About the Job
- The Compensation and Benefits Management Officer will provide on-going support to the Team Lead to design, plan and implement Nigerian Exchange Limited’s Compensation and Benefit Management strategies including Executive Compensation programs, policies, and procedures, and reviewing the compensation framework to ensure competitiveness, fairness, and internal equity. He or she will work with other HR team members and internal clients to support the company’s mission, strategy, and culture through Compensation and Benefits alignment.
- The Compensation and Benefits Management Officer will assist the Team Lead to analyse compensation data within the organisation and job positions to determine classification and salary distribution trends. Administer employee insurance, pension, Employee Compensation Act (ECA), Group Life, etc. plans and work with insurance brokers to optimise staff insurance plans.
- The area of responsibility will include Compensation and Benefits Strategy, Compensation and Benefits Management, Payroll Administration, PAYE/PITA Tax Compliance, Statutory Compliance, Employee Relations, Employee Welfare, Research/Policy Development, Benefits Management Standard Procedures, Compensation, and Benefits Management Budget and Risk Management. This position reports to the Team Lead, Compensation & Benefits Management.
Compensation and Benefits Management:
- Assist the Team Lead to define a fair, equitable, and competitive total Compensation and Benefits Management strategy and framework that fits and is aligned to Nigerian Exchange’s strategy and business goals and conduct market comparative analysis of Total Cost of Employment and Total Compensation Cost for the workforce.
- Provide research input into the designing and management of Executive Compensation Programmes to include short-term and long-term incentive plans for the Senior Management of the Nigerian Exchange.
- Assist the Team Lead to implement the organisation’s Compensation and Benefits philosophy in line with the work culture and organisational objectives and ensure that compensation practices are in compliance with relevant legislation (Labour Law, Pension Act, NHF Act, ECA, Personal Income Tax, etc.)
- Reviewing programs, suggesting modifications, and ensuring achievement of competitive market position and other Compensation and Benefits goals identified by the organisation.
- Use various methods and techniques and make data based decisions on direct financial, indirect financial and non-financial Compensations and Benefits programmes.
- Research industry trends by completing/participating in Compensation and Benefit surveys. Analyse complex Compensation and Benefit information. Forecast trends and assist with future benefits designs. Develop specific recommendations to be presented for Executive Management considerations.
- Participate in salary and labour market surveys to determine prevailing pay rates and benefits.
- Analyse survey reports to ensure appropriate compensation across the organisation, forecast budget for salary reviews and alignments.
- Periodically update payroll information; collection, calculation, and data capture.
- Regularly update payroll records on the Human Resource Information System (HRIS) by reviewing and rectifying changes in payroll exemptions, insurance coverage, savings deductions, job titles, department/ division transfers, etc.
- Prepare reports by compiling summaries of monthly and annual earnings, taxes, deductions, leave, non-taxable incomes, etc. and ensure salaries are paid at the stipulated date, monthly as directed by the Team Lead.
- Balance the payroll accounts by resolving payroll discrepancies on the HRIS and providing payroll information to appropriate parties/stakeholders, as required.
- Respond in a timely manner and professionally to payroll requests from internal stakeholders across the organisation.
- Ensure employee confidence and protect payroll operations by keeping information confidential.
Research / Policy Development And Standard Operating Procedures:
- Support the design, evaluation, and modification of Compensation and Benefits policies to ensure that programs are current, competitive, and in compliance with legal requirements.
- Analyse compensation policies, government regulations, and prevailing employee compensation across the benchmarked sectors to develop competitive compensation plans.
- Advise managers and employees on state and federal employment regulations, benefit and compensation policies, and personnel procedures.
- Review, update and make recommendations for changes to compensation and benefit, employee relations, activity center, etc. programs, processes, and policies, as may be required.
- Update Compensation and Benefits Management Standard Operating Procedures (SOPs) document, as required.
- Provide the HR Team and Management with ongoing guidance, advice, consult and recommendations on Compensation and Benefits programs, policies, and procedures for the organisation.
- Perform and participate in internal and external audit programs.
- Responsible for Compensation and Benefits Management “risk review” wherein key features of the compensation plan are itemized, risk mitigators and aggravators are identified, and a risk assessment is performed.
- Employ continual tracking of Key Risk Indicators (KRIs), such as the allocation of total compensation between fixed compensation and variable pay-outs, and advise the CHRO and Management appropriately.
- Perform other HR-related duties as may be assigned from time to time.
To successfully deliver the above goals, the right candidate must have:
- HND / Bachelor’s Degree in Social Management Science disciplines, preferably in the Human Resource Management
- Membership of a professional body – CIPM, CIPD, NITAD, PMI, SHRM, etc is an advantage.
- Minimum of 3 years of progressively responsible experience in analysis, plan design and/or administration of compensation and benefits programs or HR generalist or specialist experience.
- Project management experience.
- Knowledge of managing the HR function as a Strategic Business Partner, with consideration and application of Global Best Practices.
- Prior experience in HR practices and compensation cycle management and remuneration surveys.
- Adequate knowledge of current labour rules and regulations.
- Familiarity with various types of incentives and benefits structures/frameworks.
- Intermediate analytical and organisational skills.
- Comfortable working collaboratively across functions in a fast-paced, growing company. A passion for supporting the company’s mission and culture.
- Technically savvy and experienced with Microsoft Office products and compensation, benefit, and human resource administration systems.
- A commitment to collaboration and a joint-accountability approach.
- Operational HR Experience: HR Analytics, Recruitment, Training, Performance management systems, Employee relations, internal consulting, etc., and knowledge of HR Laws; HR dashboard – graphic representation and interpretation of information.
- Experience in research, analysis, collection/collation, interpretation, and presentation of data; developing standard and ad hoc reports, templates, dashboards, scorecards, and metrics; interfacing and liaison with top and senior management, employees, and other key stakeholders.
Desired Competencies and Skill Requirements:
- Generalist HR knowledge and competencies.
- Fair understanding of Managing Processes, People Management, Data Entry Management, Reporting Skills, Compensation, and Benefits Management Structure, Benefits Administration, Employment Law, and developing Standard Operating Procedures.
- A basic appreciation of HRIS database design, structure, functions, and processes, and experience with database tools.
- Thorough knowledge of MS Excel and HR Automated Systems.
- Knowledge of HR Analytics, Dashboard Management, Strategic and high-level data, trend analysis.
- Attention to detail.
- Ability to maintain a high level of confidentiality in handling sensitive information.
- Ability to deal with ambiguity with strong judgment and problem-solving skills.
- Highly organised with strong attention to detail and accuracy.
- Ability to manage multiple projects in a fast-paced and deadline-driven environment.
- Knowledge of Nigerian Labour Laws and other statutory laws.