Benefits Implementation:

• Act as the policy owner & advisor to provide oversight to benefits program implementation (managed by HR Shared Service team)
• Manage benefits brokers and vendors, including negotiating contracts, monitoring service levels, and resolving issues
• Maintain up-to-date knowledge of benefit plan documents, summary plan descriptions, and legal requirements
• Coordinate regular audits and assessments to ensure compliance with applicable laws, regulations, and internal policies

1. Employee Communication and Education:

• Develop and implement communication strategies to educate employees about available benefits options, plan changes, and other relevant information
• Create and distribute benefits materials, including newsletters, brochures, and online resources
• Lead employee meetings, workshops, and webinars to explain benefits programs and address questions

1. Data Analysis and Reporting:

• Collect and analyze benefits data, including utilization, costs, and employee feedback
• Prepare reports and presentations summarizing key findings and recommendations for management review
• Monitor and evaluate the effectiveness of benefits programs, identifying areas for improvement and implementing appropriate changes

1. Compliance and Regulatory Requirements:

• Ensure compliance with all applicable laws and regulations related to employee benefits
• Stay informed about changes in legislation and proactively adjust benefits programs to maintain compliance
• Work closely with legal counsel and external consultants to ensure adherence to regulatory guidelines

Requirements

• Minimum 10 years’ experience in rewards/benefits related areas, preferably in the banking industry and / or with professional consultancy companies
• Solid knowledge in internal HR policies, procedures and best practices within banking industry
• Proven experience in benefits administration or a similar role, with a strong understanding of employee benefits programs and regulations
• Excellent analytical and problem-solving skills
• Good vendor management and contract negotiation skills
• Strong organising and planning skills
• Strong communication, interpersonal and stakeholder management skills

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