PHI - Lead- Total Rewards & Performance

Prudentials purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured for our people customers and partners. We provide a platform for our people to do their best work and make an impact to the business and we support our peoples career ambitions. We pledge to make Prudential a place where you can Connect Grow and Succeed.

Prudentials purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured for our people customers and partners. We provide a platform for our people to do their best work and make an impact to the business and we support our peoples career ambitions. We pledge to make Prudential a place where you can Connect Grow and Succeed.

Prudential (UK) in partnership with the HCL group plans to set-up a standalone Indian health insurance company to address the growing healthcare needs of the Indian consumer.

This joint venture will combine Prudentials global expertise in insurance and financial services with HCL Groups experience in technology and healthcare solutions.

Prudential with its longstanding presence in India already operates two leading businesses in life insurance and asset management with the ICICI Group. Prudential was also the proud sponsor of the 1983 Cricket World Cup Indias first World Cup Victory!

Prudential Health India is a Zero to One team undertaking a no-legacy greenfield health insurance deployment in India building journeys that truly empathize with the customer and offer a differentiated experience.

To partner us in this mission we are looking for a talented

Lead - Total Rewards & Performance India SAHI

As a Rewards specialist you will be responsible to implement & manage Prudential Group Reward practices & implement in context to Indias talent.

• Performance Management:
  • Implementing PruPerform in India SAHI to ensure Organization goals are aligned to individual goals which involves process governance drive strategically aligned goal setting support with regular and quality performance conversations ensure target assessor group and 360-degree feedback
  • Train & support managers to effectively manage & evaluate performance and foster high performance culture in the organization.

• Compensation & Benefits Management
  • Conduct regular Compensation & benefits benchmarking with competition to ensure we have competitive advantage in positioning.
  • Oversee Employee benefits programs like Insurance offerings policies and wellness initiatives to align with Prudential Global standards and India Market standards. Regularly review and update the offerings
  • Design and support administration of executive compensation framework in line with regulations from IRDA
  • Support with compensation proposals for all new hires ensure internal & external parity. Work closes with Talent Acquisition to drive win-win proposition for Candidates and the organization
  • Be the custodian of Group Reward Principles and guidelines for India SAHI.

• Governance & Budget oversight
  • Ensure all compensation and benefits programs comply with local Labour laws and regulations. Stay updated with any legislative changes affecting compensation and benefits.
  • Manage the Rewards budget ensuring cost-effective allocation of resources. Provide regular financial analysis and reporting to support strategic decision-making. Be the custodian of People cost Workforce planning and annual renumeration review process
  • Conduct Benefit analysis to ensure ROI and optimization of employee offerings.
  • Design HR policy & process framework for the organization considering local compliance best market practices & Group guidelines.
  • In collaboration with group ER ensure all employment letters & formats which are compliant to legal framework and reward guidelines

• Job Analysis & Evaluation
  • Ensure Job Evaluation exercise to determine relative & fair value of different roles.
  • Work closely with Business leaders to conduct regular job analysis and design to ensure that roles are well aligned to organization goals and become a critical input to org design initiatives. Support group transformation.
  • In collaboration with Group Rewards establish an effective & competitive Job architecture support future scaling of the organization across various functions

• Collaboration & Communication
  • Align with leaders to effectively communicate and implement compensation policies & practices as per market standards & group guidelines
  • Communicate group announcements conduct trainings employee debriefings to ensure group policies & guidelines are effectively implemented in the business unit.
  • Leverage skillsets internal stakeholders & external vendors to implement effective reward programs.

You could be the right candidate if you

• Masters degree in human resources and/or a professional certification related to the field
• Minimum of 5 years of overall HR experience at least 3 years in corporate rewards or reward consulting role.
• Strong knowledge of compensation principles market trends regulatory requirements and best practices.
• Experience in BFSI or Insurance domain to design and drive initiatives for retail or frontline sales will be a plus.
• Proven experience designing and implementing comprehensive compensation and rewards programs including salary structures incentive plans and long-term incentives.
• Excellent analytical skills with the ability to interpret complex data conduct market research and provide data-driven recommendations.
• Ability to look at tasks as a problem and use case that can be solved with Gen AI.

This could be the gig for you if you

• Thrive in environments that celebrate co-creation and collaboration
• Passionate about building high performance culture through competitive rewards practice.
• Ability to adapt & work in a fast-paced dynamic environment
• Take help from others when stuck and encourage others when there are setbacks
• Always open to embracing change and be able to manage it.

Location: Mumbai. May be required to travel to other locations in and outside India if needed

Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex race age ethnic origin educational social and cultural background marital status pregnancy and maternity religion or belief disability or part-time / fixed-term work or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.