Senior Reward Specialist at Absa

Job Summary

• To provide advice and support in practice formulation and associated best practice improvement tactics; enabling the provision of specialist remuneration expertise.

Job Description

• Remuneration Strategy Execution: Contribute, in conjunction with the Group Remuneration Team, to the development of an appropriate Remuneration Strategy for the Group Implement within the Cluster, the Absa Group Limited Group Remuneration strategy, in line with the policies, procedures and Group Governance applicable from time to time by ensuring appropriate engagement of Remuneration by Line in the development of Remuneration programmes, and the implementation of effective monitoring and control frameworks Lead, with the Cluster Exco, the development of appropriate Remuneration frameworks within the context of the Group Strategy by translating the business strategy and objectives into a set of Remuneration initiatives/programmes to support this and to direct with the Head of HR and the Cluster CEO the appropriate customisation (where relevant) of Remuneration programmes established at Group Level, within the Cluster | Pay round: Lead the running and on-time execution of the annual Pay round review (fixed, short term and long term compensation) for the cluster up to senior management level, guiding the Cluster HR Head and CEO in the development and review of proposals for increases and Total Incentive awards, to ensure effective and well-governed implementation and embedding of the outcomes Develop, through the application of specialist reward methodologies, pool distribution and monitoring frameworks for Pay round, based on a range of factors such as business performance, risk performance, individual performance distribution, headcount changes and changes to the business operating model to enable the CEO to fairly and equitably distribute the cluster's TI pool. Provide specialist reward up skilling for the HR and Line Managers responsible for the decisions/recommendations in advance of the Pay round cycle commencement, to enable them to apply the Group's Pay round principles and to make recommendations in accordance with these, and within the available budget. Provide sophisticated and detailed data analytics and support to Cluster teams, including use and application of market data, performance metrics (individual and business), risk weighting/assessment in support of pool and individual allocations to enable them to make informed decisions regarding the allocation of the Payroll pool within their areas Prepare the documentation for (by extracting and analysing outcomes and trends) and assist the senior HRBP/HR Head in the facilitation of consistency reviews for senior employees in the Cluster. This involves complex multilateral analysis to facilitate the challenging of the Pay round decisions at the cluster level, and Requires a high degree of influencing and persuading skill to be able to drive fair outcomes for the Cluster at the senior level. Actively track and monitor spend/budget utilisation, including providing direction on the appropriate differentiation to optimise pool allocation within the scope of the Cluster's total pool The above accountabilities take place within exceptionally tight timeframes, and the outcomes at Cluster level are consolidated into a single view of Pay round, which is reviewed by the Group Executive Committee and is approved by the Group Remuneration Committee on behalf of the Board | Remuneration Benchmarking & MI: Train HR and line in the effective utilisation of market data as a decision support tool Lead the survey data matching and validation processes by HR for the Cluster, feeding into the Group Remuneration-led submission process. This requires a sound, expert knowledge of survey methodology and advanced knowledge of the cluster structure and roles to be able to ensure appropriate matching. The incumbent also needs to be familiar with job evaluation principles and apply these in the matching process to ensure high validity in the finalisation of the survey process. Select scope and manage custom/cluster-specific surveys and benchmarking exercises to measure and develop appropriate response to maintain market competitiveness. This involves properly scoping the market requirements and briefing the consultant to ensure a properly designed survey which is valid and methodologically sound. Own at Cluster level the development and maintenance of performance benchmarking dashboards (e.g. compensation ratios) in support of Cluster performance management and the Group Remuneration Variable Pay Frameworks Lead the design of, and provide an appropriately scoped, structured and validated remuneration and benefits Management Information to enable effective business decision making based on an anticipation of business needs and with a view to integrating with other sources of MI/other dashboards | Compensation Governance and Processes: Manage the Cluster-level Recruitment and Promotions Committee process, and appropriate escalation of hires requiring either Group Recruitment and Promotions Committee/Group Remuneration Committee to Group Remuneration Manage the Cluster out-of-cycle and promotional increase policy implementation, including reviews of appropriateness and the overall governance of the approval process Provided direction in and then co-ordinate and track non-standard remuneration arrangements (including sign-ons, guaranteed bonuses, retention payments) to ensure compliance with the Group Reward Policy and Governance standards Manage the process of valuing, reviewing, recommending and execution of share awards, including the necessary closure/finalisation though to actual confirmation of awards takes place with Group Share Plans in line with the prescribed timelines. This will also include ad-hoc awards to existing employees Direct the compensation-related aspects of S197 transfers, S189 terminations for operational requirements and other specific change initiatives or acquisitions/mergers/disposals .

Education

• Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)

Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised