Compensation & Benefits Lead

Job Purpose:

Develops, implements, and manages compensation strategies and programs that align with the organization's overall business objectives. Conducts market research, analyzes compensation data, and ensures that the company's compensation practices are competitive, fair, and compliant with relevant laws and regulations.

Responsibilities & Duties:

Compensation Strategy Development:

• Conduct extensive market analysis and benchmarking to maintain up-to-date knowledge of industry trends and best practices.
• Analyzes compensation data to identify pay gaps, inequities, and opportunities for improvement.
• Develops and maintains compensation policies and procedures.

Compensation Structures:

• Design and manage compensation structures, incentive plans, and other compensation programs, ensuring they are competitive, internally equitable, and aligned with the organization’s strategic objectives.
• Lead the annual compensation review process, including merit increases, promotions, and adjustments, ensuring fair and equitable compensation adjustments.
• Conducts compensation and reward surveys to gather market data and benchmark compensation practices.
• Analyzes salary data to identify pay gaps and recommend adjustments.

Job Evaluation and Grading:

• Develops and maintains job evaluation systems to assess the relative value of different positions within the organization.
• Grades jobs based on factors such as skills, experience, responsibilities, and working conditions.

Compliance and Governance:

• Stays current with relevant labor laws, regulations, and compliance requirements related to compensation.
• Develops and maintains compensation governance policies and procedures.
• Maintains accurate records/database of all compensation activities.

Budgeting and Cost Reports:

• Participates in creating the annual budget and evaluates the financial impact of different compensation strategies.
• Develops and administers annual merit increase processes,
• Prepares and develops analytics for people cost and budget monitoring.

Stakeholder Management:

• Maintains relationships with key vendors and third parties, including external compensation and benefits consultants, brokers, insurers, and communities to facilitate clear insights into the market.
• Collaborates with the P&O team, finance, legal, and other stakeholders to ensure alignment of compensation and benefits initiatives with broader organizational goals.

Continuous Process Improvement :

• Identify opportunities for process improvements and implement best practices in compensation administration, leveraging technology and data analytics.

Requirements:

• University Degree in Human Resources Management or relevant field.
• 8 to 10 years of experience working in the compensation or Benefits department or a similar HR role.
• Ability to proactively prioritize and organize workload and manage a variety of tasks simultaneously
• Meticulous, with a high level of accuracy and the ability to detect inconsistencies in data.
• Ability to effectively engage with all stakeholders in an organization.
• Ability to work with and through people to establish goals, objectives, and action plans.
• Excellent Excel skills, Excellent analytical skills, Power BI is a plus.