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Position - Head - Compensation & Benefit
Designation - AVP
Location - New Delhi
Our client is a young, dynamic, visionary company in the Indian credit markets. A leading Fintech player and well diversified in 4 main businesses: Corporate Lending Real Estate (RE)/Non RE, Consumer Finance (purely into digital lending), Affordable Housing and 2 Alternate Investment Funds.
JD :
The incumbent is expected to lead the Compensation & Benefits, HR Operations and Compliances portfolio.
The incumbent under the leadership of the Head – Talent Management and CHRO, will be accountable for:
Planning and Budgeting, Compensation Management, Annual Compensation Review & AIP Management, HR Operations and Compliances. S/he will also monitor market conditions and government regulations to ensure that pay rates are current and competitive. In her/his role, s/he will validate & supervise end to end payroll and Employee Stock Ownership Plan (ESOP) for the entire Company and gather business intelligence around trends and best practices and prepare proposals for implementation in the organization.
a. Support in the collation of the compensation and benefits budget, including its monthly/quarterly review and monitoring.
i. Gather data on hiring projections and potential cost allocation of resources.
ii. Prepare HR Budget and resource plan to optimize resources w.r.t. business forecast.
iii. Monitor expenditure periodically to track adherence to "For the year" budget.
b. Compensation benchmarking and HR operations to ensure employee satisfaction and adherence to HR Compliance and audit standards with aligned objectives to support the business goals.
c. Coordinate C&B processes like the salary planning, bonus planning, new benefits introduction etc.
d. Serves as an SME and advisor Head Talent Management, HRBPs and Talent acquisition teams as needed in all aspects of compensation design planning and administration processes
e. Oversee the Insurance Programs; Select and manage insurance partners, create, and maintain data reports with high quality orientation and execute process steps for timely enrolment and exclusion of employee & dependents data.
f. Provide accurate data to internal partners (finance and HR Ops team) and external stakeholders (Insurer, TPA) as per requirements of respective programs
g. Document policy guidelines for C&B programs and lead efforts for approvals from leadership. Lead communication for C&B programs including structured (e.g. FAQ documents) and unstructured queries from managers and HRBPs.
h. Perform payroll validation activities like G2N validation, net pay, previous to current, input v/s output, bank file etc.
i. Monitor competitive wage rates to develop and modify compensation plans.
j. Gather market intelligence for the HR Head on progressive practices linked with Benefits/ Flexi compensation etc. and mobilize the implementation of any change that comes in the salary/ wage code as per company’s decision.
a. Deliver monthly payroll on time with 100% accuracy and statutory payments to respective authorities within deadline.
b. Complete monthly payroll processing and balancing for all group companies (approximately 650+ associates) to include:
c. Accurate and complete biometric attendance processing
d. Process deductions and benefits accurately and timely
e. Prepare payroll and benefits related journal entries to be posted to the accounting system
f. Prepare and balance period-end reports
g. Validate year end forms and also ensure company filing is completed accurately within the timeline.
h. Process terminations ensuring the accuracy for the final earnings payout
i. Process F&F settlement as per the company protocol
j. Generate, balance, and submit monthly/quarterly/annual state and central tax and benefit information for all locations.
k. Provide technical expertise, information and assistance in all matters related to the payroll system.
a. Maintain ESOP database data and make corrections/updates to existing ESOP database in system Audit ESOP benefit records to ensure accuracy and consistency of data within the company’s payroll systems.
b. Verify ESOP statements and administer ESOP distribution payments for all terminated/retired participants.
c. Work with Finance to ensure compliance with incomes tax and Regulatory requirements for ESOP retirementplan.
d. Manage administrative process for ESOP plan audit to ensure timely preparation in advance of audit as well as respond to auditor requests. Assist with review of all related documents.
e. Performs other related tasks as needed.
a. Oversee the payroll and compensation module of the HRMS (Human Resource Management System)
b. Supervise to enable the up keep of all HR employee files to ensure that they are complete in all aspects. c.
a. Supervise team members on timely payroll processing and statutory payments and related compliances.
b. Conduct Internal Audits and gathers/ collates/ coordinates for review on all other audit/inspections related tasks.
c. Oversee end to end responsibility of all new statutory changes implementation in payroll system accurately.
d. Validation of year end forms and also ensure company filing is completed accurately within timeline.
a) Qualifications
§ Minimum Qualification required: Master’s Degree/Postgraduate
§ Qualifications preferred: HR
§ Minimum 07 years of experience in payroll/compensation and benefit, preferably with regional payroll experience.
§ Hands on experience in using Payroll and/or HR systems including managing ESOP programs.