Compensation Partner - Potters Bar, United Kingdom - eFinancialCareers

eFinancialCareers

Verified Company

Potters Bar, United Kingdom

2 weeks ago

Posted by:

Tom O´Connor

beBee Recruiter

Description

Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies.

We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.

Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.

Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.

Job Purpose

The role holder is responsible for leading on all aspects of employee cash compensation (base pay, variable pay, long term incentives) for Canada Life (including 3rd party market data providers) - providing oversight and technical input to the CompensationTeam and the business across all levels from the CEO and the Board to junior employees to ensure CL's compensation offerings of base pay, short term and long term incentive plans (including but not limited to job evaluation, annual salary review, remunerationoperating policy, statements, standards and appendices, gender pay reporting, equal pay audits etc) are managed and developed for Canada Life's employees in the UK, Isle of Man and Ireland.

Act as the SME lead on the Compensation module in Success Factors for the UK business leading on system enhancements and dependencies in EC and PMGM, and all associated processes when the pay cycle module is "launched" to the business each year ensuring itremains fit for purpose in managing the annual pay cycle
Key Accountabilities

Lead on all BAU compensation activities for the company monitoring spend and cost effectiveness of such activities, including the production of detailed cost modelling and analysis to ensure Canada Life UK keep's abreast of base and variable pay market practiceacross all jurisdictions (UK, Isle of Man, Ireland) and compensation remains attractive and competitive in support of talent attraction and retention. Using market understanding to regular review what is happening in the external markets and using that understandingto support internal CLUK decision making.
Lead Canada Life UK's salary benchmarking proposition through engagement with 3rd party market data compensation specialists across all jurisdictions and through informing and educating the wider PS community in market data outcomes and trends across thecompany, functional areas and individual roles providing expert knowledge in support of role and grade reviews ensuring consistency and equity in base salary decision making.
Support the Head of Reward in the production of quarterly HR Committee and company board packs, preparing Board Papers as required, and liaising with relevant senior stakeholders and the Irish Life (Ireland) and Group Compensation and Benefits team (Canada),to ensure Executive remuneration and Solvency II reporting requirements across all locations are met in a timely manner.
Lead on all data and reporting requirements associated with gender pay reporting, ethnicity, and equal pay audits (including national minimum wage and real living wage requirements), disseminating key messages from the data analysis, in partnership withthe Talent & OD Team to ensure the People Relations team are engaged in data outcomes and are equipped to manage action planning with their relevant business leaders.
Lead on the annual reward cycle for pay and bonus outcomes, ensuring C&VP in Success Factors is developed and configured each year, that all supporting collateral to manage the cycle is maintained, all financial modelling in collaboration with Finance iscompleted and that all regulatory requirements, particularly associated with bonus calculations (e.g., solvency II deferrals) are executed effectively to deliver a positive experience for internal stakeholders from the CEO to junior managers
Lead on all activities associated with the annual long term incentive award, working in collaboration with the Group Compensation and Benefits Team in Canada to ensure any vested awards and new grants are managed and communicated effectively to the CEO,the Board and one level below in a timely manner
Act as the delegated policy owner for the Company's Remuneration Operating Policy (standard and appendices), managing the annual policy review and attestation process with the PS Governance Partner and Compliance and developing the necessary HR Committeeand Board Risk Committee packs such that the policy is kept aligned to Lifeco policy and standard and any recommendations for change are approved in a timely manner in line with regulatory requirements.
Line management of the Compensation Analyst

Desired Knowledge / Experience / Skills
Knowledge and Experience

Experience of working with reward mechanisms (short term and long term incentive programs, share programs, pension schemes)
Understanding and experience of the Willis Towers Watson and McLagan job evaluation processes including GGS
Experience of introducing different compensation mechanisms to connect performance to reward
Experience in managing annual salary review processes
Strong analytical and numerical skills
Intermediate to Advanced user of Microsoft office
Excel, Power point and Word
Previous experience with an HR system ideally SAP Success Factors
Able to clearly articulate complex reward and compensation practises and outcomes, in order for senior leaders to understand the data presented and the make timely decisions. It is expected that the role holder will have regular contact on compensation andreward matters with the CLUK Executive team to provide technical expertise and guidance.
Expected to have strong team working skills and be able to work across functions, working collaboratively to get the right result for the organisation, people leaders and colleagues
Able to conduct independent research into new compensation and salary reviews and changes within the various employment markets of the UK Division and present back recommendations for future development.
Able to manage a range of projects and activities effectively using project management skills

Qualifications: