Key Responsibilities: Annual Appraisals & Performance Management: Oversee the annual appraisal process, ensuring timely and fair evaluations, salary increments, and bonus distribution. Manage the performance management system (PMS) to link employee performance with rewards. Compensation & Budget Management: Forecast and manage the compensation budget to ensure financial sustainability while remaining competitive. Align salary ranges and structures to market standards and internal equity. Market Benchmarking: Conduct regular market benchmarking (e.g., Aon, industry peers) to ensure competitive salary and benefits offerings, reducing the risk of talent attrition. Bonuses & Long-Term Incentives: Manage bonuses, LTIP, and phantom stock schemes to align employee performance with organizational goals. Benefits Operations: Administer key benefits like group mediclaim, life insurance, car leases, and employee wellness programs. Ensure timely processing and comprehensive coverage. Regulatory Compliance: Ensure adherence to regulatory guidelines (IRDAI, etc.) regarding compensation and benefits to avoid legal risks and penalties. Stakeholder Management: Collaborate with internal stakeholders (HR, finance, leadership) and external vendors (insurance providers, consultants) to align compensation programs with company objectives. Executive Compensation: Support the Nomination and Remuneration Committee (NRC) with senior executive compensation decisions, aligning them with business strategy. Financial Oversight: Optimize compensation and benefits costs through careful financial management, vendor negotiations, and cost-benefit analysis. Requirements Qualifications: Education: Bachelor’s degree in HR, Business Administration, or related field; Master’s or professional certifications (CCP, CEBS) preferred. Experience: 15+ years in compensation and benefits, including leadership experience, preferably in the insurance industry. Skills: Strong knowledge of compensation strategy, benefits administration, regulatory compliance, and financial management.