Compensation & Benefits - Mumbai

Job Description:

At Kotak Mahindra Bank, this role is a Compensation & benefits role lead for a specific Business vertical. Incumbent to this role is required to lead a small team of Comp & Benefits Relationship Manager and be responsible for compensation analysis and benchmarking, Incentive Scheme study and management, productivity analysis and overall performance and rewards management for the business vertical they are aligned to.

Compensation Benchmarking

• Actively work on compensation benchmarking study for various sponsored and forum based surveys
• Work closely with Business HR Team for evaluating compensation needs for business verticals
• Analysis basis comp survey outcome, internal parity and input for decision on compensation
• Compensation Review Process:

• Actively work on annual compensation budgeting, simulations & planning for execution
• Work with Business team for finalizing the compensation, rating normalization process and building the proposals as per the plan
• Interact with leadership team for comp review process
• Actively involved in the roll out and conclusion of the process
• Handle off cycle comp reviews
• Proactively review compensation of employees in the respective business segments based to internal comp, market comp and retention challenges

Variable Pay:

• Actively work on incentive scheme formation keeping in mind the role deliverables, productivity benchmarks and balance of Fixed to Variable ratio of the compensation
• Work on incentive calculations, analysis and approval process
• Monitoring of payout of Incentives
• Work on the annual bonus plan budgeting, simulation and total variable pay impact linkages to business performance
• Work with Business Team for finalizing the annual bonus plan
• Interact with leadership team for comp review process

Rewards strategy for Business

• Actively partner with HR Business Partners and Business leaders on all C&B projects and activities
• Sharing compensation related insights with business to enable decision making on pay, cost, total rewards
• Enabling HR and business teams with data/process/policies related to C&B for better employee experience and efficient ways of working

Compensation Analytics:

• Comp Analytics pre, during and post compensation review cycle
• Comp analysis basis internal, market benchmark data, hiring data and other market insights
• Industry trends/ Market insights on compensation for the area of business
• Variable pay linkage analysis with business output, productivity and earning analysis
• Propose interventions based on comp analysis for retention, proactive corrections & productivity improvement

• MBA with specialization in HR or Masters in Statistics from Top Tier Companies
• Excellent data handling capability with hands-on experience in working on excel complex formulas
• Knowledge of working on Macros and Power BI will be added advantage
• Excellent stakeholder management and problem solving skills
• Prior experience of 6 -8 years in Compensation / Total Rewards role (either in company or consultancy)