Compensation and Benefits Manager at PalmPay

The Compensation & Benefits Manager will be responsible for developing, implementing, and managing PalmPay’s compensation and benefits programs to attract, retain, and motivate top talent. This role requires a strategic HR professional with deep expertise in reward management, pay structures, incentive programs, and statutory compliance, particularly within the financial services/fintech sector.

Key Responsibilities

Compensation Strategy & Management

• Design, implement, and manage compensation frameworks, salary structures, and incentive programs aligned with business goals.
• Conduct regular salary benchmarking and market analysis to ensure competitiveness.
• Manage annual compensation reviews, promotions, and adjustments in collaboration with HR Business Partners and business leaders.
• Provide insights and recommendations to senior leadership on pay competitiveness, pay equity, and cost-effectiveness.

Benefits Administration

• Oversee employee benefits programs (healthcare, pension, leave policies, wellness initiatives, etc.).
• Ensure statutory compliance with Nigerian labor laws and other applicable regulations across PalmPay’s markets.
• Evaluate and negotiate with external benefits providers (HMOs, insurance firms, pension administrators).
• Develop and implement new benefit initiatives that enhance employee engagement and retention.

Performance & Incentive Programs

• Partner with HRBPs and business leaders to design and manage KPI-linked bonus schemes and sales incentive programs.
• Monitor the effectiveness of incentive plans and make recommendations for improvements.

Analytics & Reporting

• Track and analyze compensation and benefits data to support decision-making.
• Prepare regular reports for management and external auditors.
• Use HRIS and payroll systems to ensure data accuracy and integrity.

Policy & Governance

• Develop, maintain, and communicate compensation and benefits policies.
• Ensure compliance with internal controls, audit requirements, and governance frameworks.
• Train HR team members and managers on compensation policies and practices.

Qualifications

• Bachelor’s degree in Human Resources, Finance, Business Administration, Economics, or related field.
• Professional certification (CIPM, CIPD, SHRM, WorldatWork) is highly desirable.
• 7+ years of progressive HR experience, with at least 3 years specializing in Compensation & Benefits.
• Proven experience in fintech, banking, or other financial services is strongly preferred.
• Strong understanding of Nigerian labor laws, statutory deductions, and compliance frameworks.
• Advanced Excel and HRIS/payroll systems knowledge.
• Excellent analytical, problem-solving, and negotiation skills.
• High integrity, attention to detail, and ability to handle confidential information.

Key Competencies

• Strategic thinking and business acumen.
• Strong stakeholder management and influencing skills.
• Data-driven decision-making.
• Excellent organizational and communication skills.
• Ability to thrive in a dynamic, high-growth environment.

Key Performance Indicators (KPIs)

• Competitiveness of compensation structures (measured against benchmarks).
• Employee retention and engagement levels linked to rewards and benefits.
• Accuracy and timeliness of payroll and statutory compliance.
• Cost-effectiveness of compensation and benefits programs.
• Satisfaction ratings from employees and hiring managers.

Compensation & Benefits

• Competitive salary and performance-based incentives.
• Comprehensive health insurance and wellness programs.
• Pension and statutory benefits.
• Professional development and training support.
• A collaborative and innovative work culture.