Head Of Remuneration And Benefits

Let's Write Africa's Story Together! Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.

Job Description

ROLE OVERVIEW

This role is accountable for developing remuneration strategy, policies and practices aligned to OM Bank's strategic objectives and the industry in which it operates.

Develops, implements and monitors remuneration philosophy, policies, systems and procedures for OM Bank.

Makes recommendations to senior and executive management regarding remuneration strategy, policies, practices and procedures.

Annual Pay and Benefits Review: Manage the annual review; specify and communicate the review objectives, process, timing, criteria, and financial parameters; monitor and report on outcomes, initiating remedial actions where appropriate.

Manages all OM Bank base pay and variable pay schemes, ensuring that these are regularly reviewed.

Conducts research and networking to ensure best practice is adopted for pay design and management.

Leadership and Direction as it relates to Remuneration in the Bank.

Through partnerships, ensures a holistic delivery of remuneration practice within OM Bank.

Pro-actively manages stakeholders (Executives, Remuneration committee, Group remuneration, external experts) ensuring maximum understanding and buy-in of OM Bank's remuneration philosophy and practices.

Consults to the business on matters of remuneration and benefits.

REM Data Management: Specify, develop, and test data collection procedures and tools to meet defined key principles and ensure compliance with external requirements.

KEY RESULT AREAS

Remuneration Strategy & Governance: Co-develops remuneration strategy with CPEO in line with the business' imperative of attracting, retaining and rewarding top talent, ensuring that this is market appropriate and competitive for OM Bank.

Recommends remuneration structures and philosophy to Chief People Experience Officer, CEO and OM Bank Remuneration committee for review and approval.

Prepares and submits required documentation to OM Bank and Old Mutual Remuneration committee, by specified deadlines.

Manages the governance for remuneration within OM Bank.

Remuneration Design: Designs and proposes remuneration schemes to ensure that OM Bank remains competitive with skills required, market challenges, business needs, and best practice.

Ensures that OM Bank remuneration model design drives business success and employee motivation and retention.

Consulting: Recommends remuneration and benefits strategy to OM Bank Exco.

Practice Development: Develops remuneration and benefits policies.

Keeps practice and process documentation up to date.

Communicates policies, practices and processes: Conducts research and networks to develop best practice in alignment with organisational goals.

Monitors implementation of and compliance to policies.

Remuneration Review: Ensures market review is conducted.

Develops and communicates remuneration review process.

Liaises and consults with unions on annual review and on ad-hoc issues.

Develops and proposes remuneration review guidelines.

Educates line management on process and review:

Short and Long-term Incentives: Investigates, designs and recommends changes to incentive schemes.

Ensures guidelines are drafted and approved: Ensures guidelines are distributed and stakeholders educated on process and content.

Monitors application of guidelines and feeds back re effectiveness of incentive schemes.

ROLE REQUIREMENTS

Relevant Degree (Post-Graduate preferred) 5 years relevant experience in remuneration management at a senior level. Minimum of 8-10 years work experience. Workday Systems knowledge is preferable. Experience within Financial Services, Banking.

Skills and Competencies: Embracing Change, Interpreting Data, Providing Insights, Taking Action, Generating Ideas, Examining Information, Adopting Practical Approaches, Articulating Information.

LOCATION: Johannesburg / Cape Town

Closing Date: 23 March, 23:59

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.