Compensation And Benefits Specialist

Job Description

KEY RESPONSIBILITIES: COMPENSATION MANAGEMENT: Job Analysis and Evaluation : Understanding the various methods for assessing the worth and complexity of different jobs within the organization. Participate in HO projects for Job Mapping based on recommended architecture. Salary Structures and Pay Ranges: Designing and maintaining fair and competitive pay structures with defined salary ranges for different positions. Salary recommendations and fitments on internal movements / transfers and promotions. Sharing Salary proposals to recruitment team for external candidates. Salary Administration: Responsible for administering salary increases, bonuses, Variable Pay and incentive programs based on established guidelines and performance reviews. Liaison with payroll team on inputs. Market Research and Benchmarking ( Internal & External ) : Staying informed about current compensation trends and conducting salary surveys to ensure the organization's pay offerings remain competitive within the market. Performing analysis on compensation benchmarking surveys carried out annually, bi-annual and as per requirement. Legal Compliance: Understanding and adhering to state wage laws impacting compensation practices. Keep an eye on statutory changes in acts and take proactive actions, Revisit and design salary structure on statutory compliance. Liaising with external audit team and ensuring compliance is 100%. Attract and Retain Top Talent: Help the organization position itself as an employer of choice. This attracts qualified candidates and motivates current employees to stay with the company. Also, involves continuous suggestion on evolving trends, making our compensation programme more attractive and efficient. Administrative Activities : Updating internal documents / letters and MyHR data. Managing employee database effectively. BENEFITS ADMINISTRATION: Benefits Design and Implementation: Designing and implementing various employee benefit programs to meet employee needs, considering factors like cost, compliance, and industry best practices. Benefit Programs: Introducing different programs which have benefit offerings such as health insurance plans, retirement savings plans, paid time off policies, and voluntary benefits. Benefits Vendor Management: Managing relationships with vendors who provide these benefits, ensuring they deliver services effectively and efficiently. Benefits Communication: Effectively explaining complex benefit plans and enrollment options to employees for ensuring informed decision-making. Benefits Regulations: Understanding relevant state regulations governing employee benefits. Being proactively updated on any changes in employee benefits. Negotiation : Participation in Negotiations and renewal of the Group Mediclaim Cover, Group Life Insurance, Group Accident Benefit Cover, etc. with the vendors. HR ANALYTICS & REPORTING Internal Pay Equity Analysis: C&B experts design and implement various employee benefit programs to meet employee needs, considering factors like cost, compliance, and industry best practices Internal Pay Equity Analysis : Providing data point to assess how individual and overall compensation cost aligns with established targets while considering other factors like performance, experience, and market data for a comprehensive understanding of an employee's compensation. Budgets vs Actual : Keeping an eye on any variances while tracking budgets and actuals. C&B Dashboards: Develop interactive dashboards that provide a real-time overview of key metrics to leadership team. IDEAL PROFILE: Business Acumen: Understanding of the organization's business goals and how C&B programs can support them. Data Analysis and Reporting: Strong analytical skills to analyze compensation and benefits data to identify trends and develop insights. Compliance: In-depth understanding of state, and local laws and regulations related to compensation and benefits. Strategic Thinking: Ability to analyze data and identify opportunities to improve the effectiveness and cost-efficiency of C&B programs. Technology Skills: Proficiency in HR information systems (HRIS) and other relevant software used for C&B administration. Vendor Management: Experience in managing vendor relationships with benefits providers and negotiate effectively. Qualification: Masters degree in Business Administration, Project Management, or related field. Experience: 2-7 years of relevant experience in Compensation & Benefits. Certifications (if any): Relevant certifications such Certified Compensation Professional (CCP) is desirable.