Position – Compensation & Benefit Specialist
Experience – 4+ years
Location – Vadodara
Job Description
We are looking for a Compensation and Benefits Specialist to oversee and administer the employee’s perfect rewards and smart benefits. You will assess personnel needs and draft targeted programs that will increase performance, organizational trust, and satisfaction.
Key Responsibilities
- Prepares the compensation and benefits budget, including the regular monitoring, reporting, and adjusting of the budget
- Coordinates C&B processes like the salary planning, bonus planning, new benefits introduction, etc.
- Designs and develops compensation policies
- Responsible for Salary negotiation & finalizing compensation.
- Response to queries, policy clarifications, grievance handling, counselling, providing guidance as needed to resolve personnel/HR related issues.
- Responsible for the timely renewal of medical, Group insurance and Gratuity Policy.
- Analyses different components of the remuneration scheme in the organization and prepares reports about the internal equity and external competitiveness
- Designs and develops different schemes of the variable remuneration (incentive schemes for the Sales functions, bonus schemes enabling functions and employees)
- Implementing Pre payroll Processing, Payroll processing and post payroll practice
- Ensure Labour Law compliance & liaison with Labour Law consultant
- Maintenance of various registers required under Labour law
- Timely Payment & filing of statutory returns related to payroll including but not limited to PF, Gratuity, ESIC, Profession tax etc. Issue form-16 to employees
- Closely cooperates and manages the relationship with the external compensation consulting company
- Leads and manages compensation projects for the entire organization
- Participates as the team member in the strategic projects and initiatives
- Design policies to close gaps in the compensation of employees (introducing the internal equity at affordable costs)
- Trains line managers in the complex usage of different HR and Compensation policies
- Advice top managers in taking difficult decisions in the area of compensation, benefits and motivation of employees
- Coordinated with individual employees in case of any stuck-up statutory benefits from PF Dept, ESIC Medical or Sickness Benefit, WC Payment, Mediclaim Policy etc.
- Maintaining a harmonious work climate by meeting the employees regularly to understand their problems and solve them.
Requirements
- Proven working experience as a compensation and benefits specialist
- Prior experience in HR practices and compensation cycle management
- Previous experience with organizational psychology and labour market surveys
- Adequate knowledge of current labour rules and regulations
- Familiarity with various types of incentives and benefits
- Extensive knowledge of HRIS and MS Office
- Strong quantitative and analytical skills
- Bachelor’s degree in human resources, business administration, finance, or accounting