Senior Manager/AVP - Compensation and Benefits

Oversee annual appraisals, performance management systems, and bonus distribution while forecasting and managing the compensation budget to ensure financial sustainability. Conduct regular market benchmarking against industry peers to align salary structures with competitive standards and internal equity. Administer key benefits including group mediclaim, life insurance, and wellness programs, ensuring timely processing and regulatory compliance with IRDAI guidelines. Manage bonuses, long-term incentives, and phantom stock schemes to align employee performance with organizational goals. Collaborate with internal stakeholders and external vendors to optimize compensation costs through vendor negotiations and cost-benefit analysis. Support the Nomination and Remuneration Committee with senior executive compensation decisions aligned to business strategy. Requires 15+ years of experience in compensation and benefits, preferably within the insurance industry, with a Master's or professional certifications preferred.