Kotak Life Insurance - Chief Manager/Specialist - Compensation & Rewards (3-10 yrs)

Position:- Specialist - Compensation (Rewards)

Designation:- Chief Manager

Grade:- L5

Department:- Human Resources

Objective of the Role:

- The Compensation Specialist is responsible for assisting in the development, implementation, and management of the organization's compensation programs and policies.

- This role plays a critical part in ensuring that employees are fairly and competitively compensated, while also supporting the organization's overall talent management objectives.

- The Compensation Specialist conducts compensation analysis, administers salary programs, and provides expertise in compensation-related matters.

- This position is also responsible for ensuring that company compensation programs are consistently administered in compliance with internal policies and government regulations.

Key Responsibilities;

- Conduct market research and analysis to benchmark compensation packages against industry standards and competitors.

- Participate in salary surveys to gather external market data, identify trends, outliers and recommend area for improvement & adjustments and ensure the organization's compensation practices remain competitive

- Prepare reports and recommendations based on compensation analysis to support decision-making.

- Assist in the development, administration, and communication of compensation programs, including salary increases, bonuses, and incentives.

- Develop and manage the compensation and benefits management budgets. Monitor expenses and optimize resources to achieve departmental goals.

- Assist in the evaluation and classification of jobs within the organization to ensure internal equity.

- Review job descriptions to determine appropriate salary ranges and job classifications.

- Maintain accurate job documentation and salary structures.

- Provide guidance to HR and managers on salary-related matters, including salary offers, promotions, and adjustments.

- Ensure that compensation practices adhere to legal requirements and industry standards. Stay informed about changes in labour laws and relevant regulations related to compensation.

- Maintain accurate and up-to-date compensation data in the Human Resources Information System (HRIS) or compensation database.

Education: Graduate/Post Graduate

Work experience in years:

- Minimum 3 years working experience on Compensation & Benefits or Analytics.

- In-depth knowledge of compensation principles, performance management best practices, and relevant employment laws.

- Expert knowledge in Excel, PowerPoint (making and delivering presentations)

- Ability to develop and maintain effective working relationships with various stakeholders.

- Proficiency in HRIS (Human Resources Information System) and data analysis tools.

- Quick response time to queries

- Collaboration in working with cross functional teams and solution oriented behavior

Skills / experience required:

- Reports, analytics and MIS and data driven decision-making skills.

- Excellent communication and interpersonal skills.

- Problem Solving and Critical Thinking, Collaborative, Influencing Skills

- Strong Networking skills