Kotak Life Insurance - Head - Performance & Rewards

: Head - Performance & Rewards
Company Name: Kotak Life Insurance
Designation: Senior Vice President
Department: Human Resources
Location: Goregaon (East), Mumbai, Corporate office
Role Overview
The Reward lead is responsible for overseeing and managing all aspects Reward management within the organization. This role requires a deep understanding of compensation & reward strategies, performance evaluation methods, and the ability to align these functions with the company's overall business objectives. The Reward lead plays a crucial role in attracting, retaining, and motivating employees while ensuring that their performance contributes to the company's success.
Key Responsibilities

- Develop, implement, and continuously refine the organization's compensation strategy to attract and retain top talent.
- Analyze industry trends, benchmarking data, and market conditions to ensure competitive compensation packages.
- Ensure compliance with all relevant laws and regulations related to compensation
- Designing and Managing all aspects of compensation planning, including salary structures, bonuses, incentives, and equity programs, pay for performance.
- Conduct regular compensation reviews to maintain fairness and equity within the organization.
- Assist in the evaluation and classification of jobs within the organization to ensure internal equity.
- Review job descriptions to determine appropriate salary ranges and job classifications.
- Provide guidance to HR and managers on salary-related matters, including salary offers, promotions, and adjustments.
- Participate in salary surveys to gather external market data and ensure the organization's compensation practices remain competitive.
- Design, develop, implement and oversee the performance management framework, including performance appraisal processes, goal setting, performance evaluations feedback mechanisms and performance improvement plans.
- Collaborate with department heads and managers to establish clear, measurable, and achievable performance objectives for employees.
- Ensure that individual and team goals are aligned with the organization's strategic goals and objectives.
- Provide guidance and training to managers and employees on performance management best practices.
- Collaborate with HR and communication teams to ensure clear and effective communication of compensation and performance-related information to employees.
- Work with HR and department heads to identify training and development opportunities for employees to improve their performance and career growth.
- Foster a culture of transparency and fairness in compensation and performance practices.
- Implement succession planning strategies to ensure a strong pipeline of talent.
- Stay up-to-date with changes in employment laws and regulations to ensure compliance.
- Develop and manage the compensation and performance management budgets. Monitor expenses and optimize resources to achieve departmental goals.
- Collaborate with HR and finance teams to ensure accurate and timely payroll processing.
Education: Post Graduate
Work experience in years:
- A minimum of 10 years + experience in compensation and performance management.
- In-depth knowledge of compensation principles, performance management best practices, and relevant employment laws.
- Expert knowledge in Excel, PowerPoint (making and delivering presentations)
- Ability to develop and maintain effective working relationships with various stakeholders.
- Proficiency in HRIS (Human Resources Information System) and data analysis tools.
- Quick response time to queries
- Collaboration in working with cross functional teams and solution oriented behavior
Skills / experience required:
- Reports, analytics and MIS and data driven decision-making skills.
- Excellent communication and interpersonal skills.