MAIN PURPOSE OF THE JOB:
To drive the development, implementation and administration of a reward strategy which supports the Stanbic IBTC business objectives and is aligned to the Standard Bank Group’s global and regional reward strategies.
Key Result Areas
• Assist in the effective management of the remuneration and reward process (salary increase, promotions, short term incentive schemes, long term incentive schemes) during the Annual Review.
• Communicate the Total Reward to the staff which includes LTI statements, EGS statements and compiling Bonus figures during the review period.
• Assist in the preparation and collection of REMCO packs
• Provision of a total reward consulting to the business through effective internal and external stakeholder engagement
• Keep abreast of the latest market conditions and trends in order to identify risks to the business.
• Investigate new remuneration and benefits structures and models and make improvement recommendations.
• Compile Remuneration and Benefits reports (monthly, quarterly and annual).
• Assist in the implementation and sustenance of non-monetary recognition arrangements which will create and embed a culture of spontaneous recognition e.g. Long Service Awards.
• Implement and maintain a reward communication strategy that enhances transparency and keeps employees informed.
• Maintain an up-to-date and effective database management system.
• Develop, maintain and implement a total reward offer for incoming hires. Prepare pay propositions and offer letters for new hire
• Align performance management to reward philosophy.