The Nigerian Stock Exchange, services the largest economy in Africa, and is championing the development of Africa’s financial markets. The Exchange offers listing and trading services, licensing services, market data solutions, ancillary technology services, and more. It is an open, professional and vibrant exchange, connecting Nigeria, Africa and the world.
We are recruiting to fill the position below:
Job Title: Team Lead, Compensation & Benefits
Location: Lagos
Division: Corporate Services Division
Department: Human Resource Department
Report to: Acting Head-HR
Grade: Assistant Manager – Manager
Estimated Date Of Resumption: Monday, October 2, 2017
Job Summary
- The Nigerian Stock Exchange services the largest economy in Africa, and is championing the development of Africa’s financial markets.
- The Exchange offers listing and trading services, licensing services, market data solutions, ancillary technology services, and more. It is an open, professional and vibrant exchange, connecting Nigeria, Africa and the world.
- The Compensation and Benefits Management Team Lead (as a subject matter expert) will design, plan and implement The Exchange’s Compensation and Benefit Management strategies including Executive Compensation programs, policies and procedures, and create a compensation framework to ensure competitiveness, fairness, and internal equity.
- He or she will work with the HR Team/colleagues and internal clients to support the company’s mission, strategy and culture through Compensation and Benefits alignment.
- The Team Lead will also oversee the selection and management of external vendors and consultants for Compensation and Benefits survey.
- The Team Lead shall be responsible for overseeing the Compensation and Benefits Management Team. Administer employee insurance, pension, Employee Compensation Act (ECA), Group Life, etc plans and work with insurance brokers to optimise staff insurance plans.
- The candidate shall also be responsible for managing the health and wellness programmes instituted in The Exchange such as the Health Management Organization (HMO) scheme and managing the HMO Providers. This position will have strategic and tactical responsibility for design, implementation and execution of The Exchange’s Compensation and Benefits Management strategy.
- The role will have responsibility for – Compensation and Benefits Strategy, Compensation and Benefits Management, Payroll Administration, PAYE/PITA Tax Compliance, Statutory Compliance, Employee Relations, Employee Welfare, Employee Health and Wellness, Absence Management, Research/Policy Development, Benefits Management Standard Procedures, Compensation and Benefits Management Budget and Risk Management of the entire Compensation and Benefits Management Function. Serving as the Compensation & Benefits Management Team Lead, this position reports to the Head, Human Resources at the Corporate Headquarters.
Key Responsibilities
Compensation and Benefits Management:
- Define a fair, equitable and competitive total Compensation and Benefits Management strategy and framework that fits and is aligned to The Exchange’s strategy and business goals and conduct market comparative analysis of Total Cost of Employment and Total Compensation Cost for the workforce
- Design and manage Executive Compensation Programmes for The Senior Management of The Exchange Develop a consistent Compensation and Benefits philosophy in line with 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.)
- Responsible for reviewing programs, suggesting modifications, and ensuring achievement of competitive market position and other Compensation and Benefits goals identified by the organization
- Responsible for ensuring Compensation and Benefits programs meet best practices, comply with legal requirements, and are cost effective
- Develop Compensation and Benefit programs and framework needed to position the organization to successfully achieve its growth strategy
- Use various methods and techniques and make data based decisions on direct financial, indirect financial and nonfinancial Compensations and Benefits programmes
- Research industry trends by completing/participating in Compensation and Benefit surveys. Analyze 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
- Deploy effective communication strategies and develop success metrics and conduct on-going research into emerging trends, issues and best practices with regards to Compensation and Benefits
- Analyse survey reports to ensure appropriate compensation across the organization, forecast budget for salary reviews and alignments
- Monitor administrative costs of Compensation and Benefits programs and recommend cost containment strategies including alternative methods for administration and funding. Prepare budgetary recommendations and assist in the monitoring, verifying and reconciling budgeted funds
- Prepare, and manage the overall budget for the Compensation and Benefits Management Function Serve as a compensation and benefits subject matter expert and advisor to Head-HR, Management and the Human Resource team
Payroll Management:
- Maintain payroll information by designing systems; directing the collection, calculation, and data capture
- Update payroll records on the Human Resource Information System (HRIS) by reviewing and rectifying changes in payroll exemptions, insurance coverage, savings deductions, and job titles, and 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
- Determine payroll liabilities by reviewing the calculation of employee statutory income taxes, and employer’s pension contribution, workers compensation payments, etc
- Balance the payroll accounts by resolving payroll discrepancies on the HRIS and provide payroll information to appropriate parties/stakeholders
- Maintain payroll guidelines and update applicable policies and procedures
- Conduct periodic payroll reviews, audits and prepare reports
- Respond in a timely manner and professionally to payroll requests from internal stakeholders across the organization
