Job Description

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Role/Job Title: Lead-Rewards
Business: Corporate Function
Function/ Department: Human Resource
Place of work: \'Mumbai- Corporate Office

Roles & Responsibilities:

\'The Primary Responsibility is to manage Rewards for a set of business & function units, which will include designing & reviewing Compensation structures, benefit programs, Primary and Secondary Benchmarking compensation and benefit practices.

• Design and Drive Performance Management for the New age businesses.
• Responsible for Digital Transformation of the processes.
• Design Long Term and Short term Variable Pay Plans, Retention Plans.
• Develop analytics to evaluate efficiency of various reward programs. Design Dash boards for Leadership
• Define and review skill based compensation ranges for all roles within the Bank.
• Review organization structures and s to determine the values of each role and ensure Bank is competitively positioned. Collaborate with the Talent Acquisition teams to define Hiring grids, Trend Analysis, Mid-point movements.
• Evaluate the compensation landscape to understand and learn from best practices through benchmarking and industry research and employment trends, track legislation and make recommendations.
• Support all compensation planning processes in collaboration with HR Operations.
• Support the development and integration of new and existing reward programs, policies and procedures to ensure that programs are market competitive, internally equitable and cost effective.
• Determine and implement metrics that assess and monitor the effectiveness of ongoing Reward Programs and new initiatives.
• Design Analytics and Dash boards for Rewards program, Performance Management & Variable pay - productivity programs. Program design, deployment and implementation of best in class frameworks.

Secondary Responsibilities:

Communicate actively with Accounting, Finance, Operations, HR and other departments to review cross-functional impact and data sharing
Ensure compliance on Reward related matter.
Policy analysis, development, formulation and implementation.

Key Success Metrics:

\'- Successful completion of projects/ special projects within the timelines
- Best in the industry - Performance Management Process
- Employee engagement with respect to Reward Programs
- Compliance reports

IDFC FIRST Bank