Lead - Compensation & Benefits

About PhonePe Group: 

PhonePe is India’s leading digital payments company with 50 crore (500 Million) registered users and 3.7 crore (37 Million) merchants covering over 99% of the postal codes across India. On the back of its leadership in digital payments, PhonePe has expanded into financial services (Insurance, Mutual Funds, Stock Broking, and Lending) as well as adjacent tech-enabled businesses such as Pincode for hyperlocal shopping and Indus App Store which is India's first localized App Store. The PhonePe Group is a portfolio of businesses aligned with the company's vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.

Culture

At PhonePe, we take extra care to make sure you give your best at work, Everyday! And creating the right  environment for you is just one of the things we do. We empower people and trust them to do the right  thing. Here, you own your work from start to finish, right from day one. Being enthusiastic about tech is a  big part of being at PhonePe. If you like building technology that impacts millions, ideating with some of  the best minds in the country and executing on your dreams with purpose and speed, join us!

Role Overview

Lead C&B will play a critical role in developing and implementing comprehensive compensation programs that attract, retain and motivate employees. Monitors the job market, latest trends in the compensation and benefits and reviews/recommends best practices for the organization without major impact on costs. Manages the compensation policies and procedures with flexibility while keeping the internal equity and the external competitiveness in mind.

Detailed responsibilities :

Compensation

● Lead the design, implementation, and administration of all compensation programs, including base salary structures, variable pay plans, equity incentives

 ● Manage the annual compensation review cycle, including salary adjustments, promotions and bonuses

● Conduct regular benchmarking and analysis of compensation and benefits practices to ensure competitiveness and compliance with market trends and legal requirements.

● Collaborate with HR business partners and other stakeholders to provide guidance and support on compensation and benefits-related matters, including job evaluations, salary reviews, and benefits enrollment.

 ● Monitor expenditure against targets and implement adjustments for financial sustainability. Provide regular reporting on budget performance and variance analysis to senior leadership

● Design and administration of ESOP Plan for the organization

Benefits Administration: 

● Oversee the management and administration of employee benefits programs, including health and welfare plans, retirement savings plans, and other employee benefits.

● Participate in market studies on topics related to benefits including but not limited to employee benefits trends, emerging practices, wellness, etc

● As a Benefits subject matter expert, support design and implementation of benefits programs, policies, and procedures.

 ● Evaluate and recommend changes to benefits offerings to ensure they meet the needs of our employees and remain competitive in the market

 ● Participate in renewal of insurance plans and other regular Benefits programs/functional projects.

● Support partner engagement, documentations and benefits communication towards an effective execution

● Collaborate with external vendors and brokers to negotiate contracts, resolve issues, and optimize the delivery of benefits services.

Qualification

● Master in human resources with 4-6 years of experience from Tier 1 (XLRI, MDI, SIBM & TISS)

● Awareness of employment laws and regulations related to rewards and benefits.

● Good understanding of compensation structures, employee benefits, incentives, and recognition programs.

● Excellent analytical and problem-solving skills, with the ability to interpret and analyze complex data.

● Proficiency in using HR information systems and compensation software tools.

● Strong attention to detail and accuracy in all aspects of work

PhonePe Full Time Employee Benefits (Not applicable for Intern or Contract Roles)

• Insurance Benefits - Medical Insurance, Critical Illness Insurance, Accidental Insurance, Life Insurance
• Wellness Program - Employee Assistance Program, Onsite Medical Center, Emergency Support System
• Parental Support - Maternity Benefit, Paternity Benefit Program, Adoption Assistance Program, Day-care Support Program
• Mobility Benefits - Relocation benefits, Transfer Support Policy, Travel Policy
• Retirement Benefits - Employee PF Contribution, Flexible PF Contribution, Gratuity, NPS, Leave Encashment 
• Other Benefits - Higher Education Assistance, Car Lease, Salary Advance Policy

Working at PhonePe is a rewarding experience! Great people, a work environment that thrives on creativity, the opportunity to take on roles beyond a defined job description are just some of the reasons you should work with us. Read more about PhonePe on our blog.

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