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Compensation Partner

Employer
Canada Life Limited
Location
Potters Bar, United Kingdom
Salary
Competitive
Closing date
Mar 28, 2023

View more

Job Function
Accounting/Audit/Tax
Industry Sector
Finance - General
Employment Type
Full Time
Education
Bachelors
Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.

Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.

Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.

Job Purpose
The role holder is responsible for leading on all aspects of employee cash compensation (base pay, variable pay, long term incentives) for Canada Life (including 3rd party market data providers) - providing oversight and technical input to the Compensation Team and the business across all levels from the CEO and the Board to junior employees to ensure CL's compensation offerings of base pay, short term and long term incentive plans (including but not limited to job evaluation, annual salary review, remuneration operating policy, statements, standards and appendices, gender pay reporting, equal pay audits etc) are managed and developed for Canada Life's employees in the UK, Isle of Man and Ireland.

Act as the SME lead on the Compensation module in Success Factors for the UK business leading on system enhancements and dependencies in EC and PMGM, and all associated processes when the pay cycle module is "launched" to the business each year ensuring it remains fit for purpose in managing the annual pay cycle

Key Accountabilities
1. Lead on all BAU compensation activities for the company monitoring spend and cost effectiveness of such activities, including the production of detailed cost modelling and analysis to ensure Canada Life UK keep's abreast of base and variable pay market practice across all jurisdictions (UK, Isle of Man, Ireland) and compensation remains attractive and competitive in support of talent attraction and retention. Using market understanding to regular review what is happening in the external markets and using that understanding to support internal CLUK decision making.
2. Lead Canada Life UK's salary benchmarking proposition through engagement with 3rd party market data compensation specialists across all jurisdictions and through informing and educating the wider PS community in market data outcomes and trends across the company, functional areas and individual roles providing expert knowledge in support of role and grade reviews ensuring consistency and equity in base salary decision making.
3. Support the Head of Reward in the production of quarterly HR Committee and company board packs, preparing Board Papers as required, and liaising with relevant senior stakeholders and the Irish Life (Ireland) and Group Compensation and Benefits team (Canada), to ensure Executive remuneration and Solvency II reporting requirements across all locations are met in a timely manner.
4. Lead on all data and reporting requirements associated with gender pay reporting, ethnicity, and equal pay audits (including national minimum wage and real living wage requirements), disseminating key messages from the data analysis, in partnership with the Talent & OD Team to ensure the People Relations team are engaged in data outcomes and are equipped to manage action planning with their relevant business leaders.
5. Lead on the annual reward cycle for pay and bonus outcomes, ensuring C&VP in Success Factors is developed and configured each year, that all supporting collateral to manage the cycle is maintained, all financial modelling in collaboration with Finance is completed and that all regulatory requirements, particularly associated with bonus calculations (e.g., solvency II deferrals) are executed effectively to deliver a positive experience for internal stakeholders from the CEO to junior managers
6. Lead on all activities associated with the annual long term incentive award, working in collaboration with the Group Compensation and Benefits Team in Canada to ensure any vested awards and new grants are managed and communicated effectively to the CEO, the Board and one level below in a timely manner
7. Act as the delegated policy owner for the Company's Remuneration Operating Policy (standard and appendices), managing the annual policy review and attestation process with the PS Governance Partner and Compliance and developing the necessary HR Committee and Board Risk Committee packs such that the policy is kept aligned to Lifeco policy and standard and any recommendations for change are approved in a timely manner in line with regulatory requirements.
8. Line management of the Compensation Analyst

Desired Knowledge / Experience / Skills
Knowledge and Experience
• Experience of working in a specialist compensation role as a subject matter expert within a centre of excellence HR model is essential
• Experience of working with reward mechanisms (short term and long term incentive programs, share programs, pension schemes)
• Understanding and experience of the Willis Towers Watson and McLagan job evaluation processes including GGS
• Experience of introducing different compensation mechanisms to connect performance to reward
• Experience in managing annual salary review processes
• Strong analytical and numerical skills
• Intermediate to Advanced user of Microsoft office - Excel, Power point and Word
• Previous experience with an HR system - ideally SAP Success Factors
• Able to clearly articulate complex reward and compensation practises and outcomes, in order for senior leaders to understand the data presented and the make timely decisions. It is expected that the role holder will have regular contact on compensation and reward matters with the CLUK Executive team to provide technical expertise and guidance.
• Expected to have strong team working skills and be able to work across functions, working collaboratively to get the right result for the organisation, people leaders and colleagues
• Able to conduct independent research into new compensation and salary reviews and changes within the various employment markets of the UK Division and present back recommendations for future development.
• Able to manage a range of projects and activities effectively using project management skills

Qualifications:
• Bachelor's degree or relevant experience in relevant HR specialist topic.
• Membership status of the CIPD
• Completion of or aiming to complete Reward Management Certificate (or some modules thereof)

What you'll like about working here
As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. You'll also receive the support you need with your personal and professional development.

Diversity and inclusion
Canada Life is committed to a diverse and inclusive workplace. Our role as an employer of choice is to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences

"We appreciate that everyone has different work and life responsibilities. We're happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for you "

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