Senior Manager/AVP - Compensation and Benefits

Key Responsibilities:

• Annual
  Appraisals & Performance Management: 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.
  
• Compensation
  & Budget Management: Forecast and manage the compensation budget
  to ensure financial sustainability while remaining competitive. Align
  salary ranges and structures to market standards and internal equity.
  
• Market
  Benchmarking: Conduct regular market benchmarking (e.g., Aon, industry
  peers) to ensure competitive salary and benefits offerings, reducing the
  risk of talent attrition.
  
• Bonuses
  & Long -Term Incentives: Manage bonuses, LTIP, and phantom stock
  schemes to align employee performance with organizational goals.
  
• Benefits
  Operations: Administer key benefits like group mediclaim, life
  insurance, car leases, and employee wellness programs. Ensure timely
  processing and comprehensive coverage.
  
• Regulatory
  Compliance: Ensure adherence to regulatory guidelines (IRDAI, etc.)
  regarding compensation and benefits to avoid legal risks and penalties.
  
• Stakeholder
  Management: Collaborate with internal stakeholders (HR, finance,
  leadership) and external vendors (insurance providers, consultants) to
  align compensation programs with company objectives.
  
• Executive
  Compensation: Support the Nomination and Remuneration Committee (NRC)
  with senior executive compensation decisions, aligning them with business
  strategy.
  
• Financial
  Oversight: Optimize compensation and benefits costs through careful
  financial management, vendor negotiations, and cost -benefit analysis.
  

Requirements

Qualifications:

• Education:
  Bachelor’s degree in HR, Business Administration, or related field;
  Master’s or professional certifications (CCP, CEBS) preferred.
  
• Experience:
  15+ years in compensation and benefits, including leadership experience,
  preferably in the insurance industry.
  
• Skills:
  Strong knowledge of compensation strategy, benefits administration,
  regulatory compliance, and financial management.