Head – Performance & Rewards - Mumbai (Intellion Square)

Job Description: Head – Performance & Rewards Company Name: Kotak Life Insurance Designation: Vice President/Senior Vice President Department: Human Resources Location: Goregaon (East), Mumbai, Corporate office Role Overview The PMS & Reward lead is responsible for overseeing and managing all aspects of Performance & 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 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.. Desired Candidate Profile 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. Problem Solving and Critical Thinking, Collaborative, Influencing Skills Strong Networking skills Level Expert or Intermediate or Beginner: Expert