Job Purpose
To design and implement the Bank’s reward and recognition strategies and policies to attract, retain, and motivate talent, while aligning with business objectives, regulatory requirements, and market standards.
Key Responsibilities
Compensation and Benefits
- Develop and manage competitive compensation and benefits structures, including base pay, variable pay, incentives, and allowances.
- Conduct regular benchmarking and salary surveys in collaboration with various survey partners to ensure alignment with market trends, especially within the Kenyan banking sector.
- Administer the Bank’s salary review process, bonus payout and job grading systems.
- Review and ensure compliance with internal policies, CBK guidelines, and statutory requirements related to pay and benefits.
- Work with Finance and senior management to forecast and manage the remuneration budget.
- Spearhead the job evaluation exercise across the Bank to establish a fair and transparent compensation and design competitive salary structures.
- Ensure the Bank maintains a competitive "pay-for-performance" culture aligned with banking industry benchmarks.
- Design and manage specialized incentive structures
Rewards Strategy and Recognition
- Develop and implement total rewards strategies and policies that support employee engagement and performance.
- Drive reward-based recognition programmes that reinforce organisational values and support a high performance within the Bank.
- Advise leadership on reward-related matters including retention strategies, executive compensation and reward risks.
- Regularly review the reward policy to ensure alignment with the Bank’s strategic objectives
- In liaison with the head of HR, contribute to the design, implementation, and management of effective Recognition Programs to reward staff contributions
Governance, Reporting and Compliance
- Prepare management and regulatory reports as required (e.g., CBK).
- Ensure compliance with tax laws, labour laws, and financial regulations relating to compensation and benefits.
- Maintain accurate and secure records of compensation decisions and performance outcomes.
- Ensure all reward frameworks comply with local regulations, (CBK regulations, labor laws and corporate governance standards.
Benefits & Vendor Administration
- Manage relationships and service level agreements (SLAs) with external benefits providers (e.g., medical insurance, pension administrators and wellness partners).
- Administer specialized financial industry perks, such as staff loan schemes, mortgage subsidies, and car loans.
Benchmarking & Market Analytics
- Continuously monitor industry trends and conduct benchmarking surveys to ensure salary packages remain competitive in the financial sector.
- Utilize HRIS data and analytics to model cost implications for new reward structures and evaluate the ROI of existing benefits.
Job Requirements
High Level of Judgement is required in the:
- Creativity and incisiveness to identify gaps in the rewards and compensation systems
- The ability to manage relationships across the Bank requires strong influencing skills and the Bank’s culture understanding.
- Achieving & maintaining the position of a high-performance culture across the Bank.
Complexity arises from the:
- Rapid changes being and amendments on tax and Labor laws, and procedures in the banking industry.
Education
- Bachelor’s degree in human resources, Business Administration, Finance, or a related field.
- Professional certification in HR, Compensation, or Reward Management (e.g. CIPD, GRP, CHRP-K) is an added advantage
Work Experience
- Minimum of 6–8 years’ experience in HR with at least 3 years in rewards management, preferably within the banking or financial services sector
- Knowledge of Kenyan labour laws, compensation structures, and CBK regulations is essential.
Competencies
- Strong analytical and data interpretation skills
- Solid understanding of performance and reward frameworks
- Excellent stakeholder management and communication skills
- High integrity, confidentiality, and professionalism
- Proficiency in HRIS and data analysis tools (Excel, Power BI, SAP, etc.)
- Strategic thinking with strong attention to detail
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