- Implement and administer performance incentive plan programs
- Comply with Federal, State, and Local legal requirements by studying existing and new legislation; enforcing adherence to requirements; advising management on needed actions
- Maintain employee confidence and protect payroll operations by keeping information confidential
- Employee Welfare, Employee Health and Wellness: Manage the Health Management Organisation (HMO) providers, ensure all eligible employees are enrolled in their applicable plan, and proactively resolve employees’ medical related issues
- Responsible for employee welfare issues such as birthday celebrations (email greetings and party),weddings, bereavements, etc and ensure all the applicable payments are processed on time
- Advise Line Managers on all employee relation matters (ensuring problems are dealt with speedily and at the lowest possible level, in accordance with laid down processes, procedures and policies), including discipline, grievance, absence control, etc
Absence Management:
- Oversee and manage Employee Absence Management and leave administration on the HRIS and provide weekly report on absence trends
- Monitor both short and long-term sickness/illness history and capture the data on the HRIS, advising Line-Managers and follow up to ensure that employee returns to work at the earliest opportunity and that, where necessary, rehabilitation programs are organised through the HMO provider
- Track all employee absence information the HRIS
- Responsible for managing, planning, developing, and implementing The Exchange’s leave policies and procedures
- Counsel and advice employees and managers on leave allowance payment, policies and procedures. Responds to employee questions or concerns regarding leave issues and serves as main point-of-contact, maintaining regular communication with employees and Line-Managers, as it pertains to the status of employees on leave
Research/Policy Development and Standard Procedures:
- Design, evaluate and modify Compensation and Benefits policies to ensure that programs are current, competitive and in compliance with legal requirements
- Maintain and manage Compensation and Benefits related policies for The Exchange and ensure compliance with federal and state laws, including reporting requirements
- Analyze compensation policies, government regulations, and prevailing employee compensation across benchmarked sector to develop competitive compensation plan
- Advise managers and employees on state and federal employment regulations, benefit and compensation policies and personnel procedures
- Review, develop, update and make recommendations for changes to compensation and benefit, employee relations, activity centre, etc programs, processes and policies
- Develop and maintain Compensation and Benefits Management Standard Operating Procedures (SOPs) document.
Activity Center Management:
- Responsible for the management of the Activity Center comprising of a Crèche, Café/Bar and Gym
- Maintain effective relationships with vendors, brokers, consultants, etc. and Service Level Agreements and ensure compliance with terms of service
- Periodically prepare dashboard and analysis reports, as specify or requested by the Head-HR, on the Activity Center patronage and issues
Other Areas of Responsibilities:
- Provide HR Team and Management with on-going guidance, advice, consult and recommendations on Compensation and Benefits programs, policies and procedures for the organization
- 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 payouts and advise Head-HR and Management appropriately
- Perform other HR related duties as may be assigned from time to time
Functional Competencies:
- Analytical Thinking
- Budgeting
- Compensation & Benefits Management
- Cost Management
- Data Management
- Documents/Records Management
- Financial Planning and Analysis
- Human Resources HRIS Management
- Numeric Skills
- People Management
- Project Management
- Microsoft Office Packages
Behavioural Competencies:
- Accountability
- Attention to Detail
Qualifications and Experience
To successfully deliver the above goals, the right candidate must have:
- HND/ Bachelor 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 5 years of progressively responsible experience in analysis, plan design and/or administration of compensation and benefits programs or HR generalist or specialist experience
- Two years hands on project management experience
- Experience in Human Resources Transformation and organizational restructuring. Managing the HR function as a Strategic Business Partner, consideration and application of Global Best Practices
- Experience researching and analysing best practices and trends and developing and implementing Compensation and Benefit programs
- Prior experience in HR practices and compensation cycle management
- Working knowledge of job evaluation and job analysis systems
- Previous experience with organisational psychology and labour market surveys
- Adequate knowledge of current labour rules and regulations
- Familiarity with various types of incentives and benefits structures / frameworks
- Comfortable working collaboratively across functions in a fast-paced, growing company. A passion for supporting the company’s mission and culture
- 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
- Strong Generalist HR knowledge and competencies; understanding of Managing Processes, People Management, Data Entry Management, Reporting Skills, Compensation and Benefits Management Structure, Benefits Administration, Worker Compensation, Employment Law, Developing Standards, Financial Skills and Accounting
- Good appreciation of HRIS database design, structure, functions and processes, and experience with databases tools
- HR Analytics, Dashboard Management, Strategic and high level data, trend analysis
- Influential communicator with strong written, verbal, presentation and listening skills with audiences at all levels.
Application Closing Date
22nd August, 2017.
How to Apply
Interested and qualified candidates should:
Click here to apply online
