Job Description
Core Responsibilities
• Manage major Compensation processes like the Bank’s Annual Compensation Review and the preceding Wage Cost budgeting
• Partner with Consultants like Aon / Deloitte in their annual surveys to gather market intelligence and benchmarking data
• Design executive compensation structures and the associated LTI program. Track the roll out of instruments like ESOPs / RSUs
• Support in designing and iteration of Total Reward policy of the Bank in line with prudent risk management principles
• Liaise with Payroll and Finance teams to ensure that Compensation data related to MD&CEO / Board of Directors is correctly captured in statutory reports
• Strive for automation of compensation processes and reporting. Partner with HR System / Technology team to fully leverage the HRIS to meet system requirements
• Align the compensation process to contemporary market trends and enable it to be competitive with peer organizations
• Analyze Hiring compensation levels, Pay equity, Wage cost thresholds for gaps and discrepancies
• Draft responses for queries raised by Bank’s Internal Audit/Compliance team as well as well as external regulatory bodies like RBI
• Train HR Business Partners and other HR central teams on compensation management programs and policy changes
• Prepare annual calendar of key actions for the Compensation team and ensure timely closure
Qualifications
• MBA HR from reputed institutes will be preferred
• 1-3 years of relevant work experience in compensation management role in large organizations, preferably from Banking
• Proficient in MS Office (Excel, Power point, Word)
• Understanding of Advanced Excel or Power BI or Tableau
• Aware of trending compensation concepts
• Excellent written and verbal communication
• Adept at tactfully managing stakeholders and maintaining confidentiality
• Manage major Compensation processes like the Bank’s Annual Compensation Review and the preceding Wage Cost budgeting
• Partner with Consultants like Aon / Deloitte in their annual surveys to gather market intelligence and benchmarking data
• Design executive compensation structures and the associated LTI program. Track the roll out of instruments like ESOPs / RSUs
• Support in designing and iteration of Total Reward policy of the Bank in line with prudent risk management principles
• Liaise with Payroll and Finance teams to ensure that Compensation data related to MD&CEO / Board of Directors is correctly captured in statutory reports
• Strive for automation of compensation processes and reporting. Partner with HR System / Technology team to fully leverage the HRIS to meet system requirements
• Align the compensation process to contemporary market trends and enable it to be competitive with peer organizations
• Analyze Hiring compensation levels, Pay equity, Wage cost thresholds for gaps and discrepancies
• Draft responses for queries raised by Bank’s Internal Audit/Compliance team as well as well as external regulatory bodies like RBI
• Train HR Business Partners and other HR central teams on compensation management programs and policy changes
• Prepare annual calendar of key actions for the Compensation team and ensure timely closure
Qualifications
• MBA HR from reputed institutes will be preferred
• 1-3 years of relevant work experience in compensation management role in large organizations, preferably from Banking
• Proficient in MS Office (Excel, Power point, Word)
• Understanding of Advanced Excel or Power BI or Tableau
• Aware of trending compensation concepts
• Excellent written and verbal communication
• Adept at tactfully managing stakeholders and maintaining confidentiality
💡 Quick Summary
Seeking a career-building opportunity? The Senior Compensation Specialist position is now open for candidates interested in the Bank Jobs sector. This role in Mumbai offers a professional environment and growth potential.
Requirement Snapshot: Candidates should possess basic communication skills, a proactive attitude, and the ability to work in a team. Experience in Bank Jobs is a plus.