Compensation & Benefits (C&B) Manager

Job Description:

Our client is a top-tier financial institution dedicated to attracting, retaining, and rewarding top talent through competitive compensation and benefits programs. Right now, they are seeking a Compensation & Benefits (C&B) Manager to design and manage reward strategies that align with their business objectives and industry best practices. The C&B Manager will be responsible for overseeing compensation structures, benefits administration, and incentive programs. This role requires strong analytical skills, an in-depth understanding of market trends, and experience in designing pay structures within the financial services industry. The ideal candidate will work closely with senior leadership to develop reward strategies that drive employee engagement and business performance.

Key Responsibilities:

Compensation Strategy & Benchmarking

• Develop, implement, and maintain competitive salary structures, incentive plans, and benefits programs.
• Conduct market analysis and benchmarking to ensure the organization remains competitive in the financial sector.
• Provide recommendations for salary adjustments, promotions, and retention strategies based on market data.

Benefits & Rewards Program Management

• Oversee employee benefits programs, including health insurance, retirement plans, wellness initiatives, and other perks.
• Evaluate and enhance existing benefits to align with employee needs and market standards.
• Manage relationships with benefits providers, negotiating contracts and ensuring cost-effectiveness.

Job Evaluation & Grading

• Lead job evaluation processes and establish job grading frameworks.
• Ensure consistency in compensation structures across different roles and business units.
• Provide guidance on job leveling and classification.

Performance & Incentive Programs

• Design and manage short-term and long-term incentive plans, including bonuses and equity programs.
• Work with HR and leadership to align performance-based rewards with business goals.
• Monitor the effectiveness of incentive programs and suggest improvements.

Regulatory Compliance & Reporting

• Ensure compliance with labor laws, tax regulations, and financial industry compensation guidelines.
• Prepare and submit required compensation-related reports to regulatory bodies.
• Maintain accurate records of compensation and benefits data.

HR Analytics & Budget Management

• Analyze compensation and benefits trends to provide insights for decision-making.
• Manage C&B budgets, ensuring alignment with financial planning and corporate strategy.
• Utilize HR analytics to assess the impact of compensation programs on employee satisfaction and retention.

Requirements:

• Bachelor’s or Master’s degree in Human Resources, Business Administration, Finance, or a related field.
• At least 7+ years of experience in compensation and benefits, with at least 3 years in the financial services industry.
• Strong knowledge of market compensation trends, job evaluation methodologies, and HR analytics.
• Proficiency in compensation benchmarking tools (e.g., Mercer, Willis Towers Watson).
• Experience managing benefits programs and vendor negotiations.
• Strong analytical, problem-solving, and stakeholder management skills.
• Knowledge of regulatory compliance related to compensation in financial institutions.
• Professional certification (e.g., CCP, GRP, SHRM, or CIPD) is a plus.