Compensation, Benefits & Reward Specialist at Prudential Zenith Life Insurance

Principal Accountabilities /Responsibilities

• Reviews existing reward process and incentives, identifies gaps in comparative with industry and market data, and design/execute effective compensation and benefits programs. Develop and implements compensation and benefits strategies that are aligned with the company's business objectives.
• Conducts benchmarking and market analysis to ensure competitiveness of compensation packages.
• Analyzes compensation data and market trends to recommend salary adjustments and bonus structures, for market positioning.
• Champions the annual salary review process, including budgeting and forecasting, supported with relevant data.
• Reviews and ascertains accuracy of monthly payroll data, including End-of-Service (EOS) statement computation. Administers employee benefits programs, including health insurance, retirement plans, and related awareness programs.
• Ensures tracking and timely compliance with up-to-date regulatory requirements (taxes, group life, NSITF, etc.) and internal policies related to compensation and benefits.
• Engages and collaborates with stakeholders within/outside the local HR (including Regional and Group Reward team) to address employee compensation and benefits issues and provide guidance on best practices.
• Collaborates with cross-functional teams on firmwide projects and initiatives on talent management and retention drivers.
• Champions vast and strategic initiatives to optimize the reward and benefits provisions, for a balanced impact (employees, business and positioning for competitive industry advantage)

Requirements: Educational/ Professional Qualifications

• Minimum of B.Sc. degree in a related course (e.g., Finance, Economics, Human Resources, Business Administration, etc.) in a recognized University.
• M.Sc./MBA in related field will be an added advantage (not essential).
• A professional certification in HR and/or compensation and benefits (e.g., Certified Compensation Professional, Certified Benefits Professional) will be a plus.
• 5-7 years cognate experience (i.e. in similar role) in insurance or financial services industry.
• A good working knowledge of payroll systems and proficient user of Microsoft applications such as MS Office, Excel, Word etc.

Key Attributes & Skills (Required)

• Excellent data and information management expertise Analytical and problem-solving skills
• Strategic planning and budget forecasting
• IT savvy and good attention to details
• Collaborative, inclusive and engaging work style
• Accountability, strategic thinker and result driven.
• Excellent communication skills (verbal & written), diplomacy, persuasion, tact and discretion.
• Success and impact driven.
• Information management, act with integrity and able to maintain high level of data confidentiality.
• Regulatory Compliance: Good understanding of relevant regulations and labour laws on rewards and compensation- taxes, group life, pensions, etc.
• Ability to consistently uphold the Prudential core values (i.e. PruWay)